Cheap energy prices and lifestyle are once again leading to a move back to ‘burbs’ in America. Front and back yards are back in style for some, along with landscaping, vegetable gardens and trees. There are tens-of-thousands of Millennials in hot pursuit. As a result, demand is robust in many of the U.S. suburban housing markets.
To identify the most Sought After Burbs, Realtor.com analyzed more than 7,000 ZIP Codes outside major city limits and within an hour commute (during rush hour) to the closest urban center. Other metrics examined included:
- Home appreciation in the past three years
- Increase in the number of home listings in the past three years
- Population growth
- Share of new construction at the county level
The hottest markets, based on Realtor.com metrics, are shown in the following table. In addition to Realtor.com’s data, also included are the 12-month job growth rates as of June 2018 for the corresponding metropolitan center from the U.S. Bureau of Labor Statistics. All but one of the top-10 (Arabi, Louisiana) have a job growth rate greater than the U.S.’s 1.62 percent for the same period.
To read the entire Realtor.com article click https://www.realtor.com/news/trends/fastest-growing-suburbs/?identityID=577d5c8652b7729cf2011c9d&MID=&RID=4056478642&cid=eml-2018-0721-WeeklyNL-blog_1_fastgrowburbs-blogs_trends
With the supply of new housing (new construction) not able to keep pace of demand (net new job growth), the flight to the suburbs is a natural today. Throw in the lifestyle and this trend may not just have legs, but perhaps wings.