Survey Finds That Homebuyers are Increasingly Being Drawn to Suburb, Exurb and Rural Areas

The recently released “What Homebuyers Really Want 2021” from the National Association of Home Builders reveals that the COVID-19 pandemic has impacted the housing preferences of nearly one-quarter of all home buyers. 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%. On the other hand, each of the other location options saw small declines or no change at all in preference. The survey has also broken-down location preferences by racial and ethnic groups as well. The results reveal that minorities are driving the increased interest for the suburbs (whether outlying or close-in). Among Asian home buyers, 62% preferred a suburban location prior to COVID-19, compared to 71% now — a 9-point increase. Among African American buyers, the share rose seven points, from 56% to 63%. And among Hispanic buyers, it increased six points, from 46% to 52%. Meanwhile, the share of Caucasian buyers who prefer a suburban location did not change much because of COVID-19, up only one point from 56% to 57%.

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Original Source:
Outlying Suburbs Appeal to More Home Buyers