In the past year we’ve seen people moving out of cities and urban areas in droves. Due to the rising cost of living, rent and housing prices people who can no longer afford the city, have but little choice to move while wealthy individuals are simply choosing to leave. Where are they all headed you may ask? Well, they might be coming to a town near you!
City slickers are opting for suburban and rural areas and all the perks that come with it. More affordable housing, lower taxes and often safer neighborhoods. Some seek out what is being dubbed, “middle neighborhoods,” areas that offer the space of a suburb but feature urban amenities like public transportation and walkability. However, these are few and far between. That is because from a development point of view, zoning laws make it hard to construct these types of living quarters.
Overall, the market is seeing the largest shift of movers into the Sun Belt, i.e. the lower portion of the United States. Several moving and storage pod companies released data showing populations leaving larger cities like Chicago and LA and heading towards smaller cities in southeastern states. In fact, out of the ten most, “moved to cites,” four are in Florida.
What does this mean? Well, it means it drives up the demand for homes in those areas which can push the rising cost of homes to hold steady rather than drop. We’re seeing a similar paradigm here in the Chippewa Valley. There is a lack of inventory compared to August of 2021 which means home prices continue to remain higher than normal. Which of course, this is great news if you’re looking to sell! If you’re looking to buy, well things can be little more challenging than normal to navigate but that’s why we’re here! Contact us today for assistance with home selling or buying.
