Research Brief: Housing – August 2020

Pandemic alters housing choices. After being sequestered for months, with many people working from home and doing their shopping and schooling online, households are reevaluating their current accommodations. Larger residences with spaces appro-priate for home offices and online learning that also have outdoor space to enhance social distancing are gaining favor. The ability to work remotely has diminished the value of a short commute in the home-search equation, making lower-cost suburban locations more favorable. This preference was already emerging as more millennials start families and reevaluate their urban lifestyles. With 60 percent of millennials now in the 30s, many are considering children and the importance of public schools is an emerging factor in homebuying decisions. These trends also bode well for Class A garden-style subur-ban rentals with larger square footage and ample outdoor space.

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