Suburban Appeal is Very Real
Studies are showing that droves of Millennials are moving out of cities in favor of neighboring suburbs. This shift has a lot to do with the rising costs of city life. You too might enjoy the move if you’re looking to save money while purchasing a home or if you’re planning to start a family. Consider these advantages (and disadvantages) of suburban life to decide if it’s right for you.
The major factor in Millennial fascination with suburban life is affordability. The suburbs offer more land and property for less money, which makes sense for Millennials when you take into account how many are saddled with the burden of student loan debt.
Millennials also find it easier to raise a family in the suburbs. Better school districts are common in these family-friendly communities. Privacy and safety are highly prioritized when communities are being designed, and avoiding the dangers of city traffic is naturally a big perk for parents.
Newer suburban communities are also emphasizing “city life amenities.” They’re increasing the walkability of neighborhoods as well as residents’ access to entertainment. Imagine going out to eat or taking a stroll through a park without being inundated by city crowds and noise.
Of course, living in the suburbs may not be sunshine and rainbows all the time. As with any living situation, there may be compromises to be made if you compare suburban life to the experience of living in the city center. Your travel time to work may increase. Drive time to grocery stores and venues for entertainment might go up as well, and that time in traffic and refueling costs adds up. If you’re driving more, you’ll likely be making more visits to the mechanic, thanks to increased “wear and tear” on your car.
Larger homes are also more expensive and time-consuming to maintain. Are you prepared to assume the extra costs of heating/cooling your larger home? Will you have the patience to perform routine home maintenance projects like mowing the lawn and cleaning the roof gutters (or pay someone who will)? You might not be a good fit for the suburbs if you answered no to either of those questions.
Go on and take a drive. Check out your neighboring suburbs and see if you find your dream home. Open Mortgage is of course always here to help with your home financing needs— whether you move to the suburbs or stay in the city. Explore our website for more information on how we can help you buy your next home.