People flock in droves to urbanized areas to enjoy the bustling life these megacities have to offer. However, COVID-19 has put an end to all of that. Bars, clubs, restaurants, and everything else that a sprawling metropolis once provided is now gone. Instead, city life has become stifling with people cooped up in their apartments, longing to go outside for some fresh air. Social distancing regulations and the government instituting lockdowns make matters much worse because of the population density in most cities. In addition, most employees now work from home, meaning the pandemic has caused priorities to shift.
In many ways, working from home has eliminated the need for people to live in cities anymore. All of these factors, along with many others, are causing many prospective homebuyers to look elsewhere. The allure of living in a cosmopolitan city has vanished, as evidenced by reports showing that property sales in metropolitan cities are declining. Instead, real estate investors are turning their attention to more rural properties in the countryside or near lakes, hoping to be closer to nature.
Why are Lakeside Homes in Demand?
There are several reasons why investors and prospective homebuyers are buying up real estate outside of city limits. These reasons include:
The cost of living in a metropolis exceeds the cost of living in the countryside. According to the US Bureau of Labor Statistics, housing expenditure for people in urban areas was $5000 higher than the housing expenditure for people living outside city limits. In addition, the pandemic has resulted in many corporations shutting down, causing unemployment to skyrocket. According to a survey by the Pew Research Center, employment rose higher in the first three months of the pandemic than two years of the great recession. Rising unemployment means that people have less income, resulting in many people choosing to shift to areas with a lower cost of living.
Freedom of Mobility
The inherent nature of cities makes it impossible to have freedom of mobility while under a government-imposed lockdown. Given how highly populated most cities are, it can be very challenging to observe social distancing regulations. However, if you’re living in a lakeside house, you have access to nature at all times. Moreover, there are very few people, if any, around, affording you privacy and the ability to enjoy taking nature walks without having to worry about social distancing regulations. In addition, living by the lakeside could benefit your mental well-being during these trying times.
The Last Straw
According to a CNBC story, many wealthy New Yorkers are fleeing the busy streets of Manhattan to seek refuge in their vacation homes. Likewise, many people are leaving their lives in the city behind to move to a more rural location. One of the primary reasons behind this exodus is health and safety concerns. People aren’t willing to risk contracting the COVID-19 virus, and as a result, are opting to move to areas with lower population density.
In addition, many people dream of buying a lakeside home, often as a retirement place. However, the pandemic has become the last straw for many people, causing them to accelerate their plans to leave the city.
Moving to a Lakeside Property in Michigan
Are you looking to move to a lakeside property along the coastline of Lake Michigan? If so, WHY LANE Coldwell Banker Realty can assist you. They are a real estate agent in Michigan City. Moreover, they provide their services across multiples cities along Lake Michigan’s coastline, including Sawyer, Harbert, Stevensville, and New Buffalo. In addition, if you’re looking for a real estate broker to show you Lakeside homes for sale, WHY LANE Coldwell Banker Realty is the ideal fit for you.
Contact them today to get started with your search for a lakeside property.