The events of this year have led a lot of people to start rethinking their lifestyles. With everyone spending more time at home, including their workday, many city dwellers are reconsidering their tight living quarters and making the move to the suburbs.
As buyers return to the market, particularly in Greater Boston, which has been leading the country’s real estate industry recovery, our Senné Associates noticed that their clients were increasingly interested in suburban homes. That trend holds up nationwide. In May, 36 percent of searches on Redfin were exclusively for single-family homes, up from 28 percent a year earlier.
The benefits of moving to the suburbs are numerous. As people spend more time in their homes, buyers are increasingly considering price per square foot and having ample outdoor space when searching for a new home. Tiny city apartments near bustling business centers have lost their appeal to those who are working from home and visiting local restaurants less frequently.
“People’s needs have quickly changed and where they live needs to suit their new lifestyles,” said Sean Persson, Director of Residential Sales and Leasing. “In response to working from home, things like office space and private outdoor areas have quickly moved to the top of buyers’ priority lists.”
A desire for more space coupled with record low interest rates have urbanites fast-tracking their plans to stop renting in the city and place permanent roots in the suburbs. With COVID-19 shutting down many entertainment and travel options, some millennials were able to save more money than ever before with their new lower-cost social lives. This in turn has made homeownership more accessible to some renters.
Aside from the traditional advantages of moving to the suburbs, people are also realizing that they aren’t completely sacrificing their city lifestyle when they leave. The 2020 Emerging Trends in Real Estate report by PwC identified a phenomenon called “Hipsturbia,” which explained how the suburbs right outside large cities have been transformed to entice “hip” young people to move. These towns are actively developing lively downtown areas and adopting “live/work/play” mentalities with their city planning. Now, those moving from the city to the suburbs get the benefits of more space but still have easy access to desirable amenities that make city life vibrant.
If you’re a longtime city resident and don’t know where to start looking for greener pastures out in the suburbs, one of our Senné Associates can help guide you through the process and find which Greater Boston suburb you should call home. You can also learn about some of our favorite local suburbs, including Revere, Medford, and Waltham. Call us at 617.314.9400 to start your search today!
Published: September 8, 2020
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