The Migration To The Suburbs
Covid-19 has brought changes to people all over the world. Routines, schedules, and daily tasks have all been turned upside down. All of these changes caused challenges, but some of these challenges seem to have had a greater impact on daily life than others.
This pandemic forced the hand of governments to shut down different cities and the businesses within them. People were highly encouraged to stay home and do their part to prevent the spread of Covid-19. The result of this move led to everyone having a different experience with the stay-at-home orders. People in the city seemed frustrated with their smaller apartments and having everything outside of the front door closed meant going out was not a likely scenario. People in the suburbs, however, seemed to have more freedom than their city counterparts. They could go outside, play in their yards, take a walk in their neighborhood, and some neighborhoods even had their parks open to the public. For this reason, a migration from city to suburbs began.
The Benefits of Leaving
Anyone living in a city, or has lived in one before, doesn’t need to be told that a pandemic coming around isn’t the only reason to leave a city. However, seeing the obvious differences between city and suburbs was inevitable this year, and many things have been expressed by those who have made the migration.
Since March of 2020, many people in the United States have been forced to work from home. Doing it from a four-bedroom home with two living spaces, a yard, and a kitchen might seem a bit of a drag. A designated office space (if it wasn’t already) is now needed in the home. Now imagine having to do this in a studio apartment. It goes from drag to nightmare. Many people were forced to work from their studio apartments all day, which meant they literally had no privacy when it came to video meetings. Walking into the kitchen to grab a snack and then taking a breather outside the front door is a lot easier when the space is available
The average rent in New York City comes in at around 3,300 dollars per month. The average rent for the New York State suburbs comes in at around half of that, at 1600 dollars per month. Over a year, that’s at least 14,000 dollars. That’s money that can be used for a down payment on a home. Money that can be used to chip away at student or credit card debt. That’s extra money that everyone wants. The prices and rates change when different cities are compared, but the principle remains. People have realized this during the pandemic, and a result, have flocked towards suburban areas.
Work Outside the City
During the pandemic, many people have been surprised to find that there are companies who hire in the suburbs. This solidifies the decision for anyone already looking to move out of the city anyway. More space, cheaper rent, and companies who also appreciate talent? That sounds like a homerun for anyone looking to make the transition. Companies like Skype, Google, and Apple have built data centers in the Phoenix Metropolis, which is mostly suburb. Not only are people looking to move, but companies are noticing the trend and trying to get ahead of the game.
Cities Are Still Alive
One thing to remember is that just because many people are migrating to suburbs, that doesn’t mean that cities are dead. If anything, they are at a standstill right now, waiting hungrily to spring into action. Many companies have become impatient and want to open as soon as possible. Cultural centers eagerly await the day to welcome visitors again. Employees want to start earning money again. Cities are a beating heart that, when allowed to open again, will be on different hiring trends and celebrations. Not sure about which move is for you? Get in touch with our Mortgage Loan Team at Galaxy Lending Group to see the types of rates and loans we offer.