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City to Suburb Migration amidst the COVID 19 Pandemic

The pandemic has drastically increased moves to the suburbs. Between March 15th and April 28th, moves to New Jersey saw a 38% jump. August saw a 30.7% jump in new listings - this means that demand is increasing. Due to limited supply, list prices are already up 9.9% as compared to last year. Record-low mortgage rates look to continue into 2021, thus furthering the city to suburb migration amidst COVID-19.
Consumer preferences have seen a shift in 2020 as well. According to Anna DeSimone, a housing finance expert who writes guidebooks for consumers and mortgage professionals, (in conversation with Axios) "Preferences have moved from 'what's a prestigious location?' to 'what's practical?' and 'what's the quality of life we want for our households?'"

Additionally, we are seeing a real shift toward long term work from home trend. According to Global Workplace analytics, 30% of the workforce will work from home multiple days of the week by the end of 2021. This means both parties in the household may commute less, as well as work from home decreasing the need to live in or near a city for your job. Spending significantly more time at home means that the space matters more. Where do you want to be spending your time?

In terms of pricing, there should be significant incentives for people to continue to migrate to the suburbs. See below for some price comparisons:

●Food & groceries - 12.2% less in NJ suburbs vs NYC

●Housing - 68.9% less in NJ suburbs vsNYC

●Median Home Cost - $374,000 in NJ vs $1,202,300

●Transportation - 15.7% less in NJ vs NYC

●Childcare - 47.1% less in NJ vs NYC

The cost of living is significantly lower in the suburbs; your dollar goes much further. This is another reason for increased city to suburb migration amidst COVID-19.

Some other major pros of moving to the suburbs include:

●Closer proximity to nature

●More space

●Quiet

●Access to great bars, restaurants, etc.

●Less dense

It is important to seriously consider what is best for you and your family in terms of cost of living, space, and home prices. If you are thinking about moving to the suburbs, consult the Silex Financial team. We can help you get pre-approved and start your home buying process. http://bringithomecourse.com



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