Jun 28, 2010

A look in to the future

Real Estate predictors are buzzing about the announcement that 'The Suburban Century Is Over'.

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:

  1. Older baby boomers increasingly are moving back to the central city
  2. Younger baby boomers are finding it more difficult to relocate for jobs because they cannot sell their suburban houses.
  3. Meanwhile, millennials are more environmentally aware and will seek urban lifestyles, and
  4. Immigrants who cannot afford large suburban houses to shelter multiple generations will increase demand for rentals.
This announcement came out of the recent meeting of the Urban Land Institute of Minnesota and was made by Senior Fellow John McIlwain. Minnesota is both geographically and philosophically a long way from Dallas.

My take on this is:
  1. Older baby boomers are increasingly looking for single story, low maintenance homes.
  2. Younger baby boomers are finding it more difficult to downsize and do without the 5,000+ square feet in their current McMansion.
  3. Millennials want to walk to their favorite coffee shop, and 
  4. Immigrants (which includes everyone from outside of Texas) really are increasing the demand for rentals.
[where: 75230]

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