The Story: The Harris Poll is reporting that during the COVID crisis, a substantial number of people who live in major metro areas are actively considering or are already undertaking moves to less populous areas. In fact, real estate sites like Zillow are reporting a 21% increase in traffic from millennials as they increasingly consider home purchases.
The Takeaway: As shelter-in-place and work-from-home become a more lasting norm, new generations are latching onto the value of space, and millennials are, for the first time, beginning to follow in the footsteps of past generations in seeking homes outside of urban centers. Smart banks and credit unions can leverage this trend by amping up their branch presence in these areas and developing mortgage programs for first-time homebuyers.