There has been a lot of talk about the possibility that Americans feel less in love with the benefits of living in a big city and now may miss the free spaces that suburban and rural areas provide.
In recent Real Estate Magazine article, they discussed the matter and dealt with comments made by Lawrence Yun, Chief Economist for the National Association of Agents of Agents (POMEGRANATE):
“While migratory trends are heading toward urban centers ahead of the pandemic, realtors thought leaders predicted suburban revitalization as homebuyers seek more space for social distance. Now the data supports that theory. Crown virus and work-from-home flexibility are triggering the trend reversal. “More first-time home buyers and minorities were also looking to the suburbs for affordability,” he added. “
NAR surveyed agents across the country asking them to best describe the places where their customers are looking for homes (they could check several answers). Here are the results of the survey:
- 47% suburban / subdivided
- 39% rural area
- 25% town
- 14% urban area / central city
- 13% resort community / recreation area
In terms of real estate, there is a strong preference for less populated areas such as suburban and rural areas.
Real Estate Brokers and Owners Agree
Zelman & Associates surveys brokers and owners of real estate firms for their monthly month Real Estate Brokers Report. The latest report revealed that 68% see either a “moderate” or “significant” shift to more suburban locations. Here are the results of the survey:
No one knows if this will be a short-term trend or an industrial game changer. At present there seems to be a migration to more open environments.
Content previously posted in Keep Current Things