In recent years, walkability, live-work space projects and urban re-use have been hot topics in real estate. And housing trends have been reflective of the desire of many people across the United States enjoying the perks of an urban lifestyle.
Yet some who live in urban areas are now rethinking their priorities. They are weighing the benefits of being in close proximity to everything and having walkability and a short commute against the benefits of living in a less populated area where they have access to open space, a yard, and more room between them and their neighbors.
Spending more time at home has caused some people to re-think where it is they want to spend their time.
When it comes to social distancing, as we’ve experienced recently, the newest trend seems to be around re-evaluating a once-desired city lifestyle and trading it for suburban or rural living.
Economist George Ratiu,notes: “With the re-opening of the economy scheduled to be cautious, the impact on consumer preferences will likely shift buying behavior…consumers are already looking for larger homes, bigger yards, access to the outdoors and more separation from neighbors.
As we move into the recovery stage, these preferences will play an important role in the type of homes consumers will want to buy. They will also play a role in the coming discussions on zoning and urban planning. While higher density has been a hallmark of urban development over the past decade, the pandemic may lead to a re-thinking of space allocation.”
The Harris Poll recently surveyed 2,000 Americans, and 39% of the respondents who live in urban areas indicated the COVID-19 crisis has caused them to consider moving to a less populated area.
Today, moving outside the city limits is also more feasible than ever, especially as Americans have quickly become more accustomed to – and more accepting of – remote work.