Suburbs in Southern states surge in popularity amid pandemic
Per-property views for homes located in suburbs grew by 13% in May
As homebuyers look to reenter the housing market, new data shows they are looking to buy in areas located outside of densely populated cities.
Per-property views for homes located in the suburbs grew by 13 percent in May, about double the pace of views for residences in urban areas, according to Realtor.com. Suburban properties were also receiving more views last month than they were before the onset of the pandemic.
While the popularity of the suburbs compared with urban areas has been growing throughout recent years, May marked one of the largest disparities between views since at least 2016.
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As previously reported by FOX Business, suburbs around the country are gaining in popularity as the virus has caused individuals to realize the value of homeownership, a house with ample space and private property.
Seven of the top 10 most popular suburban areas were located in Southern states, Realtor.com data showed, with the most popular being areas near Columbia, South Carolina. Greensboro, North Carolina, was the third most popular, while Cape Coral, Florida, was the fifth.
"Part of why some of these Southern metros are topping the list is because they haven’t been impacted by COVID-19 as some other areas had," Realtor.com's chief economist, Danielle Hale, said in a statement. "There were fewer impediments to conducting real estate business.”
Researchers noted, however, that taxes, home prices and overall lower costs of living also factored in.
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The South has been a popular destination for individuals leaving the Northeast, as well. As previously reported by FOX Business, local moving companies have begun to recount an "insane" exodus of residents out of New York City – with many headed to Florida, South Carolina and Georgia.
Meanwhile, it remains an incredibly favorable time to purchase a home for individuals who have the financial means because mortgage rates are at all-time lows.