Telecommunication Allows Home Buyers To Live Farther Out

Consumer home buying preferences are accelerating as telecommunication provides individuals with the flexibility to live farther out within large metro areas and even relocate to more affordable, smaller metro areas, says the Home Building Geography Index (HBGI). “The growing demand in lower density markets stems from the fact that housing is less expensive compared to urban areas and buyers can afford larger homes to accommodate home offices, exercise rooms, and other specialty rooms which are in higher demand since the pandemic,” says Chuck Fowke, chairman of the National Association of Home Builders. U.S. suburbs of medium-sized cities had the greatest single-family gains in the third quarter, with a 15 per cent growth rate over the last four quarters, with large metro urban cores as the worst performing regions with just a 5.7 per cent gain.