Two New Surveys Indicate Urban to Suburban Lean

Dated: September 15 2020

Views: 177

Two New Surveys Indicate Urban to Suburban Lean

Two New Surveys Indicate Urban to Suburban Lean | MyKCM

There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.

In a recent Realtor Magazine article, they discussed the issue and addressed comments made by Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

“While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal, Yun said. More first-time home buyers and minorities have also been looking to the suburbs for affordability, he added.”

NAR surveyed agents across the country asking them to best describe the locations where their clients are looking for homes (they could check multiple answers). Here are the results of the survey:

  • 47% suburban/subdivision
  • 39% rural area
  • 25% small town
  • 14% urban area/central city
  • 13% resort community/recreational area

According to real estate agents, there’s a strong preference for less populated locations 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 Real Estate Brokers Report. The last report revealed that 68% see either a ‘moderate’ or ‘significant’ shift to more suburban locations. Here are the results of the survey:Two New Surveys Indicate Urban to Suburban Lean | MyKCM

Bottom Line

No one knows if this will be a short-term trend or an industry game-changer. For now, there appears to be a migration to more open environments.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jeffrey Daniels does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jeffrey Daniels will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Latest Blog Posts

The U.S. Homeownership Rate Is Growing

The U.S. Homeownership Rate Is GrowingThe desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the

Read More

Selling Your House? Your Asking Price Matters More Now Than Ever

Selling Your House? Your Asking Price Matters More Now Than EverThere’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But

Read More

What Does the Rest of the Year Hold for Home Prices?

What Does the Rest of the Year Hold for Home Prices?Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home prices fall this year? Let

Read More

Why the Forbearance Program Changed the Housing Market

Why the Forbearance Program Changed the Housing MarketWhen the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to

Read More