For decades, US cities have been a massive attraction to all walks of life.
But for the first time in recent history, major cities are experiencing an exodus due to COVID-19.
People are rethinking whether they want to live in high-rise rentals with shared common areas and congested streets, as opposed to owning and living in a single-family house in the suburbs.
Studies have shown that the demand for residential living in rural and suburban areas has largely increased. As we experience some of the lowest interest rates in US history, paired with the diminishing supply of suburban homes, the incentive to buy continues to increase.
According to a recent poll released in June, 39% of people residing in US cities said the COVID-19 crisis has made them think about moving to a less populated area. With millennial attractions such as theaters, clubs, bars, and restaurants being closed, there is little incentive to move to a city now. But that may change if the cost of living plummets and social restrictions loosen.
Below are some advantages for living in either the suburbs or the city!
More Affordable: On average, city-based families in the US spend at least $9,000 more per year on basic housing and childcare costs. Homes in the suburbs are also cheaper than property in cities.
More Space: On average, living in the suburbs grants you an additional 300 square feet of living space, as well as more property.
Safer: According to FBI stats and data from the National Center for Victims of Crime, major cities have higher property crime rates, household burglaries, theft, and violent crime rates than surrounding suburban areas.
Big City Life
More Diverse: Early immigrants living in America resided in urban areas in search for more job opportunities. Now, this “melting pot” effect allows us to try foods from different cultures, meet new people from diverse backgrounds, see arts from around the world, and get exposure to different cultures that wouldn’t be available to us without hopping on an airplane.
Easier Transportation: Buses, trains, subways, and ridesharing provides cheaper and more accessible transportation in cities.
More To Do: It is no secret that cities have more tourist attractions than the suburbs do. And with tourists come businesses and attractions, including museums, public galleries, educational centers, restaurants, parks, shops, and nightlife.
In Connecticut, we have seen a rise in pending and closed sales over the past three months, with many buyers searching for additional space. Wherever you decide to live, find a home you love!