In recent months, young renters in America have started returning to some cities while middle-aged people are continuing to flock to the suburbs to purchase homes
AFTER THE second world war, Americans took their new cars on their new highways and decamped for the suburbs, changing American life forever. Today, the internet and remote work presage a similar transformation, removing the need for people to live near their offices. A two-hour commute a couple of days a week may be worthwhile, if it allows a bigger house and smaller mortgage payment. So might a move across the country, if one rarely has to travel to company headquarters.
Mr Whitaker estimates that from March 2020 to March 2021, around 600,000 people moved from large, high-cost metro areas to mid-sized cities , and more than 740,000 moved to rural areas, small towns and cities with populations below 500,000—an increase in both instances of 13.5% from pre-pandemic levels. New York and San Francisco saw the largest increases in the share of people leaving.
The places attracting people share common features: relative affordability, a strong sense of community, amenities and friendliness toward business, says Cullum Clark, director of the Bush Institute-Southern Methodist University Economic Growth Initiative. Proximity to nature is attractive, but so is the ability to raise a family and nurture a nest egg. According to Joel Kotkin of Chapman University, “People go to places where they can achieve the American dream.
Warm climates matter, but so do affordability and taxes. Both Florida and Texas levy no state income tax, while California’s top rate is 13.3% and New Jersey’s is 10.75%. Two owners of buildings and housing developments in the Dallas area estimate that 20% of occupants are recentEconomics may not be the whole picture. Before the arrival of covid-19, “a lot of government policy was opaque”, says Mr Perot.
Offering incentives to lure companies to new places is less important than it used to be, says Chris Steinocher of the St Petersburg Area Chamber of Commerce in Florida. He reckons that conversations about incentives have halved, even as interest from companies that want to move to his part of Florida is up 20-30%. They will go where talent wants to live. Conventional wisdom is that people move for jobs, but the opposite may increasingly be true.
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