In the real estate world, there’s been a lot of talk recently about luxury homebuyers relocating to the suburbs, as well as more rural destinations. Nonetheless, many medium-sized cities all across the country are seeing just as much activity in the high-end. If you’re curious about what’s driving this trend, here are several key factors that explain why so many people are moving to smaller urban markets.
Compared to major metropolitan areas, your money will go a lot farther in a mid-sized city. The luxury sector, in particular, offers opportunity for buyers who are coming from large markets and bringing their high-paying jobs with them. As the rise in remote work appears to be a permanent shift, relocating to a smaller city can be a financially savvy move in the long run, even while demand is high.
Space and Privacy
Mid-sized cities are not as densely populated, which means that buyers are able to purchase larger properties than they would in a major city. For those who are prioritizing space and privacy without going completely off the grid, these markets are an ideal landing spot. From a spacious backyard with a swimming pool to extra square footage for a fitness room and home office, they can have it all while still living in a location that’s bustling with energy.
Although they want more space, many people are not willing to give up all of the advantages of urban life just yet. These second-tier cities offer the best of both worlds, as residents still have access to high-quality healthcare, education and infrastructure. In addition, they can also enjoy a few luxuries that might not be immediately available in the suburbs, such as a walkable downtown with fine dining and cultural institutions.