As retirees and others move from cities to suburban areas like communities in Arizona, real estate markets experience unexpected growth.
Reacting appropriately to the changes in the real estate market can help you make money if you decide to sell. On the flip side, if you decide to buy, you could end up paying more than expected. The big question is whether or not it’s wise to retire to a suburban area.
This trend has influenced the suburban real estate market. Here are some key takeaways that might help you decide if it’s time to move into a suburban area:
Hot Suburban Real Estate Market:
Suburban areas are experiencing a surge in demand for housing, and it’s driving up property prices. If you’re deciding to sell, a hot market could help you earn more money on the sale. However, if you’re trying to buy, you could get stuck in a bidding war that puts the new home out of your reach. No retiree wants to spend too much on a home, especially if you are living on a fixed budget.
This phenomenon began at the start of the pandemic, as more people started to realize the appeal of living in suburban areas. Suburban living gives people more space both inside and out, which is a benefit for people who are working remotely, or if they need space for visiting family members.
Suburban living is attractive for various reasons, such as escaping higher property taxes, enjoying a slower pace of life, and being closer to nature. Suburbs often have shopping areas, restaurants with large parking areas, and less traffic than urban areas.
While suburban living offers many benefits, access to healthcare can be a challenge. In some suburban areas, medical facilities may be limited, and residents may have to travel considerable distances for medical services.
This can be a concern for retirees or anyone with healthcare needs. Before you commit to a home in the suburbs, be sure that you can find health care facilities at reasonable driving distances.
Community and Lifestyle
Despite healthcare challenges, many people like the sense of community and the lifestyle that suburban areas offer.
Engaging in activities like yoga, hiking, and socializing with a smaller group of people can be appealing. Some suburban neighborhoods have community centers to make it easier for neighbors to get to know each other.
Benefits of Suburban Retirement
You’ll be able to enjoy your hobbies in a larger space. Many suburban retirees enjoy gardening, hiking, and spending time outdoors in ways they cannot in big cities.
Pros and Cons
If you’re considering retiring to a suburban area, it’s important to weigh the pros and cons. While suburban living can be idyllic in many ways, it’s essential to factor in healthcare access and other potential challenges.
Overall, the trend of people moving from cities to suburban areas is reshaping the real estate market and lifestyle choices for retirees and those seeking a quieter, more suburban way of life.