Price out of town? Consider living in the suburbs
The affordability of suburban homes comes with other benefits
You are finally ready to buy a house and you have started looking for a house in the city. But you quickly noticed the drop in home affordability. it’s true for both Millennials and Gen Xers wanting to stop renting but to remain city dwellers.
You are not only overpriced; you are overwhelmed by investors and baby boomers buying urban housing inventory. Both are bidding on real estate faster than you can say “make a bid.”
For younger people who love the city, that means making different choices, like moving to the suburbs. For the first time in a decade, the growth of the suburbs has accelerated last year and exceeds the growth of the city.
Check your new rate (August 22, 2021)
There are advantages to living in the suburbs
Falling house prices are just one of the few perks of living in the suburbs. If you choose the right suburb, you will find more than the affordability of a home. There are tradeoffs, of course, like limited public transit.
But, many suburbs have become more urban and much more family friendly with modern urbanized sensibilities. Most offer the common spaces GenX prefers, even at work, and cycle paths for Millennials.
In fact, you can experience city life with better amenities and more affordable if you move to many suburbs. Here are six ways you benefit by doing this move.
More accommodation options
No, you are not stuck living in a cookie-cutter cul-de-sac. Suburbs, especially around large metropolitan areas, offer a variety of housing options. Choose from the condos, townhouses or smaller houses with courtyards.
You can buy a McMansion without a lot, or one with woodlots and no plans to develop that space. You can buy in a new planned community without identical homes and without high HOA dues.
This means that you can best budget for accommodation and stay in communities for the longer term by progressing when you are ready. The multiple housing options coupled with the many mortgage options available in today’s mortgage market can make choosing the suburb even easier.
Cultural adaptation and diversity
Many suburbs embrace philosophies such as “the ability to walk” in communities outside of cities. These avant-garde neighborhoods try to make walking easier than driving everywhere.
Home affordability, durability, and open spaces are also important in these suburbs. Residents see them as a quality of life issue.
Most pedestrian towns offer more cultural events and family activities, while embracing different ethnicities, religions and family types. They are structured to encourage the community to socialize.
In these suburbs, shops, schools, personal services, theaters, museums, restaurants and other urban-type amenities are found close to homes. Your family and friends can have these summer barbecues while the neighborhood kids have fun on the play structure or in the swimming pools.
Then you can go to the community theater or buy ice cream at a local store without driving anywhere.
Since it’s become a movement, you’re more likely to find more suburbs to move to where it’s common. However, if you live in the suburbs, you are more likely to be closer to outdoor activities like hiking, mountain biking, nature walks, and fishing.
So you can have the best of both worlds.
More elbow room
Moving to the suburbs means having more of a home in cheaper per square foot. This is true in condos, townhouses and single family homes. Again, because you have so many suburban housing options, you are more likely to find the space you need within your budget. In some places you can expand your house if your space needs a change.
It’s not just more space inside your home that matters, but also outside, if you are moving to a less developed or crowded suburb. You will have more lot size and lchoice of location in the suburbs. It can come with more privacy and more nature for you and your family.
You might even have space for outbuildings like large sheds or garages with extra space for recreation and storage.
Safer and quieter
The hustle and bustle of city life often comes at a price: more noise and crime. You will find less of both in the suburbs. One is peace of mind.
Expect your neighbors to be invested in the community, as are most home buyers. They are likely to want what you are doing and to work to make sure their communities are safer and calmer.
Because insurance rates are risk-based, life in the suburbs can mean lower insurance costs. There is less vandalism, theft, and violent crime in the suburbs than in the cities, which means you can get lower overall insurance quotes across the board.
Fewer auto thefts and fewer car accidents mean less auto insurance for the best commuter drivers.
Ensure less risk transfer to stores, offices and other amenities. This often leads to lower costs for suburban dwellers on goods and services.
Cheaper family care
By moving a young family to many suburbs, you can save an average of $ 9,000 per year on after-school child care and child care.
Care options for other family members may also be cheaper, which is important for the “sandwich generation” GenXs.
The suburbs may offer more alternatives to using daycare centers, elderly care or after-care centers. In the community-oriented suburbs, it may be easier to find them than in the city. This is partly because the care of the population is less transient.
Home affordability means most people with children will own property. This means that your family caregivers will be there longer than in most cities and home care is more readily available with them.
You can create family care barter services or co-ops with others in your own neighborhood. Neighborhood teens are another cost effective option for child care. If you have space in your home, which is more likely in these suburbs, home care for family members is an option.
More space also means options for older family members or others with physical or mental conditions who need more care. You can keep both of them at home where you have more control over their care.
Look for employers close to the suburbs who also offer options and benefits for family care.
Suburban homes generate more property taxes, so most suburbs offer better schools for your children. Graduation rates are higher and university attendance is more likely. Since residents have more voice in government in the suburbs, you can help create unique school programs for children.
This improves educational satisfaction, inclusion for children with unique needs, and better life choices for your children. Many of these schools offer after-school and extracurricular activities that increase intellectual growth and provide advanced learning opportunities.
In addition, many suburbs are also college and university towns. Through by choosing one of those, you have access to cultural activities and resources common to colleges and universities. It also means more jobs for academics and others who want to work in a higher education environment.
These institutions can also create unique family housing options or increase inventory nearby, increasing the affordability of homes.
More homes, same mortgage options
In the long run, a suburban home can be cheaper. More affordability and lower insurance costs can mean lower mortgage costs, especially if you compare the prices. Keep in mind, however, that if your daily commute increases significantly when leaving town, you’ll need to factor in the extra cost when running the numbers.
What are the mortgage rates today?
Mortgage rates today are still very favorable for those who want to buy a home. However, house prices are changing and houses are also getting more and more expensive. If you can’t afford the digs of the city you want, it may pay off to buy something now and trade it in when you have the income or savings to support a more expensive house.
Check your new rate (August 22, 2021)