How many people are actually fleeing to the suburbs permanently?

 

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You’ve seen the headlines: “Coronavirus Escape: To the Suburbs” in the New York Times, “Coronavirus: Americans flee cities for the suburbs” in USA Today, “Will the Coronavirus Make the Suburbs Popular Again?” in Architectural Digest.

The coronavirus pandemic’s stay-at-home orders have residents of dense urban areas like New York City pondering a permanent move to somewhere more spread-out for obvious reasons: more space, more land, lower prices.

Mulling the decision to leave New York has almost reached cliche status (there’s even a Leaving New York” essay genre, as the Times notes points out).

As more New Yorkers leave, it invites near-constant speculation about a “mass exodus” out of cities. But are the folks skipping town getting outsized attention? Are there really that many people moving away—for good?

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Is it better to rent or buy a home? Comparing the monthly costs

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Renting vs. owning

Ever since the financial crisis left many Americans in dire financial straits, the debate over renting versus buying a home has heated up. American households’ spending on housing is on average 33% of their annual expenses, but until recently we didn’t have data to show the differences in costs between monthly mortgage payments versus rent.

 

 

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The Homeownership Rate Continues to Decline

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Foreclosures may send homeownership to it’s lowest level in 50 years.

Millions of houses on the verge of foreclosure threaten to send homeownership to its lowest level in 50 years, according to new industry estimates.Fresh projections say the rate could plummet to about 62% as early as 2012 and almost certainly by the end of the decade. Homeownership rates haven’t been that low since they hit 61.9% in 1960.

 

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Renting Out Your Property A Good Way to Keep the Cash Flowing, But There Are Renter Roadblocks to Consider

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Renter roadblocks

It seemed like a smart idea at the time. The apartment was lovely — new construction, three bedrooms, three and a half baths, nearly 2,000 square feet on the Upper East Side. The asking price was $2.995 million. A year earlier it would have gone fast.  But this was early 2009 and the economy was in tatters. Offers were pathetic — the best, $2.2 million. Forget it, the owners said. We’ll rent the place.

 

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