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Explorers tend to be younger (under the age of 39), married with at least one young child, and have a net worth in the $1 to $5 million range; however, they are a diverse group and many exceptions apply. Many are business owners, business executives, or work in professions that allow them the flexibility to work from home, making it easier for them to live farther away from major metro centers. “Because of the pandemic, more people have found that they can work from home and want to get out of the city,” says Bizzy Darling of Coldwell Banker D’Ann Harper Realtors in San Antonio. It’s one of the reasons why Fredericksburg emerged on people’s radars last year. “It’s just a 90-minute drive from Austin or San Antonio for big city amenities,” she adds. NEW SUBURBANITES New suburbanites were responsible for the revival of the suburbs in 2020. Their search for more square footage, large backyards, property amenities (like dual home offices for two working parents), and good schools made locations like Brentwood, TN, Westfield, NJ, and Winnetka, IL popular destinations. “Even when this pandemic is in our rearview mirror, people will have learned the value of having room to breathe, stretch out, and entertain,” says Dawn McKenna of Coldwell Banker Realty in Hinsdale, IL. The appeal of these locations is that they’re within commuting distance of major cities. “If and when the time comes that people will need to commute back into the city on a regular basis, they certainly can from Westfield,” says Frank Isoldi of Coldwell Banker Realty in Westfield, NJ, about 28 miles outside of Manhattan. Many new suburbanites are entrepreneurs, business owners, or senior managers, and tend to be slightly older (between the ages of 39 and 54), and married with two or more school-aged children. While net worth and disposable income vary based on location, they also tend to have a higher net worth ($5 to $10 million). They may own more than one home. They are more likely to make luxury purchases like sports cars, boats, art, collectibles, and health and wellness treatments.
RESORTERS A third group of affluent trailblazers flocked to their favorite vacation destinations in 2020. Places like Aspen, CO, Boca Raton, FL, and The Hamptons, NY offered resorters the promise of freedom, fresh air, amenities, and access to recreation. Some planned to relocate permanently; others planned to convert a seasonal second home to a primary residence to ride out the pandemic. “About three-quarters of buyers are now moving permanently to Boca Raton,” estimates Jonathan Postma of Coldwell Banker Realty in Boca Raton. “The pandemic accelerated their decision, but many had already started looking for a tax-friendly haven with more square footage for their money and good weather.” Coastal destinations like The Hamptons also saw an uptick in activity. “In the last year many people have moved here indefinitely,” says Joseph Piccininni of Coldwell Banker Beau Hulse Realty Group in Southampton. “Many families enrolled their kids in the public schools; one small district saw 47 new applicants.” Because resort markets tend to have higher price points, resorters tend be in a wealthier bracket — $10 million and over. They are slightly older (over the age of 54) and married with older adult children. They often own at least two properties, including a home in a city. The majority are established business owners with middle management onsite, giving them the freedom to work remotely. Some may also be close to retirement age, and simply sped up their plans to retire in 2020 and live the full-time vacation lifestyle. Because of their active lifestyles, they love their toys — cars, boats, and collectibles. However, they also prioritize health and wellness. PREPARING FOR THE NEXT NORMAL These new demographics demonstrate the pandemic’s profound impact on how and where the affluent chose to live last year. While it remains to be seen if their property buying patterns will continue beyond 2020, many experts expect some trends will carry over into the post-pandemic years ahead — like the ability to work from home — while others — like the city-to-suburbia exodus — may not have long-term staying power.
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