The rate of human migration from major US cities has increased since the start of the Corona epidemic. Cities like Buffalo, Michigan, Philadelphia, Albany are on the list of most people. As a result of the migration of people to these cities, buying and selling houses or real estate business has become quite frozen there. House prices are also rising due to the demand of buyers.
In big cities like New York, California, people are moving to smaller cities and rural areas due to higher rents and house prices. House-to-house prices and transportation have a major impact on human migration. Apart from that, with the onset of the Corona epidemic, many people are getting the benefit of working from home as various organizations are conducting their activities online. As a result, many are leaving the city and moving to the countryside.
Housing prices are still affordable in several cities in Buffalo and Michigan, New York. As a result, many people are buying houses in these places with cash. It does not have to worry about bank loans or mortgages. Excessive migration has increased the demand for housing across the United States. there are more buyers than sellers. Due to high demand, house prices are rising more than usual.
The National Association of Realtors (NAR) monitors homes awaiting sale. About 1.05 million homes were on the market for sale in February, the lowest in U.S. history, according to data released by NAR. This number is about 29 percent less than the same period in 2020.
A large portion of Bangladeshi immigrants living in the United States live in New York City. Bangladeshis are working hard to make their dreams come true in New York by adapting to the high cost of living with high house rent and high house prices. But since the start of the Corona epidemic, the rate of migration of Bangladeshi immigrants from New York City has increased more than ever before. At the top of the list of Bangladeshi favorites is Buffalo, a city about 400 miles from New York City.
In the United States, government facilities vary from state to state. Buffalo's location is in the heart of New York State, so many people prefer to settle in the city to enjoy these facilities. Apart from that, many people can easily travel to relatives' homes as they are not far from the Canadian border and New York City. As a result, many Bangladeshis living in Buffalo, Bangladeshi mosques, madrasas, groceries, etc. have already been built here.
However, house prices play a major role in relocating to Buffalo. For those in New York City who never thought about buying a house / flat, in Buffalo they can even buy two / three houses. However, as a result of the influx of people into Buffalo, house prices have begun to rise there as well.
Buffalo home prices have risen about 13 percent this year compared to 2020, according to data from rental and trading firm Zillow. Talking to Bangladeshi real estate businessmen living in Buffalo, it is known that they are having a very busy time. Every day buyers come to them from New York City. Asked about house prices, they said house prices have risen this year compared to last year. Even then, Bangladeshis are happy to buy their own house at this price.
Jillo said the number of homes suitable for sale in Buffalo rose by about 2.5 percent in March, despite a growing demand for homes across the United States.
This is original content from NewsBreak’s Creator Program.