PANDEMIC DRIVES SUBURBAN SHIFT FOR HOMEBUILDING
Evidence of a suburban shift for consumer home buying preferences as a result of the COVID-19 pandemic can be found in the second quarter National Association of Home Builders (NAHB) Home Building Geography Index (HBGI).
“The increasing demand for construction in more suburban neighborhoods is being driven in large part by the coronavirus outbreak,” said NAHB Chairman Chuck Fowke, a custom home builder from Tampa, Fla. “The growing trend for working at home is enabling more families to choose to live in lower cost, lower density communities. Moreover, persistent housing affordability challenges exacerbated by soaring lumber prices that have added $16,000 to the price of a single-family home since mid-April are adding to the need to find affordable housing in lower-cost markets.”
Earlier consumer surveys show that the rise in work from home opportunities has led homeowners to consider a move to a suburban location.