‘Zoom Boom’ impact on housing
The Zoom Boom refers to the rapid growth of many small towns and cities during the COVID-19 pandemic. As people were forced to work remotely, many sought to escape crowded urban areas for more affordable housing and a better quality of life. This led to a surge in demand for properties in smaller towns, driving up prices and attracting new residents.
While the Zoom Boom has brought economic benefits to many communities, it also has led to some negative consequences. Increased population growth can strain local resources and infrastructure, such as schools, healthcare facilities and public services. Additionally, the influx of new residents can disrupt the local culture and way of life, potentially leading to social tensions and conflicts.
The rapid appreciation of property values can make it difficult for long-time residents to afford housing, as they may be priced out of their own communities. Recent reports prove the local median home price is again up from the same period last year. This can contribute to gentrification, where low-income residents are displaced by wealthier newcomers. And locals approaching retirement who want to downsize find they cannot due to a smaller home being nearly the same monthly cost as the larger one they have owned for years.
Become a Subscriber!
You have read all of your free articles this month. Select a plan below to start your subscription today.
Already a subscriber? Login
