In the spring of 2020, many of the typical draws to cities — plays, nightclubs, restaurants — shut down. Space took on a premium, as small apartments close to others felt particularly claustrophobic. All of a sudden, a big home in the suburbs for the same monthly price as a tiny apartment in the city got a whole lot more attractive. More companies than ever are allowing employees to work from home, and studies say that between 13 and 45 percent of the workforce is now remote some or all of the time. 

As a result, a new rush to the suburbs is well underway. The number of net new households that moved to the suburbs grew 43 percent last year, according to data from the Wall Street Journal, compared to 2019. 

Millennials and Homebuying:

Real Estate Adapts to Largest Generation

According to the American Community and American Housing surveys, there are 66 million millennials in the U.S., and they now represent 37 percent of the total national homebuying market. 

Millennials approach homebuying differently than older generations. It’s not just an obsession with Zillow browsing, but also different preferences for what they want in a home and more comfort in relying more heavily on digital processes from walkthroughs to closings, so the landscape is shifting to accommodate their needs and desires.