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The Great American Land Rush of 2020

empty city street san francisco

The Great American Land Rush of 2020 is underway in many metro areas across the country. Large numbers of American workers are untethered from a central office. As a result many are moving to less dense areas with less expensive land (and homes) and more of both. The greater New York City and Los Angeles metros are the hardest hit. Take NYC where single-family residential land per acre is 24 times as expensive in the densest quintile of zip codes as compared to the least dense quintile ($3.06 million vs. $129,000). But most large metros are experiencing intra-metro movement to less dense and less expensive areas.

For the first time, we are able to empirically measure this land rush within metro areas by using high frequency loan transaction data combined with land prices at fine levels of geography.

 

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