About Us Diversified Platform Portfolio Insights & Perspectives Careers CONTACT US INVESTOR LOG IN 2021 U.S. Migration During a Pandemic CONTRIBUTORS WILL MCINTOSH, PH.D GLOBAL HEAD OF RESEARCH MARK FITZGERALD, CFA, CAIA EXECUTIVE DIRECTOR, RESEARCH CHENCHAO ZANG SENIOR ASSOCIATE, RESEARCH JANE ZHENG ASSOCIATE, RESEARCH .A{STROKE-LINEJOIN:ROUND;}VIEW FULL ARTICLE .A{STROKE-LINEJOIN:ROUND;STROKE-WIDTH:2;STROKE:#FFF;}DOWNLOAD COPY LINK JUNE 2021 Executive Summary The COVID-19 pandemic threw the economy for a loop in 2020. The health situation forced lifestyle adjustments on many, as our daily destinations for work and play were closed, or imposed limited capacity requirements. As a result, urban lifestyles became temporarily less attractive, and this was reflected in living preferences of Americans. This paper addresses these themes, though some of the findings may surprise readers: Trends within U.S. markets saw substantial shifts, as urban/central business district (CBD) areas experienced large increases in net outmigration, benefiting the suburbs. Coastal urban areas in particular felt some pain as residents didn’t need to live near closed offices and/or cultural attractions. Suburban demand is reflected not only in multifamily rent trends, but also in a robust housing market, with home prices up 12% YoY according to the S&P CoreLogic Case-Shiller index. Despite intra-market shifts, migration activity across markets was relatively flat in 2020 compared to prior years, and net migration trends for most major U.S. markets were remarkably consistent with the two years prior. Q1 2021 migration activity showed a continuation of 2020 trends, though less pronounced. We expect that these trends will revert to pre-pandemic levels, or even reverse in the latter part of 2021 as vaccination rates rise and the economy continues to reopen. .A{STROKE-LINEJOIN:ROUND;}CONTINUE READING Additional Insights UNITED STATES, ECONOMY, MARKET TRENDS, PROPERTY SECTORS October 2021 2021 Investing in Mexico UNITED STATES, ECONOMY, MARKET TRENDS, PROPERTY SECTORS October 2021 Research Update: October 2021 SEE MORE INSIGHTS About Us Leadership Environmental, Social & Governance (ESG) Diversified Platform Investment Management Private Wealth Development Acquisitions Lending Portfolio Insights & Perspectives Contact Us Careers Form ADV Privacy & Accessibility INVESTOR LOG IN © 2021 USAA Real Estate. All rights reserved. × We use cookies to analyze the usage of our website and give you a better experience. You consent to our cookies if you click on "Agree" and continue to use our website. Read our Privacy Policy for more information and to know how to amend your settings. ACCEPT DECLINE