The results of the pandemic and spike in remote work have accelerated many housing trends over the past few years. Moving from crowded, urban areas in search of potentially larger and affordable housing in suburban and rural regions is among them. A few factors contributing to this shift are listed below.

Decreased need for specific amenities

Before the pandemic, many younger professionals sought urban areas for amenities, including public transportation, walkable neighborhoods, and entertainment options. As cities began to re-open to the public, interest in urban areas began to climb again, but with higher housing prices, prospective homebuyers, especially those working remotely or in hybrid situations for the foreseeable future, may lean toward real estate options outside of urban areas.

The appeal of suburban areas

Historically, the highest number of home purchases has been in suburban areas. In the past decade, urban housing declined from 22% to 17%. And, as urban housing has trended down, home purchase loans in suburban areas have remained approximately the same, at around 62%. In comparison, those in rural areas increased from 17% to 21%, according to FreddieMac.com.

Cost of living differences

The cost of real estate and living is typically lower in rural areas than in cities. This cost of living comparison tool lets you see how the differences stack up, but generally, it’s less expensive to live in the suburbs and rural regions.

No matter where you’re looking to buy or how hot the market gets, we’re here to answer your questions. Connect with a Wyndham Capital loan officer for more details and begin your home buying journey today.