New home constructions on outer suburbs are rising
Before you start looking at homes, you have to make some decisions. Where you’d like to live should be among the first.
After all, you can’t begin to calculate the costs and whether or not you can afford them without knowing what areas you’ll be targeting.
For example, would you prefer a place in the city or a house in the suburbs?
Well, if new home construction is any indicator, many Americans are making the decision to move further away from city centers and into the inner and outer suburbs.
According to a new report from the National Association of Home Builders, construction activity has been increasing in low-density markets for a while now.
For example, their Home Building Geography Index recently showed the strongest growth in the outlying suburbs of small metro areas. And that trend is likely to be exacerbated by the effects of the coronavirus.
For one, the pandemic hit high-density areas the hardest, which may lead people to want a home away from the densely populated urban core.
Another factor is the increasing number of people working from home. Americans who no longer have to consider their commute to work are more likely to be comfortable living further from the city.
My thoughts on new home constructions on outer suburbs
In the recent weeks and months, many employers are offering its employees to work from home permanently even after corona virus is over.
This solves many problems for both employers and employees (it creates problems as well but we’ll talk about that on a different post).
Employer benefits from remote working:
- In the future, employers don’t need to have huge overhead on office space. They can get away with smaller space for occasional meetings or what have you.
- Employers are not limited to local workforce and can seek potential employees from anywhere in the nation.
- No need to incentivize workers out of state for relocation.
Employee benefits from remote working:
- Freedom to live anywhere in the country as long as you have access to solid internet connection.
- Cost of living flexibilities. Get paid as big city worker but live in low cost area, effectively increasing your money savings.
- Cheaper housing than big metropolitan areas. Instead of condos, townhouses, and houses with no backyards you can buy a house with big backyard probably cheaper.
Whatever the case, the trend is clear. Americans are ready to spread out and home builders have noticed.
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