Suburban life has gained appeal among prospective homeowners looking for bigger homes, stronger school districts, and more relaxed surroundings. Suburban living also saw a boost in popularity during 2020 due to the onset of the coronavirus pandemic that saw homeowners flee dense urban centers. According to StorageCafe, only 1 in 5 U.S. adults claim to prefer living in a city. At the same time, the share of Americans who said they would want to live in the suburbs increased, according to a Pew Research Center Survey.
The popularity of suburbs comes with a steep price tag: StorageCafe analysis of its top 100 suburbs in the U.S. indicates 76% are more expensive than the principal cities in the same metro area. The typical home in the United States costs $331,530, according to data from the Zillow Home Value Index; the average cost among StorageCafe’s top 100 suburbs is $848,880. While many West Coast suburbs have the highest average home prices, suburbs concentrated around large metros in the Midwest, South, and Southeast offer more attainable, lower-priced homes.
Among StorageCafe’s top 100 suburbs, California is home to the 12 most expensive suburbs, led by Palo Alto, with an average home value of $3.8 million. Two other California suburbs—Newport Beach and Laguna Beach—also have average home values in excess of $3 million.
Suburbs surrounding the Chicago metro area dominate the lower-priced end of the top 100 suburbs in the U.S., according to StorageCafe. Crystal Lake, Illinois ranks as the most affordable top suburb in the country with an average home value of $301,750. Over three-quarters of the suburb’s local housing stock is made up of single-family homes, and Crystal Lake features access to a downtown area with an array of shopping and entertainment venues. Chicago’s Algonquin and Elk Grove Village suburbs feature the second- and third-most affordable home prices, $331,260 and $331,340, respectively, according to StorageCafe. Suburbs in Illinois account for 11 of the 13 most affordable suburbs.
Several suburbs in the South, including Snellville, Georgia, also rank highly in terms of affordability. The average home price in Snellville is around $335,540, slightly cheaper than nearby Atlanta, where home values range around $395,100.
Southlake, Texas, ranked as StorageCafe’s top suburb for city-like amenities, but average prices in the suburb surpass $1 million. Rockwall, Texas, 25 miles outside of Dallas, ranks as the most affordable suburb in Texas, with average home prices around $431,630.
Two Florida suburbs—Venice and St. Augustine—rank in the top 20 most affordable areas, according to StorageCafe. The average home price in Venice is $424,170, while the average home price in St. Augustine is $427,300.
