There’s no denying that many individuals are choosing more space and suburban living instead of the dense cities and high expenses of metropolitan regions. Despite the fact that the COVID-19 pandemic was the catalyst for this trend, it is still present in the market in 2023.
We’ll look into what caused the change in demand and talk about what it means for the housing market so we can better understand it.
Why the shift to suburban living?
With more homebuyers placing an emphasis on a balanced lifestyle, there’s been a much greater desire for homes that allow us to live enriching lives.
Living in the suburbs gives you more space for work and study rooms, more square footage, and outdoor areas.
The pandemic showed many people that they were in need of lifestyles that were less hectic and more conducive to quiet reflection and contemplation. These are some of the main aspects of suburban living that homebuyers in 2023 are still chasing after.
1. More space for remote work and learning
The pandemic prompted an immediate and widespread adoption of remote work and learning. Several years later, it’s now seen as “essential” by many buyers and homeowners to have a separate home office or study room.
More often than not, homes in the suburbs have a large amount of available space. This makes it possible to partition off work and study areas, in addition to providing outside places where you can enjoy a break or get some exercise in the middle of the day.
2. Desire for more outdoor space
When social distance standards were first put in place, many people became uncomfortable with how often they were close to other people. The result of this observation was a large increase in the number of buyers who desired more outdoor space.
During the pandemic, outdoor spaces were one of the best ways to hang out with friends. However, the benefits of having a yard and beautiful natural landscaping still attract buyers today.
People who live in cities that are crowded and don’t have easy access to green spaces and bigger yards may find that suburban areas are a more appealing alternative to where they live now.
3. Lower cost of living
Lifestyle perks aside, many homebuyers have explored a shift to suburban living primarily driven by the persistent upward trend in the cost of living in urban regions.
While some suburban areas still have a high barrier to entry, there are many other suburban locations that have become increasingly appealing to people who are searching for a reduced overall cost of living.
Also, there are fewer people looking for homes in some suburban areas, which can help you avoid the fierce competition that dominated our real estate market in 2020–2021.
4. Safety Concerns
Concerns over personal safety have been raised to the forefront of people’s minds as a result of the pandemic and its aftermath.
Although not entirely free of crime, many suburban locations are seen as far safer than metropolitan areas. Many suburban areas have low crime rates because there aren’t as many people living there. However, many suburban communities also take crime much more seriously than some big cities.
The Effect of Home Preferences on the Housing Market
Over the last few years, the demand for suburban homes, particularly those with outdoor spaces and home offices, has increased greatly. This has led to a jump in prices in the real estate market.
At Gilpin Realty, we’re here to help you find the perfect home in any of the beautiful Pacific Northwest suburbs. If you’re looking for a change of pace in your lifestyle, let us help you find the perfect place to call home.