More and more people are choosing life in suburbs over city luxuries. Is this just a trend, or something that is likely to continue?
With COVID-19 and the fear of a new pandemic, people are slowly but surely relocating to the suburbs. Outside of cities, they can find a much more affordable, and – more importantly – much safer place to stay. Sure thing, people, especially older ones, leave cities for the suburbs for years now, but 2020 has been a special case. Even people who were keen on living in the heart of the city are now choosing life in suburbs. This is changing not only the population structure, but also life in city outskirts, as well.
The latest elections also showed how diverse life in suburbs has become. There are more millennials than ever before, as well as immigrants. This influenced even the Milwaukee real estate market, as buyers are changing the housing demand. At the same time, the structure in the suburbs is changing rapidly because of this sudden inflow of people.
How Will the Sudden Influx of People Change Life in Suburbs?
Even now, many people who want to live in suburbs of Milwaukee can’t find a premade home, but rather have to build a new one. While this sounds like a nuisance, it can be a good thing. New people will start involving themselves into planning commissions and community groups, while also influencing new businesses and community initiatives based on their desires. This will surely influence life in suburbs, which is even now slowly but surely becoming oriented towards younger population. This includes more parks, schools, and different house types. Not just that, but more and more work zones and dining places are starting to come to the suburbs.
The housing supply will need to change, to meet up with new demands. So far, most properties in Milwaukee suburbs are single-family homes, which, truthfully, are the most sought-after. However, the incoming people could change that, so it’s expected that more townhouses, condo buildings, and duplexes will arrive in smaller towns. In fact, many suburbs are even building their own city centers, to enable the incomers a new place to enjoy in. They’re slowly but surely giving a city feel to many suburban communities.
Is This a Good or a Bad Thing?
The answer to this question depends on the suburbs in question. Any suburb that many people choose for their new home will likely thrive. More demand and new residents means higher home values, higher taxes, but also stronger local economies. This is a great thing for the future of said areas. Before the COVID-19 pandemic, suburbs typically included walkable areas, small homes with big gardens, several places to eat and drink, and calm, everyday life.
Today, people want to feel relaxed the minute they walk out of their offices. They demand more places to have fun at, such as beaches, cycling trails, and public golf courses. These activities are especially popular now that more and more people are working remotely, from the comfort of their homes. Remote work is, in fact, another reason why people choose life in suburbs, as it’s cheaper and they don’t have to spend hours commuting to work.
The successful towns that will profit from this new situation are those that are able to adapt to the new demand. Suburbs with lots of green areas, parks and farmers markets will be the first ones to notice changes for the better. Of course, other important things are friendly community and stable broadband infrastructure. Internet accessibility is also essential, as without a good online connection, people aren’t able to work.
Of course, there are some downsides. These include more traffic, as well as congested schools. Higher home prices are also a con, especially if you were thinking about relocating and starting a life in suburbs. Young locals that are just starting to move will also have a difficult times, as living prices are rapidly increasing.
Will This Trend Last?
It isn’t certain whether or not this will last. What is certain is that, once the situation with COVID-19 calms down and business reopen, some people will return to the cities, especially those that have to work at the office. However, most of them will likely stay where they are and continue their life in suburbs of Milwaukee. The longer the pandemic lasts, the higher the amount of people that won’t have any desires of moving back into cities. As new residents slowly put roots in their new communities, they’ll have a hard time going back to their previous place of stay. This is especially the case with people who have already enrolled their children into new schools, or got a mortgage on their new house.
However, some factors might increase the number of people wanting to move back to the city. For example, if business request their workers to return to the offices, many new residents will have to relocate. Also, if COVID-19 forces restaurants and other local business to close, suburbs could become less desirable. All of this can influence the new lifestyle in suburbs.
What Does This Mean for Real Estate Investors and Home Sellers in Milwaukee?
If you’re a real estate investor in Milwaukee, you have likely already noticed that the demand has changed. The same goes for home sellers, who are having trouble finding sellers for their urban homes. Luckily for both sides, investing in city homes is still a thing, and home sellers can still opt to sell their house for cash to direct buyers such as Sparks Property Investors LLC if they want to start a new life in suburbs. On the other hand, investors are advised to place their money on single-family homes in the outskirts of Milwaukee, as the demand for them is higher than ever.
One thing is certain, and that is that the real estate market in Milwaukee will survive this chaotic period. All it takes is some patience and optimism and readiness for some lifestyle changes. Together, we can get through everything.