In the next 10 years, we're supposed to see these trends fueled by four demographic groups that are driving changes in the housing market:
- Older baby boomers increasingly are moving back to the central city
- Younger baby boomers are finding it more difficult to relocate for jobs because they cannot sell their suburban houses.
- Meanwhile, millennials are more environmentally aware and will seek urban lifestyles, and
- Immigrants who cannot afford large suburban houses to shelter multiple generations will increase demand for rentals.
My take on this is:
- Older baby boomers are increasingly looking for single story, low maintenance homes.
- Younger baby boomers are finding it more difficult to downsize and do without the 5,000+ square feet in their current McMansion.
- Millennials want to walk to their favorite coffee shop, and
- Immigrants (which includes everyone from outside of Texas) really are increasing the demand for rentals.