Although only a small share of urban residents relocated to rural areas during the pandemic, their influx represented a disproportionate increase in demand for housing in those regions. In fact, application activity for housing in rural and non-metropolitan areas rose 80% since the start of the pandemic,
Recent technology leaps and changes in workplace culture instigated by the COVID-19 pandemic may help attract residents and reverse this depopulation of rural areas,
What Fannie Mae has observed has been that the largest cities have seen the largest population declines from their inner cores, while small cities have experienced minimal loss. This phenomena has been dubbed as a "donut effect."
However, rural home sales have remained steady despite high interest rates.
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