It looks like Millennials are actually leaving the city for the suburbs. The pandemic has forced many young people to flee cities and move to houses in nearby suburbs and towns. Enough New Yorkers are headed to nearby suburbs to create “frantic, hypercompetitive bidding” on houses. Fears around “living in close quarters” (aka tiny apartments) and the increased freedom to work from home is motivating the moves—and encouraging those who have kept their income to become homeowners. According to real estate brokerage Redfin, 36% of searches on the site in May were specifically for single family homes—up from 28% the previous year. (NPR)
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