Major U.S. Cities Rebound After COVID Exodus As Younger Renters Flock Back to Vibrant Urban Life
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Nearly all major US cities have rebounded after an initial exodus during COVID, with rising home prices and rents as restaurants, offices, etc have reopened. Cities offer amenities that draw residents back.
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New York City saw an initial drop in rents and prices, but has rebounded as younger people moved in, taking advantage of lower rents. Rents are now 20% above pandemic lows.
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Miami has boomed over the past 4 years as companies moved there, with home prices up 63% since pre-pandemic. Its housing inventory and job growth fuel demand.
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Not all cities have fully recovered, like San Francisco where home prices are still 10% below pre-pandemic levels. Issues like tech layoffs and crime have impacted its recovery.
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While most cities have regained their appeal, high home prices along with more people still leaving than moving into expensive cities like NYC and San Francisco poses challenges to further growth.