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I heard this also but I find it a bit odd to leave New York to flee from the virus but still work in New York.
The next time the city goes into lockdown the last place anyone wants to be is stuck inside a 500 sqft, 1 bedroom apartment with no outdoor space. If it's just your job that is in NY then you can stay home in the suburbs and work from your spacious house and yard. On nice days I bring my laptop outside and work out on the deck. It is quite uplifting. 20 years ago I used to live in Jersey City and loved the city life. Today you couldn't pay me enough to move back there.
I think this has been top of mind for lots of people, and being someone stuck in a relatively medium-sized condo with 2 kids and no outdoor space has most definitely been top of mind for me. We joke that we've never wanted a garden variety McMansion with a back yard in a far flung suburb more than now (mostly joking about the McMansion part, but you get the idea).
Will that drive us to action in the next 1-2 years? I'm not sure, we'll see. A lot will depend on if our jobs become more flexible with days in/out of the office. We've decided to stay close to the city because we both work demanding jobs in the city, and put in city hours. We've never been able to make the numbers work from a commute perspective, if we actually want to see/spend time with our children. I'd need to be walking out the office door at 5:00 everyday and that's just not realistic right now. Now IF I could say work from home 2-3 days per week and commute in the others, well that may change the calculus. If I could truly work remotely full time? Well, we'd probably be looking at other locations around the country in general since we have no family connections here and have aged out of experiencing NYC on full blast.
But, we (as a society) have proven time and time again that we have short memories. Once this is collectively in our rearview mirror, will we fall back into old habits? I'm thinking probably yes, I just don't know what that timeframe looks like. But, to the broader point, I do think that those suburban homes look like a better investment than they did 3 months ago, at least in the short-term.
I heard this also but I find it a bit odd to leave New York to flee from the virus but still work in New York.
This would be the way to go for necessary workers who would rather commute by car then public transportation. Think about medical professionals who might want to drive to the hospital. People who work in operations at television, IT support, critical construction. Traffic is light and it’s easy to find parking at least. If you do have to quarantine from your family it’s much easier in a nice big house. Bergen county towns have a 3 month minimum rental so now would be a good time to move.
unfortunately you have to be at a certain income level to make it work paying 2 rents at least for a while until the city lease is up.
Geez, I really hope not. I was hoping home prices would go down! Wifey and I have been patiently waiting on the sidelines for a few years now (and strongly considering relocating) to buy a house for a good price!
This article seems to be talking about wealthy home buyers anyway. I’m staying hopeful!
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