Tuesday, August 20, 2024
I’ve been thinking about the real estate market in the Midwest. Did you see the latest Realtor.com report of where the hot markets are currently? It looked at market demand and market pace in 300 communities and found that five of the top 10 hottest markets are in the Midwest. In matters of affordability and quality of life, it’s hard to beat the Midwest.
Five years ago, I moved from the bustling and ever-growing Dallas metro area to a lovely small community in the upper Midwest. We’re a tourist destination, with only 3,500 permanent residents. Yet we welcome over 1 million visitors each year. Lately, we’ve noticed more than a few of those visitors have decided to join the ranks of our permanent residents.
There are adjustments to be made, of course, in a life change like that. But for those who ask, “don’t you miss Dallas?” my answer is always simple and the same. “No.” My Dallas friends know I miss them, but we Zoom and enjoy virtual happy hours together. Do I miss the excellent retail therapy opportunities that living in a large metro provides? Sometimes yes. But it should be noted that a good deal of the need for that retail therapy, namely life stress, is significantly diminished. My wallet has favorably reflected the move.
Living in a smaller town means you have to seek out entertainment like concerts or lectures more intentionally, but honestly, they’re more fun when you do it that way. It’s more of a special event you look forward to, rather than one you thought was a good idea until Friday night rolls around and you’re too exhausted to do battle with the crowds.
There are things we don’t have here in this small Midwestern town. We don’t have Uber, for example, let alone Uber Eats. We don’t have grocery delivery from our (one) grocery store. We don’t have a Cold Stone Creamery, a Costco, or anyone who delivers warm gooey cookies to our door at midnight.
However, most of those things are available a short 20 miles away. The drive to them takes less time often than trying to drive 10 miles in a major metro. It’s far less stressful, anyway.
We don’t have same-day Amazon delivery, either. So, what do we have? We have locally owned shops and restaurants whose owners greet you by name when you arrive. We have a large group of neighbors who know each other and our family members by name, socialize frequently and truly look out for each other. We have the local crime blotter still printed in our local weekly community paper that reads, well, rather quaintly if you bring a major metro expectation when reading it. We have community events, where most of the community actually participates. We have a robust civic mindset and an active volunteer community. I suspect we have lower blood pressures, too.
In Dallas, I knew my neighbors by their cars as we passed in the alleyway before we turned into our garages. When the door came down, our interactions were over. In Galena, we know when our neighbor’s garage door has been open an unusually long period of time, and we stop by to check to make sure everything is OK.
My town is the place where you want to come on vacation. It’s the kind of place you hate to leave and you drag your feet, not wanting to pack up and “head back to the real world.” Yet, buyers are beginning to discover all throughout the Midwest… the great thing is, you don’t have to leave.
Affordability? Check. Quality of life? Check. A real community to be a vibrant member of? Check. A quieter, more peaceful way to live? Check. A life you don’t itch to get away from as often as possible? Check.
For those lucky enough to have a job that allows for remote work, it’s hard to beat moving to somewhere that affords a simpler life. Not to mention a more affordable one.
Considering the median list price in America currently is around $405,000, Oshkosh Wis., No. 1 on the Realtor.com list, stacks up favorably at $374,000. At times of low inventory and higher interest rates, that gap can bring considerable new options into play for a buyer. For prospective buyers coming from markets whose prices rank much higher than the national median price, the savings continue to multiply. Another fun secret is that you can often afford two homes, or to travel the world much more, when your primary home is in the Midwest. Fancy becoming a snowbird anyone?
Making the change isn’t for everyone, to be sure. For those who crave nightlife, who desire a near infinite variety of entertainment options, or enjoy relying on a sense of immediacy and convenience, our lifestyle might not be the best fit for you.
But, for anyone who has a nagging sense they’ve become much more of a human-doing rather than a human being, imagine what living daily life in your favorite quiet spot to “get away from it all” could be. If you sighed when you read that, soak that in. You might just become a Midwesterner yet.
And just in case you want to check it out? We’ll leave the light on for you … and have a warm casserole waiting, too.
Until Next Time,
Mary Schuster
Chief Knowledge Officer
October Research, LLC