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Real Estate The Ticker

Suburbs once again outgrowing cities after 10-year pause

Silicon Valley residents flee high prices

Spring house

Last year, Americans returned to their traditional migration patterns as more growth was seen in the suburbs than in the cities after a decade of recession, according to an article by Paul Overberg for The Wall Street Journal.

New Census Bureau population estimates for the year ending on July 1 show central counties of metro areas grew by 0.7% while outlying counties grew by 1%, according to the article. This marked the first time since the recession that suburbs outgrew central cities.

From the article:

A combination of economic and demographic trends contributed to the shift, said William Frey, a demographer at the Brookings Institution. He said much of it can be traced to growing migration losses by central counties as job gains spread to more areas and industries. That has triggered recession-delayed movement by millennials establishing themselves and their families, he said.

Rising home prices pushed many out of booming markets such as those in Silicon Valley, according to the article.

From the article:

Last year the San Francisco metro area lost more residents to the rest of the country than it gained for the first time since the recession. Small annual losses in the San Jose metro area grew sharply. Together, they lost a net 33,000 movers to the rest of the country, up from an average of 17,000 in recent years. The overall population still grew slightly, boosted by immigration and a relatively high birth rate.

Source: WSJ

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