Recession Inspires More People Head to the Country
An increasing number of young families and singles are moving to the countryside
. Their aim is to escape the cutthroat competition in this bad economy and seek a better lifestyle. For instance, recently, a middle-aged couple, along with their four sons moved from their suburban Atlanta home to a five-acre farm in Wisconsin. The husband, who previously worked at a parking garage has not found a new job yet. He helps his neighbors on their farms while his family learns to raise chickens, do gardening and hunting. His generation has not seen anything like the recession before and he believes that the fear is good, because it pushes people to do things that they normally would refrain from doing. The rural market is holding up against the economic pressure much better than urban markets partly due to people like him, who are often referred as ruralpolitans- people who consider land as safe investment with the hope that it would prove to be more secure and stable option than their current job and 401(k)s. People who buy land in the countryside can be broadly classified into 3 categories: People who buy it as an investment and hope to live on it someday
City dwellers who buy the land to escape the city
People who buy the land to engage in farming as a hobby A 25-year-old freelance writer, relocated from Oregon to New York in 2006- the time when the economy slipped. She was forced to live frugally in a boarding room house and buy clothes from resale shops. Finally, this August, she flew to Montana to invest her $12,000 savings into a 12 acre plot of land. Though she didnt buy that property, she is gung-ho about looking for more rural properties. She is now looking for a rural property with a house in it. Small-scale hobby farming is flourishing as a hobby. Mother Nature Network, an environmental News website, raked 100,000 hits when it ran a piece 40 Farmers Under 40 this year, clearly showing the rising interest level in farming among the young people. At United Country Real Estate Inc., the residential sale price rose 7% last year as compared to 2006, before the recession hit the market. According to the firm, prices are set to rise further by 2% this year. A United Broker says that this may be due to the trend of younger generation moving to rural areas. Another United Country agent is of the view that 20 to 30 year olds now form almost 15% of his client base as compared to only a handful earlier. However, not everyone can adjust to the countryside life. The picture does not seem very rosy when you actually get there with problems such as weeds, vermin and dirty well water adding to the woes. Over the years, it has been observed that economic slowdowns or other devastation such as the Sept 11 terrorist attacks caused people to seek temporary escape. Also, people nearing retirement look for distant and remote properties. As per the U.S Department of Agricultures Economic Research Service, if people in their 50s (baby boomers) continue to follow the trend, the rural population age (55 to 85) will rise by 30% between the years 2010 and 2020. Some people look at rural living as a protection against future economic uncertainties. A 36-year-old employee at Intel Corp., grabbed the opportunity to start a farm in Missouri with his parents. He knows that his coworkers envy him. In his own words, Everyone is looking for the next opportunity of hope. Factors such as Internet access, renewable energy options and related tax credits mean that the home will be more self-reliable and affordable in long run. This rural relocation has both its pros and cons. Whether this trend will continue in the future or will die a natural death, only time will tell.
Recession Inspires More People Head to the Country
By: REI Circle
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