It’s typical for single-family home sales to surge in the spring and summer, but this year, there are some differences due to Covid-19. The pandemic is causing more urbanites to move out of the city say The New York Times, Forbes.com, NPR.org and other news services.
Many of the attractions that make city living attractive, such as theater, shopping and dining out, simply aren’t available, causing some homebuyers to feel pent-up in their small apartments. They’re questioning if there isn’t a better way to live.
The result is a notable increase in home searches and purchases for single-family homes in smaller towns, exurbs and suburbs as many city-dwellers, particularly millennials, decide to ditch living in close quarters, paying high rents and home prices, and settling for views of buildings instead of trees.
One factor that’s driving the decision to move out of the city is that many white-collar workers believe they will continue to work from home permanently. The Star Tribune reported that Ford Motor Company, for example, intends to make many telecommuting jobs permanent, partly due to worker polls in favor working from home.
If you’re of like mind, what can you expect when you shop for a home in the ‘burbs? According to Realtor.com, on average, a suburban home costs $230,000 compared to $431,000 home in the city with 300 more square feet of living space. You may pay over list price or get into a bidding war, due to intensifying demand, but you’ll still save a bundle.