A shift to the exurbs started years before the pandemic hit, according to data from the Brookings Institution, and the population of these more-remote places continued to swell with more white-collar workers even as the pandemic weakened. Why? These regions allow employees to be within commuting distance of cities as many firms ask workers to be back in the office for at least part of the work week. U.S. Postal Service data showed that between March and November of last year, 72% of those who filed for address changes in the Bay Area only moved as far as another Bay Area county.
The money stockpiled from leaving pricier areas, coupled with stimulus checks and enforced saving over the last year, are padding the bank accounts of these new movers. Rising credit scores are, in turn, enabling other major purchases such as cars. The new arrivals in the exurbs are finding they need their first or second automobile now that they are located in a more remote part of a metropolitan area. A January survey conducted by Engine Insights on behalf of Xperi DTS found 55% of millennials surveyed said car ownership was more important than ever.
What part of America is getting richer and denser as a result of the pandemic? The exurb. https://t.co/fkeidIgLhw
— WSJ Markets (@WSJmarkets) June 25, 2021