Americans are on the move. One piece of evidence for this is a rise in housing prices in places where many Americans are moving. According to the carefully watched S&P CoreLogic Case-Shiller Index, home prices rose 19.5% in September compared to the same month last year. In some cities, the figure is above 25%
Among the reasons people have moved in the last two years is a desire to relocate from expensive coastal cities like New York and San Franciso. Median home prices in these places can be twice the national average. The overall cost of living is high as well. Many people have migrated inland to states which include Idaho and Arizona. Homes are more affordable. And, “quality of life” is often better.
Two other reasons that Americans have moved into new homes are low mortgage rates and the COVID-19 pandemic “work from home” movement. Millions of people no longer go to corporate offices.
People who move still need to decide if they want to live in cities, suburbs, or rural areas. StorageCafe recently released a report that shows people may be able to have the best of the city resident/suburb resident lifestyle. The report was titled “The Best US Suburbs For City-Like Living”.
Among the factors considered by the researchers were median household income, housing affordability, employment opportunities, population density, the number of retail stores, the ranking of local schools, the number of parks, and crime levels. Most of the data came from the U.S. Census and other federal government sources. Suburbs were defined by a population of 10,000 to 100,000. The study examined 1,000 suburbs of America’s 100 largest cities.
The researcher pointed out that suburbs have evolved:
The suburban landscape went through significant revamping in some places, adding diversity to the local housing stock, including upscale rental apartments, highly sought-after amenities such as restaurants and entertainment venues, shopping options as well as jobs within easy reach.
The best suburb for city-like living was Southlake, TX, just outside Dallas. Housing affordability and the quality of schools were among the reasons it did so well. Dallas is among America’s fastest-growing cities, according to the 2020 Census. From 2010, its population rose 19.96% to 7,637,387 which makes it the fourth largest city in the country.