As inflation continues to put the country in a chokehold, people are feeling the strain and looking for something a little more affordable. Many first-time homebuyers find it difficult to save for a home, with the median price of around $400,000.
According to the real estate agent insights for the summer 2022 survey by Home light, 95% of agents say it's a seller's market, despite the low supply of houses. 68% of those who responded to the survey reported seeing an influx of homebuyers selling property in cities or suburban areas in favor of a simpler, quieter life in rural America.
If you're thinking about contacting a real estate agent to help you sell your suburban home, here are a few things you need to think about before putting up that "For Sale" sign on the front lawn.
Job availability isn't necessarily an area of concern for those who can work remotely, but what about those in the household who cannot? Will they be able to find work nearby? If they cannot, will you be able to afford the new bills without that income?
Rural areas aren't known for their high-paying wages, especially when you consider that nowhere in America can a minimum wage worker afford a two-bedroom apartment. Unless you can work remotely, you need to look at your skillset and the average pay rate for those jobs in the area.
A different way of life
Things cost more than they've been since the '70s, and people feel the strain. However, to get away from the high cost of living in the city, folks aren't looking at suburban neighborhoods - they're looking to buy property in rural areas. What city dwellers may not consider is that the cost of rare goods like organic or diet-specific food is harder to come by, making it cost more.
Not only are specialty goods more expensive, but you may not have access to certain services or utilities that you may be used to in cities or suburban areas. It may be harder to find those activities if you love spin-class or paint-n-sip parties at art studios.
If you don't have a car or a driver's license, living in a rural area is going to be a little more challenging than in suburban or city areas. You aren't going to have easy access to public transportation, and you might have to rely on costly ride-share services or taxis - if that's even an option.
Moreover, if you never needed a car in your old neighborhood because you had access to public transportation, will you be able to afford the extra bills you'll incur because you now need a car?
Healthcare is a problem across the country, but it's severely lacking in rural areas. Unless you're healthy and rarely seek medical care, you may not be able to receive the care you need. Or, more specifically, you may not be able to see a doctor in a timely matter. If you have someone in the household who requires special care, you need to consider this.
Many people view living in rural America as a way to live a simpler, less expensive life. However, some caveats need to be considered before you start contacting a Realtor®. Ultimately, the choice of what's best for you and your family's situation is in your hands.