Growing fears of prolonged economic slumps and social distancing orders have spurred many to consider moving to less crowded cities with more open spaces and lower tax rates.
Nearly a third of Americans are considering moving to less densely populated areas in the wake of the pandemic, according to new data from Harris Poll. That may foreshadow a shift that would have a major impact on residential real estate sales and home prices.
Some cities including Buffalo, New York, Cleveland, and Charlotte have seen a boom in urban living, which could see a dynamic shift following the pandemic.
“To be sure, economists say it’s still too early to tell if urbanites browsing suburban homes on sites like Zillow and Redfin and taking up temporary shelter in less densely populated areas will develop into a broader trend once the pandemic is contained. But recent sentiment among homebuyers suggests attitudes toward moving to the suburbs is shifting.”