KBDN

Homebuying Shifts to Suburbs, Low-Cost Markets Seen Continuing

WASHINGTON, DC — The suburban shift in home building to meet growing buyer preferences for lower-density, lower-cost markets stemming from the COVID-19 pandemic is expected to continue throughout 2021, even as nationwide vaccination efforts continue to take hold, the National Association of Home Builders reported.

“This continuing trend is a direct result of the pandemic,” according to the Washington, DC-based NAHB, noting that single-family construction continued to overperform in suburbs, exurbs and rural communities, according to fourth-quarter 2020 data.

“As more workers were able to telecommute and preferences shifted favoring larger homes, these changes prompted buyers and renters to seek out more affordable markets in order to accommodate home offices, home gyms and specialty rooms,” the NAHB said, adding that the trend toward building in more affordable, smaller markets was first reported in the second quarter of 2020.

Voice your opinion!

This site requires you to login or register to post a comment.

Voice your opinion! This site requires you to login or register to post a comment. No comments have been added yet. Want to start the conversation?

RELATED POSTS

Loading...
Load more