An article on the California housing market could potentially hold some insights from real estate investors in the Philadelphia area. One question coming out of the current market conditions, is whether we will see a boom in demand for real estate outside metro areas. David Benda for the Record Spotlight has an interesting interview with the economist from the California Association of Realtors
Jordan Levine, deputy chief economist with the California Association of Realtors, told the Record Searchlight in April the medium- to long-term real estate recovery from the coronavirus pandemic could favor rural communities over larger metropolitan areas.
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“And you have those markets where housing is more affordable, but overlay on top of that that businesses are realizing production can be maintained with a remote workforce,” Levine said.
It could come down to a quality-of-life issue for working families.
“Having the option to not have a commute of an hour or two versus home ownership where homes are more affordable could well benefit rural areas,” Levine said.