The pros and cons of living in the city versus the suburbs.
With interest rates being as low as they are, buyers may be able to find more of what they’re looking for if they’re going from the city to the suburbs. This can also be true for landlords. Over the past five or six years, we’ve seen that being a landlord or inventing and flipping a home in the city has been really beneficial, especially if they find areas where demand is super high and inventory is low. From an investor’s standpoint, that creates the opportunity to get permanent or residual income.
From a buyer’s position, the differences between the suburbs and the city largely hinge on space. There’s typically more room in the suburbs for properties to have driveways, two-door garages, and backyards than there is in the city, where condos and apartments are more common. However, that doesn’t mean that one option is better than the other—it’s simply down to your preferences. If you don’t feel as though you need that much space anymore, you may be able to take what you net from your home sale and move to the city, where you might spend less (at the cost of having a multi-car garage, for example). We see this all the time with empty-nesters, which is a name for parents whose kids have moved out of the house.
Many of the clients who ask me about this are starting from square one, and they don’t necessarily know how to go about it. I have my license in New Jersey and Pennsylvania and would be glad to further lay out the advantages and disadvantages of your options. If you have any questions about this or other topics, don’t hesitate to give me a call or send an email.