After years of suburban and rural migration during the pandemic, cities have been making a comeback in the past couple of years. According to the National Association of Realtors (NAR), the percentage of people moving to cities has risen to 16%. While that may not seem like a big number, it is the highest level in a decade – and that’s a huge deal (see graph below):
Data from BrightMLS confirms this trend. In a recent survey, 1 in 5 (20.6%) people looking to buy indicate desire to live in the city.
So, what’s behind this ongoing shift back to urban living? Let’s break down the top three reasons why people are trading quiet suburbs for bustling cityscapes. You may find out you want to sell your house with a big yard and move to an urban oasis, too.
1. Vibrant Culture
Cities have always been hubs of culture, entertainment, and community. They’re packed with energy and there are always endless things to do. During the pandemic, a lot of that excitement was put on pause. But the last couple of years? Cities are buzzing again.
There’s nothing quite like being able to walk to your favorite coffee shop, pop into a local gallery, see a live concert or show, or grab a last-minute dinner at a great spot down the street. It’s a lifestyle that’s easy to love — and one a lot of people want today.
2. Being Close to Work
Remote work exists, but most companies are moving to hybrid schedules or even bringing employees back to the office. This makes living closer to work way more convenient. Whether it’s cutting down a long commute or having more chances to network in person, being close to the office is advantageous— especially for industries that thrive on face-to-face connections.
3. Easy Access to a Need or Want
One of the best things about living in a city? The convenience. Public transportation, top-notch healthcare, and so much more are all within easy reach. For a lot of people, having everything nearby just make life easier — and it’s a reason for the attraction of urban living.
What To Do If You Want to Move to the City
Let's say you moved to a suburban area during the pandemic and missing the excitement of city living. You’re probably thinking: how can I afford to move back into the heart of things with how mortgage rates and home prices are? Please, keep reading.
According to data from the Federal Housing Finance Agency (FHFA), home values have gone up by 57.4% in the last 5 years alone. And that means your house most likely will sell for more than it was purchased for.
If you already own a home in the suburbs, you may be able to sell that house and use the equity you get back to fuel your move. Sure, you may have to compromise and be happy with a smaller, urban space – but if it’s the lifestyle you’re craving – the trade-off is going to be worth it. To find out what’s possible and costs associated, please reach out.
Bottom Line
The urban renaissance is real. Whether it’s the vibrant culture, being close to work, or having easy access to everything you need, cities are calling — and people are answering.
What’s your favorite thing about life in the city? Let us know.
We would love to assist in the finding of your next property.
Comments