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Sleepy Suburbs vs. Big Cities
More and more Americans are foregoing close proximities to cities and the amenities that come with them in order to have more space at a more affordable price in the suburbs. According to Jed Kolko, chief economist for real estate search site Trulia, "More online house hunters are looking toward the suburbs and smaller cities than toward big, dense cities. Even though people say they want urban amenities…when they start searching for a new home, they're drawn to more space at a lower price rather than the benefits of big-city living.”
Those making long-distance moves have slightly different priorities. Long-distance searchers are much more likely to favor homes in markets that suffered bigger price drops in the bust than those in more resilient markets.
"People gravitate toward great deals when they search far from home, but finding a job in those markets might be a challenge," says Kolko. "A cheap house is no bargain if you can't find a job that lets you pay the mortgage."
For now, Americans homebuyers will continue to focus on suburban homes where they can get more for their money. Should factors such as rising gas prices become a larger issue, however, the trend may turn back toward urban homeownership.
Source: US News