4 Pandemic-Era Home Trends That Are Staying — And 1 That Is Over
The COVID-19 pandemic disrupted many industries, and the ramifications are still being felt. One greatly affected industry is the housing market. While the World Health Organization officially declared the end of the pandemic on May 5, 2023, the effects are enduring in some areas.
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Here are some of the lingering housing trends and some that have faded away nearly two years later.
Housing Value Remains High
The pandemic sent home values soaring. Zillow reports that COVID-19 is responsible for boosting a million homes to $1 million or more in value, increasing the number of million-dollar homes in the U.S. to 1.65 million. Overall, the average U.S. house has risen in value by 45.3% since February 2020, with Miami topping the charts at a 61.10% increase. While this is great for those who owned property before 2020, many who want to buy a house now find themselves priced out of the housing market entirely.
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Rent Prices Stayed Up, Too
While the increase in home value is great news for homeowners, the rise in rent has been crippling to many. Zillow reports that rent prices have jumped up 33.4% since the onset of the pandemic, equating to around $500 a month. In Miami, rent prices have increased by 54.1%, which amounts to almost a $1,000 monthly increase.
Outdoor Living Spaces Are In
With so many forced to stay in during COVID-19, it’s no wonder people have begun placing increased emphasis on having more outdoor space. When the pandemic was in full effect, homeowners with backyards and outdoor areas found themselves with prime real estate.
Cognition Smart Data reported that 75% of homeowners found their outdoor spaces to play a key role in maintaining their mental health. This has actually increased to 90% of homeowners since the pandemic, showing that having an outdoor haven is gaining popularity.
An Urban Exodus
Quite a few people left the big cities when the COVID-19 lockdowns took effect for reasons such as a need to be with family, an opportunity for secluded space and the rise of remote work. Although many have returned to the big cities, in some areas, the population shift is permanent.
For example, Polk County, Florida, has seen a great influx of residents. This city, located between Orlando and Tampa Bay, gained nearly 30,000 residents who have decided to stay. The area has now earned the nickname “Orlampa.”
Goodbye, Cloffice
Not every pandemic-influenced change has remained. Many remote workers may remember putting together a closet office (“cloffice”) or Zoom room when it became necessary to work from home. Today, many companies and federal employees have been ordered to return to work in person at their official offices. The move has led to many former remote employees filling their closets with clothes and spare suitcases and taking their computers back to the office.
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This article originally appeared on GOBankingRates.com: 4 Pandemic-Era Home Trends That Are Staying — And 1 That Is Over
