Toto’s definitely not in Kansas anymore.
Rural areas are dwindling as more and more residents move into cities. According to a recent report from Trulia, metros have seen a commanding growth in jobs and home prices, while rural areas have been dwindling.
While this trend began well before the recession, the study shows that the move to metro areas have increased in recent years. The theory comes from people withdrawing from isolated areas and gathering in more of a weightier employment center.
As most homebuyers have seen, this has put an incredible amount of pressure on the housing demand in cities. Trulia’s report found that home values in the largest metro areas from mid-2012 to mid-2018 grew 53.1%, whereas rural counties saw a 27.9% increase in home value.
A population rise in cities = a mismatched market for homebuyers. Home values have been steadily increasing in these metro areas, with very little construction making headway. Luxury homes seem to still be available, but homebuyers looking for starter homes in the city are feeling the pinch.
There’s no place like home – and to many – finding a home in the city has been quite the challenge.