Suburbs and rural areas experienced a much faster population growth than cities during the housing bubble. Then briefly, in 2011, trends reversed, says Jed Kolko, chief economist of Trulia.
Today, the suburbs are reprising their role as booming population centers, even though home prices are rising faster in urban neighborhoods. Kolko projects this trend to continue. Back in November 2014, Trulia surveyed 2,000 American adults whether they lived in an urban, suburban, or rural area, then asked where they wanted to live in five years. Respondents identifying themselves as living in an urban area made up 26 percent of the total, but only 22 percent reported wanting to live in an urban area in five years.
Advertisement
Related Stories
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders
Market Data + Trends
January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market
A drop in mortgage rates from recent peaks nudged more homebuyers and sellers into the market, signaling the start of greater supply and demand