Zillow Group Inc. (Z) saw its stock soar 5.05% in the intraday session on Wednesday, as the real estate platform appears poised to benefit from a growing trend of millennials and Gen Z leaving major cities for suburban and exurban communities.
According to Zillow's data, young Americans are increasingly moving to suburban areas outside major metropolitan centers, seeking more affordable housing while balancing hybrid work schedules. This shift in preferences is reflected in the company's analysis, which found that 7 out of the top 10 most popular housing markets on its website were suburban or exurban locations.
The migration of younger generations to the suburbs and exurbs could boost demand for Zillow's services, as these areas offer a balance between suburban amenities and proximity to urban job markets. With its comprehensive real estate listings and market insights, Zillow is well-positioned to capitalize on this trend and support homebuyers in their search for suburban and exurban properties.
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