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More millennials buying homes during pandemic

‘It’s really skyrocketed’
Published: Aug. 5, 2020 at 1:19 PM CDT
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(Gray News) – For many young homebuyers, COVID-19 is making the green space of the suburbs more attractive.

While many businesses have taken a hit during the pandemic, real estate has been booming.

“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 prospective homebuyer Eileen Norton.

“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 homebuyer applications jumped 20% in June compared to the same month a year ago, according to CoreLogic, a company that analyzes business statistics.

One real estate broker in Connecticut reported a 49% jump in pending sales for June.

“It’s really skyrocketed,” said Jessica Bauers.

Fellow broker Kate Brame said the pandemic was clearly the nudge that sparked the increase.

“I think the majority of what we’ve seen are people who had been considering moving to the suburbs from the city,” she said.

Copyright 2020 Gray Media Group, Inc. CNN contributed to this report. All rights reserved.

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