You’re probably familiar with the word ‘boomtown’ from an old history class. The word boomtown is used to describe a city that undergoes sudden population and economic growth as the result of a variety of factors. These factors could include proximity to natural resources and/or climate, to name a few. A term you might be less familiar with is ‘Zoom towns.’ This is a term being popularized by many realtors and journalists to describe rapidly growing cities as a direct result of the recent Coronavirus pandemic.
2020 has, in some cases for the better and in others for the worse, dramatically impacted the way people work and live. One major adjustment has been the surge in people working from home. When less was known about COVID-19 working from home was seen as a necessary safety precaution for non-essential workers. Over time, though, employers and employees have come to realize that working remotely has it’s benefits. And, with technological advances in programs like Zoom, working from home isn’t nearly the logistical challenge that it was even five years ago. An additional reason for the recent trend in Zoom towns is the fact that lately we have been in a seller’s market. With incentive to sell, and work not being a barrier when finding a place to live, those with the financial means have been searching for more space in idyllic locations.
Unfortunately, this pandemic has been especially difficult on those without financial means. The total housing picture isn’t exactly so positive. The demand for rental units, and subsequently the price of rent, have both decreased over the course of the pandemic. This can likely be attributed, at least in part, to increases in unemployment and a mounting student loan debt load on Millennials and Generation-Zer’s who would otherwise be entering the marketplace for their first home.
The inspiration for this blog post comes from an NPR – Planet Money article which you can find at the following link: Zoom Towns And The New Housing Market For The Two Americas.
It has been a popular topic of discussion around our office in recent weeks. What is your dream Zoom town location? If you are interested in relocating to the suburban Milwaukee area please get in touch with us, we would love to serve you.