December 2021

In the spring of 2020, many of the typical draws to cities — plays, nightclubs, restaurants — shut down. Space took on a premium, as small apartments close to others felt particularly claustrophobic. All of a sudden, a big home in the suburbs for the same monthly price as a tiny apartment in the city got a whole lot more attractive. More companies than ever are allowing employees to work from home, and studies say that between 13% and 45% of the workforce is now remote some or all of the time. 

As a result, a new rush to the suburbs is well underway. The number of net new households that moved to the suburbs grew 43% last year, according to data from the Wall Street Journal, compared to 2019. 

Millennials and Homebuying:

Real Estate Adapts to Largest Generation

According to the American Community and American Housing surveys, there are 66 million millennials in the U.S., and they now represent 37% of the total national homebuying market. 

Millennials approach homebuying differently than older generations. It’s not just an obsession with Zillow browsing, but also different preferences for what they want in a home and more comfort in relying more heavily on digital processes from walkthroughs to closings, so the landscape is shifting to accommodate their needs and desires.