This is an age-old debate in the housing industry, and we’re starting to see some interesting changes in homeowner preferences as more and more millennials and young professionals enter the market. Most see the debate coming down to big factors like schools, amenities, and space. Families with kids have traditionally favored suburban living with large homes, plenty of bedrooms, and a backyard, as well as good school districts and a quieter environment. The city comes with more hustle and bustle, but some are willing to give up the space and quiet for walkability, proximity to entertainment, and the all-around ‘cool’ factor.
Of course, price should always be a factor, especially when it comes to renting versus buying. Nationally, rent rates are slightly higher in suburban areas than in the cities, which is somewhat surprising (obviously this varies from city to city). Amenities aside, urban dwellers must consider their style of living in their homes as well. If you prefer the city lifestyle, are you willing to live with the likelihood of fewer bedrooms, smaller kitchens, and less outdoor space? Though rental rates are higher, rental properties in the suburbs are nationally about 18 cents cheaper per square foot than their urban counterparts, according to Zillow.
A real estate professional can provide you with price differences between suburban and city living.
”Then there are the neighbors. Are you willing to share a wall, floor, or ceiling with a neighbor? Or would you prefer your own private space where noise isn’t a factor? Do you prefer a backyard with green grass or would you rather step out onto your balcony with city views, where you're right in the heart of the action?
Of course, a real estate professional can provide you with price differences between suburban and city living specific to your area and educate you on even more points to consider in your city when it comes to proximity to amenities, schools, and entertainment.
As always, if you’d like to know more about this or any real estate topic, don’t hesitate to reach out to us. We’re here to answer your questions and serve your needs any way we can.
