The COVID-19 pandemic may help grow the population of the Greensboro-High Point metro area according to a new study by the real estate data business Roofstock.
The low cost of living in this area has helped it grow in recent years, and, since the virus is pushing businesses to allow more people to work remotely, other workers are expected to leave more expensive areas of the country and relocate to places like Greensboro where housing and other costs are more affordable.
Roofstock, a company that provides data analytics and other online resources for real estate investors, notes in a press release accompanying the new results that the transition to remote work in light of the coronavirus spread is “reinforcing a trend that has been gaining momentum in recent years—namely, many people fleeing expensive cities in favor of more affordable locations.”
“Now, with many companies, including tech giants like Twitter and Facebook, announcing that they will allow employees to work from home permanently,” it adds, “the migration trend toward more affordable locations is likely to accelerate.”
The study, which looked at the years from 2015 to 2018, found that Greensboro-High Point gained 15,554 new residents during that period and found that the cost of living in the Greensboro area is 10.2 percent below the national average.
The population growth rate in this area outpaced the national average.
One attractive aspect of the community is the relative affordability of housing. According to the study, the median cost of a home in the Greensboro High Point area is $162,327, compared with $251,598 nationally. An average two-bedroom apartment in the Greensboro area rents for $838 per month – much less than the $1,204 per month national average.
More information, along with an explanation of the methodology of the study, and the complete results for all metro areas across the country, can be found at Roofstock’s website at https://learn.roofstock.com/blog/most-affordable-cities.