City living treated Dylan Gray well. For two years, Gray, 26, rented an apartment in downtown Indianapolis with bars, restaurants, and his office all in walking distance. But when the coronavirus pandemic required him to start working remotely, Gray set his sights on buying a home in Broad Ripple, a neighborhood with a suburban feel located six miles north of downtown.
“Once my ability to walk to work was no longer a factor, it made sense for me to buy a house, especially given how low rates are right now,” says Gray, a business analyst at Salesforce. He purchased a 3-bedroom detached house for $230,000 last month, using a 30-year fixed-rate mortgage with a 3.3% interest rate.
Before the pandemic, many Americans relished the perks of living in a big city. According to a 2016 Census Bureau report, about eight in 10 Americans lived in urban areas. But COVID-19 has some urbanites reevaluating where they want to live—and the type of homes the want to live in. During the second quarter of this year, 51% of property views by urban residents of America’s 100 largest metros went to suburban properties, an all-time high since Realtor.com began tracking metro level search data in 2017.
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