A study from the National Association of Home Builders revealed that COVID-19 has impacted the needs and desires of 25% of home buyers. Diving deeper into the study, the survey asked about location preferences pre-pandemic and now, which found that a segment of home buyers have shifted their preference towards the suburbans.
“Prior to COVID-19, 26% of buyers wanted to buy a home in an outlying suburb; since the beginning of the pandemic, that share is now 30%,” wrote NAHB’s Rose Quint. “On the other hand, each of the other location options saw small declines or no change at all in preference.”
These are not the first rumblings of a shift to the suburbs, as the trend was gaining traction even before the COVID-19 pandemic hit.
Dissecting the survey results further, the share of buyers who wanted a close-in suburb went from 29% pre-pandemic to 28% today. Rural areas dipped slightly from 24% to 23%, while downtown area of a central city from 12% to 11%.