The suburbs are continuing to be popular and expecting to go into the rest of year. But why is it continuing to be popular? Let’s dig into it.
- Millennials are starting families. According to the Pew Research Center, 3 in 10 Millennials live with a spouse and child (as of May of 2020). As these family’s form, they need more space and that more “family lifestyle.”
- Buyers need more space. With more working from home, that studio apartment lifestyle no longer works. Having the extra bedrooms and the yard space is more important as people spend more time at home. Those are features you just don’t see in downtown locations.
- Affordability: Suburbs are generally more affordable than that city life. With rising home prices, some home buyers can’t keep up and therefore must look further out than what they initially intended. This brings the suburbs into play. A great example is the San Fernando Valley or going even further out into Ventura County (Simi Valley, Thousand Oaks, and the like).
- Cleaner environment. This one is more based on my clients versus actual data. I recently helped clients get into a gated community. I asked why they wanted to move, and they mentioned that the homelessness and overall safety was concerning them and wanted to move somewhere else. Living in a big city like Los Angeles has many pros, but it does have its cons. One of which with big city living is congestion, homelessness, and some level of crime. Some of it can be solved and some of it is a reality with a big enough city. In either case, many people are tired of it and ready to leave that lifestyle.
Chances are this trend is going to last awhile. During quarantine in 2020, people were able to prioritize their lives and realize what is most important to them. Two years later it has been established and they can work their lifestyles around it.
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