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Real Estate Expert Says Smaller U.S. Cities Are Becoming Real Estate Hotspots
As the coronavirus pandemic persists, a real estate expert said that smaller cities in the U.S. will likely become real estate hot spots.
“In times of crisis, trends tend to get hyper-accelerated,” said Mitch Roschelle, a partner at PricewaterhouseCoopers (PwC), to “Fox & Friends Weekend.”
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Smaller US cities becoming real estate hot spots amid coronavirus crisis: Real estate expert https://t.co/SzQzfZnCg6 #FoxBusiness
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Roschelle said he observed two trends and those trends have accelerated.
“One was people leaving high-tax states and moving to low-tax states,” he said. “And the other was young families leaving cities and moving to the suburbs.”
“Florida is a low-tax environment so you have people moving to Florida,” he added. Also, he noted that those who already live in Florida have been moving to the suburbs.
He mentioned Tampa, Palm Coast, Fort Lauderdale, and Orlando as popular cities in Florida.
While people typically associate Orlando with tourism and theme parks, he said it actually seems “very young.”
Roschelle described the area as a “hip environment.”
Nashville, Tenn., has also been “incredibly popular,” according to Roschelle. “Not just as a vacation spot, a weekend, bachelorette, bachelor party spot,” he said. “But it has become very, very popular to start a family because there’s a great job market down there,” he then mentioned.
“If you think about what is going on right now with the economy, and with a very, very, sort of disrupted labor market, Nashville is a place where jobs are still being created.”
Moreover, Arizona is where “folks from California that are looking to leave that high-tax environment go.”
“It's historically been a place where people look to retire, but we're seeing more young families going to the Phoenix, Scottsdale area and in all of these markets, they're really, really hot,” he added.
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