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Jed Kolko, the chief economist of real estate website Trulia, told Meg Handley of the US News, Jed Kolko, said that people are looking to buy houses in suburbs and not in big cities.More online house hunters are looking toward the suburbs and smaller cities that toward big, dense cities. Even though people say they want urban amenities, when they start searching for a new home, they’re drawn to more space at a lower price rather than the benefits of big-city living.
The average home buyers are facing a conundrum, as they desire the amenities of the big-cities, but prefer the size and prices of homes in smaller suburbs.
Over the course of the next few years this could have an affect on the prices of purchases in both suburbs and in big cities, and may also alter the prices of rents in both areas. This is certainly a trend worth monitoring.
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