COVID-19 has changed how many city dwellers view their homes and living spaces. High-density urban environments currently present hurdles for residents wanting to socially distance themselves, and this experience should provide real estate investors an idea of where they might invest next.
Loss of access to community features takes away the appeal
Before COVID-19, living in the city put you within in walking distance of restaurants, bars, gyms and other businesses that made it worthwhile. This allowed you to spend time outside your home which made the lack of space a nonissue, until the quarantine hit. Once urban residents lost access to various amenities due to stay-at-home orders and spent the bulk of their time within their living space, these areas started losing their appeal.
A recent survey also found that urban residents were almost twice as likely to have recently browsed a real estate website like Hubzu, compared to suburban or rural residents. While some states are trying to reopen, many businesses and community features that made urban living appealing will remain closed or will operate at reduced capacity.
Remote work opening up opportunities to live elsewhere
Millions of American workers have made the switch to remote work without a clear return date, which gives them the flexibility to live wherever. And some are taking advantage of this new freedom by setting their sights on more cost-effective and spacious areas often located in suburban and rural settings. To help people find exactly what they’re looking for, Hubzu allows buyers to search for properties through filters like county, city and zip code. On Hubzu, you’ll be able to find numerous properties available for both rural and suburban living.
People searching for cheaper rent
Recent research has shown that 60% of renters have incomes less than 80% of the median income of that area. In fact, about a quarter of all renters admit to spending more than 50% of their incomes on housing while only 11% of homeowners with a mortgage spent the same amount. And with COVID-19’s impact on people not being able to afford rent, renters may reconsider their high-priced urban apartments for more affordable rural and suburban communities.
In the wake of COVID-19, a lack of living space, an increase in remote work opportunities and rental affordability outside of the city clarify why some urban residents are relocating to suburban and rural areas. And while urban living has its advantages, many residents can’t reap those benefits at this time.
Thankfully, online real estate platforms like Hubzu are well-equipped to handle the specific requests that buyers have when deciding where to live and where to buy. Just plug in your preferred county, city and zip code, and you’re instantly met with available properties in and around those areas.
