Skip to main content

The Return to Urban Living — Why More People Are Moving Back to Cities

After years of suburban and rural migration during the pandemic, cities have been making a comeback in the past couple of years. According to the National Association of Realtors (NAR), the percentage of people moving to cities has risen to 16%. While that may not sound like a big number to you, it is the highest level in a decade – and that’s a big deal (see graph below):

And data from BrightMLS seems to confirm this trend. In a recent survey, 1 in 5 (20.6%) people looking to buy say they want to live in the city.

So, what’s behind this ongoing shift back to urban living? Let’s break down the top three reasons why people are trading quiet suburbs for bustling cityscapes. You may find out you want to sell your house with a big yard and move to an urban oasis, too.

1. Vibrant Culture

Cities have always been hubs of culture, entertainment, and community. They’re packed with energy and there are always endless things to do. During the pandemic, a lot of that excitement was put on pause. But the last couple of years? Cities are buzzing again.

There’s nothing quite like being able to walk to your favorite coffee shop, pop into a local gallery, see a live concert or show, or grab a last-minute dinner at a great spot down the street. It’s a lifestyle that’s easy to love — and one a lot of people want today.

2. Being Close to Work

Remote work is still a thing, but most companies are moving to hybrid schedules or even bringing employees back to the office. That makes living closer to work way more convenient. Whether it’s cutting down a long commute or having more chances to network in person, being close to the office is a big plus — especially for industries that thrive on face-to-face connections.

3. Easy Access To Everything You Need or Want

One of the best things about living in a city? The convenience. Public transportation, top-notch healthcare, and so much more are all within easy reach. For a lot of people, having everything nearby just makes life easier — and it’s a big reason they’re drawn to urban living.

What To Do If You Want To Move To the City

Let’s say you moved to a suburban area during the pandemic and you’re missing the excitement of living right off city streets. You’re probably thinking: how can I afford to move back into the heart of things with how mortgage rates and home prices are? Here’s how other people are doing it.

According to data from the Federal Housing Finance Agency (FHFA), home values have gone up by 57.4% in the last 5 years alone. And that means your house is probably going to sell for more than you bought it for.

If you already own a home in the suburbs, you may be able to sell that house and use the equity you get back to fuel your move. Sure, you may have to compromise and be happy with a smaller, urban space – but if it’s the lifestyle you’re craving – that trade-off is going to be worth it. To find out what’s possible and what it costs to live in an urban area, lean on a local real estate professional.

Bottom Line

The urban renaissance is real. Whether it’s the vibrant culture, being close to work, or having easy access to everything you need, cities are once again calling — and people are answering.

What’s your favorite thing about life in the city?

Connect with an agent to find a home you love where all the hustle and bustle makes life a bit more exciting.

Breaking Into the Market: Smart Moves for First-Time Buyers

If you’re like a lot of aspiring homebuyers, there’s a major hurdle standing in your way — the cost of living. From groceries to gas, eggs, and just about everything else, prices have gone up. And that rings true for home prices, too.

But even when everything feels expensive, there are still ways to make homeownership more than an item on your wish list. You may just need to think about where you plan to buy a bit differently.

Think of Your First Home as a Stepping Stone 

One of the biggest misconceptions among buyers is that their first home has to be their forever home – or that it has to check all the boxes of what they want right out of the gate. In reality, it’s just a starting point.

Once you own a home, you start to build equity, which grows over time as home prices rise. Down the road, if you want to move — whether to a larger space, a better location, or both — the equity you’ve gained can help you do just that.

So rather than waiting until you can afford your dream home in your ideal neighborhood, consider starting with something that works for now.

Expand Your Search To Find More Affordable Options 

If high home prices in your favorite area are holding you back, it’s time to cast a wider net. By keeping an open mind and being flexible with location, you may be surprised at what’s possible within your budget. Many buyers find success by looking in surrounding areas – and some even choose to move out of state.

According to a report from Realtor.com, these are some of the best markets for first-time homebuyers this year (see chart below):

Of course, moving to a different state isn’t for everyone – and isn’t a necessity. The right agent can help you find more cost-effective options wherever you are.

If you want to stay local, looking just outside your preferred neighborhood could help you find something you can afford that’s still pretty close to your favorite restaurants, shops, and activities. Sometimes, moving as little as 10 minutes away makes a big difference.

And the best way to see what’s available is to work with a real estate agent who understands the local market and can help you identify hidden gems nearby. An agent can point you to communities you may not have considered that have lower price tags now and are steadily gaining value and appeal. That way you can buy your first home and be set up to gain equity through the years.

Bottom Line

Today’s cost of living is a challenge for many homebuyers. But by exploring different areas and working with a knowledgeable agent, you can take that first step toward owning a home — and building equity for your future. 

How far outside of your area would you look to make homeownership happen? Connect with a local agent to chat through your options. 

Why Buying a Home Now Is Your Winning Play

a graph on a green background

Some Highlights

  • You may be sitting on the sidelines wondering if it’s better to buy now or wait. But buying before the spring rush may be a game-changing decision.​
  • Moving this winter can give you significant advantages, like less competition, more negotiating power, and lower prices.
  • If you’re able to buy now, stay ahead of the game and outrun the competition. To tackle your homebuying plans this year, connect with a local agent.​

The Perks of Buying a Fixer-Upper

There’s no denying affordability is tough right now. But that doesn’t mean you have to put your plans to buy a home on the back burner.

If you’re willing to roll up your sleeves (or hire someone who will), buying a house that needs some work could open the door to homeownership. Here’s everything you need to know so you can decide if this is the right move for you.

What’s a Fixer-Upper?

A fixer-upper is a home that’s livable but requires some renovations. Think cosmetic updates like wallpaper removal and new flooring or more extensive repairs like replacing a roof or updating plumbing.

While fixer-uppers need a little TLC, here’s why they may be worth considering, especially right now:

  1. They Usually Have a Lower Price Point. Because of the repairs involved, these homes are usually less expensive up front than move-in-ready options. According to a survey from StorageCafe, fixer-uppers come with price tags that are about 29% lower, making them a solid choice if you’re having trouble finding anything in your budget.
  2. Less Competition. When you’re ready to make an offer, you’re less likely to deal with competition from other buyers who are focused on move-in-ready homes.
  3. Build Equity Faster. From choosing how to redo the floors to picking which cabinets you want in the kitchen, a fixer-upper allows you to design a space that fits your needs and style. And with smart renovations, you can increase your home’s value faster and potentially see a big return on your investment.

As The Mortgage Reports notes:

“If you’re a house hunter who’s not afraid of sweat equity, buying a fixer-upper could be your ticket to homeownership. Doing so could lead to big savings, even in some of the nation’s largest and most popular housing markets. Plus, adding the right features could help your investment.”

What To Know About Buying a Fixer-Upper

The possibilities that come with a fixer-upper are exciting, but there are a few things to think about first.

  • Do You Have a Gameplan? Consider if you have the time, skills, or budget to tackle renovations. Be honest about what you can handle yourself, what you’ll need to hire out, and if a fixer-upper is truly a good fit for your lifestyle. Remember, you’ll likely be living in a construction zone at least for a little while.
  • Prioritize the Repairs and Upgrades: Don’t stress yourself out thinking you’ve got to do all the work up front. Space out renovations over time in a way that makes sense for your budget and what’s most important to tackle first.
  • Location Matters: You want the money you’re spending to fix up a house to be worth the investment. So, make sure the home is in an area with increasing home values and amenities locals love, like parks and restaurants.
  • Get a Home Inspection: Hiring an inspector to do a thorough inspection before you buy is a must. What they find will help you understand what needs to be updated, renovation costs, and if it’s a project you want to take on.
  • Budget for Surprises: Renovations rarely go as planned. So, be sure to set aside extra money to cover things like extended repair timelines, an increase in the cost of materials, or other unknowns that may come up.

Talk to a Lender About Financing Options: There are some renovation mortgages designed for homes that need a little work. But they may have requirements like spending and timeline limits, so talk to a trusted lender to understand the fine print.

Bottom Line

Fixer-uppers aren’t for everyone, but if you’re open to doing a bit of work, they can be a great way to overcome today’s affordability hurdles and find something in your budget. With the right mindset and careful planning, you could turn a less-than-perfect house into the perfect home for you.

So, if you’re considering taking the plunge, talk to a real estate agent about finding a fixer-upper that fits your budget and goals. 

Stay informed