Strong Urban Dweller Demand for Suburban Homes Drives High Home Price and Rent Growth

Booming urban household demand for suburban homes contributed to the record-high pandemic-era home price growth. Lockdowns and remote work prompted households to leave their urban dwellings for more spacious suburban residences. Since few families could afford larger homes within central urban neighborhoods, many households moved to lower-cost markets, including the immediate suburbs and more affordable SunBelt cities.