Coronavirus pushing millennials to buy homes


(CNN) – For many young homebuyers, COVID-19 is making the green space of the suburbs more attractive.

“The value of the city to us was being around all the people, being able to go to all the restaurants, like the culture and the museums and the plays and everything,” said Eileen Norton, a prospective homebuyer. “So you remove all that, it’s difficult to justify paying the rent, being in a small confined space, and having no access to being outdoors by yourself.”

First time home buyer applications jumped 20% in June — compared to that same month the year before according to Corelogic, a company that analyzes business statistics.

“We’re based in Darien Connecticut, so in the first six months, which is really incredible, is when you think about how much business was not being able to be done during the pandemic,” said real estate broker. Jessica Bauers. “Fairfield County as a whole did about $2.36 billion in sales and that’s 12% over this same period last year and even better than that if we’re just looking at the end of June to the end of June pending sales are up 49%. It’s really skyrocketed”

“I think the majority of what we’ve seen are people who had been considering moving to the suburbs from the city and it’s really been the nudge that’s got them to the burbs with everything going on in the pandemic,” said Kate Brame.

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