When pandemic hit in the spring of 2020, many of the city life attractions shut down.
Small apartments felt well too small and all of a sudden getting a big home in the suburbs for the same price as a tiny apartment became much more attractive.
Companies continue to allow employees to work from home, and studies say that between 13 and 45 percent of the workforce is now remote between 13 and 45 percent of the workforce is now remote some or all of the time.
As a result, a new rush to the suburbs is well underway and real estate there is hot.
The number of net new households that moved to the suburbs grew 43 percent last year, according to data from the Wall Street Journal, compared to 2019.
The Urbanization of the Suburbs
People might be leaving behind the cities, but that doesn’t mean they want to forgo the city lifestyle. Even in the suburbs, people still want to be able to grab a quick coffee and a sandwich, and maybe a midday workout, and they don’t always want to do that at home. That demand has huge repercussions for commerce and construction. Research from Stanford’s Arjun Ramani and Nicholas Bloom estimates that the largest cities have lost approximately 15 percent of their population and business to the suburbs.
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Did you move to the suburbs or stayed in the city?
