The mix of working from home and renters seeking more space – albeit cheaper space – is pushing more people out of more expensive U.S. cities and moving into the suburbs.
Particularly, Millennials are fleeing New York City for more space in its surrounding suburbs.
Since the beginning of the COVID-19 pandemic, online mortgage lender Better.com said it has seen an increasing trend in 35 to 36-year-old renters applying for mortgages in the suburbs of New York, including Westchester; Connecticut and Fairfield County; and New Jersey and Essex County.
Better.com, said it’s been seeing record purchase demand in Florida, California, Arizona and Texas and saw a continued trend of first-time homebuyers applying for mortgages in suburban areas.
In an interview with HousingWire, Corey Jones, an agent with Better Real Estate, said that as an agent in New Jersey, he has seen many Millennials fleeing the big city for more space.