In the past, renters and home owners lived near work, good schools and cultural amenities that met their needs. And then a pandemic hit. Many professional self-employed and employees began working from home. Kids did distance learning.
Now that businesses are opening up in many states, some businesses and workers have decided they like the work from home lifestyle. Suddenly, they could live anywhere, at least when it came to work.
More rural areas are, by nature, less dense and that could mean that they were safer. And some parents have decided that the new school requirements aren’t adding anything to their children’s education, so distance learning and homeschooling is a better choice.
It would then follow that people would leave urban areas. And that’s exactly what we’ve seen in the last few weeks. Here are the top locations that people are leaving:
New York City
Normally a recession means people stay put. They don’t move. But we’re seeing a migration that seems go against the norm. That means we’re in a situation we’ve never seen before.
If you are a real estate investor, that means your rentals may have a larger rental pool, or a smaller rental pool. The best real estate investment is one that gives you a good return now, and into the future. And that all means a strong economy in the location of your property.
We may not see the real estate crash we normally get when there is a recession, or if there is one, it’ll only be in a few specific locations.