Why Are Young Professionals Moving to The Suburbs? NYC EDITION
You have likely heard about the fact that a lot of people have been leaving NYC for the suburbs this past year. But did you know that many of these people are Millennials and Gen Z?
What is the cause of this suburban migration by young professionals? Why are so many young adults moving to the suburbs of NYC?
Let's take a look at everything you need to know.
Uncertainty Regarding the COVID-19 Pandemic
In March of 2020, New York City was more impacted by the coronavirus pandemic than any other place in the nation. Nonessential businesses were closed down on March 20th, and the hours of operation of the public transportation system were reduced.
New York City has long been one of the most desirable places to live in the country, considered to be the financial, cultural, and media capital of the world. As the city shut down due to the spread of the COVID-19 virus, however, many of the things that make the city desirable were no longer accessible.
As the most densely populated major city in the United States, remaining socially distanced from other residents was difficult to do. Small apartments that had once been perfectly fine seem impossibly cramped due to everyone being largely confined to their apartments and working and living in the same space all the time.
For this reason, many young professionals and young adults and families considered what their alternatives were. Many decided to move to the suburbs surrounding NYC, where they are still near to the city but able to have more space, more security, and much more.
Affordability and Low Interest Rates Have Young Professionals Buying Up Property
While home prices and home sales have been on the rise this past year, the historically low interest rates on mortgage loans makes purchasing property very appealing to young professionals and young families.
Compared to the rent prices in the city and the amount of square footage those prices get you, buying a house in the suburbs is a great deal. Young adults have been trading off tiny, expensive NY apartments for purchasing their own home in a welcoming suburban neighborhood.
Rising Popularity of Working Remotely
During the beginning of the pandemic, an unprecedented number of Americans were working remotely from home. While some people trickled back into the offices as the summer went on, there are a number of companies that plan on making working from home the new normal.
Without the need to commute to New York City five days a week, living in the suburbs has become very appealing. While still close enough to go into the office if necessary, you can escape from the crowds of the city.
Highly Rated School Systems
Like the NYC school system, many of the public and private school systems in the surrounding suburbs are excellent. Rather than competing to get your child into the best schools in the city, you can rest assured that you will have a wide range of highly rated schools to choose from.
If you have young children or expect to in the future, you will of course want to do your own research into which school system is right for your children. However, overall, you can expect to be quite pleased with the school systems in NYC suburbs.
Are you wondering which neighborhood is best for you and your family? Check out our neighborhood guides to help you get a sense of the suburban towns throughout Westchester County, New York and lower Fairfield County, Connecticut.
Nature and Community
The suburbs offer the ability to spend time in nature and foster community. With cleaner air, less traffic, quieter spaces, and beautiful parks, the suburbs offer peace and tranquility. Living in the suburbs outside of NYC also gives you many more opportunities to have a strong sense of community and meet the people in your neighborhood.
As mentioned previously, spending 100% of your time in a tiny, expensive New York City apartment can eventually weigh on a person. Comparatively, the amount of space that you could get in the suburbs is enough to make you sigh with relief. Not only can you find a bigger house with a yard, but there is also simply more space to breathe.
Let's face it, living in New York City can be very stressful. While the city is fun, exciting, and vibrant, it can also be frustrating, crowded, and exacerbating. When you leave the noise and the busyness of New York City, it can help you to find a more proper lifestyle balance.
Suburban Migration: Is It Time For You to Leave the City?
The suburban migration away from New York City has been ongoing for a while now, but the coronavirus pandemic accelerated this trend quite a bit. Young professionals found themselves with the opportunity to purchase property near the city but without having to make all of the sacrifices that living in the city requires.
Choosing to leave New York City can be an incredibly difficult decision. Luckily, there are so many wonderful suburbs to choose from in the NYC area that allow you to be within reach of the city without dealing with any of the drawbacks.
Are you wondering which NYC suburb is best for you and your personality? Take our quiz to help you find the perfect suburb for you.
We're not your typical real estate agents.As former city dwellers, we appreciate the qualities that make city lifestyle so unique, from the convenience of walking to your favorite restaurant or corner store to the vast and diverse cultural and entertainment activities. But we’ve also experienced the challenges and frustrations that are motivating you to seek change. During our transition from the city to the suburbs, we had the same thoughts, concerns and questions, prompting us to create a better way to navigate the suburban home search process for others.
The Riolo Team is a team of real estate brokers affiliated with Compass. Compass is a licensed real estate broker and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
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