The pandemic's housing crisis splintered the American Dream into 4 different versions. Say goodbye to the white picket fence.
Nader said she originally wanted to buy a house under $400,000 so she could pay it off quickly and"actually own it," but the lack of starter homes caused her to up her budget by $200,000."It's really a cash buyer market," she said."If you have the cash, you can buy whatever you want right now."Alyssia Cinami thought she'd have more cash to house-hunt after paying off her student loans.
who have their sights set on homeownership. That's created other versions of the house with the picket fence, somewhere farther out or farther in. Cinami is hoping to buy her starter home in Woodstock, Connecticut, a relatively rural town offering privacy, good schools, and safety. It's a good example of the rural idyll that some have embraced because of remote work, a trend that encompasses the"exurb," a rural community that is distantly commutable to a big city.
Americans moving from urban areas to the exurbs marked the biggest population shift in the pandemic, Jefferies analysts said in an August note, citing USPS mail-forwarding data. In May through June,for the exurbs. While pandemic population shifts have been waning, exurbs and rural areas were the only regions to add households in those months.
Urbanist Richard Florida told me that the rural fringe has seen a"real, new growth spurt" as the pandemic opened up rural areas that bridge to existing metros, like the Hudson to New York City. Driving the trend is what Florida has long called the creative class.As he explains it, this cohort of young knowledge workers once sought a"real authentic, urban experience" in big cities, but as big box and chain stores moved in, many of those experiences have disappeared.
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