City to Suburb Migration amidst the COVID 19 Pandemic
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
●Access to great bars, restaurants, etc.
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