Friday, July 31, 2020 / by Carlos Roman
Are Homebuyers Moving to the Suburbs in this Pandemic? As a lot of businesses switch to Remote work during this Pandemic and people weigh the risks of living in high populated areas, will more people start moving in to the Suburbs to escape the Bigger Cities?.
This Zillow study shows there is an increase in urban high-end listings in some larger cities like Chicago and Indianapolis. The increase in month-over-month listings going on the market shows us that many people in the City are ready to give the suburbs a try and leave the busy City life behind. (See graph below):
Why are Americans starting to move out from larger cities?
When it comes to a City like Los Angeles, the answer is simple, a Housing Crisis, that includes a lack of inventory, high rents that increase every year that only became more apparent with the health crisis, didnt leave a lot of folks with options forcing them to move out to the suburbs, what are the other reasons for this? THIS STUDY shows other potential reasons:
- People in need of more interior Space
- We all want to own real estate at some point in our lifes
- The outdoors
More space and less people seems to be a desirable trait for Homeowners who have dealt with the city for years, so the list makes sense. Couples with children want to have their kids grow up with a backyard instead of a hallway of an apartment building. This combined with the change of times due to COVID-19, work might change to remote work for good, even when this Pandemic is over, i wouldn't mind getting away from the City and keeping my same job and salary and enjoy less traffic by Moving to the Suburbs, less people and hey why not, a lower mortgage, wouldn't you?