Thursday, July 12, 2012

New trend in housing developing — urbanization

Suburbs are so 20th century. Here's why so many of us are moving back downtown.
Just after the close of World War II, the last Great Migration in the United States — the move from the city to the new suburbs — began to emerge, fueled by new roads, low congestion, and modest energy costs. It was a new beginning, a chance to shake off the past, and it came complete with the promise of more privacy, more safety, and easier financing. 
Not surprisingly, Americans bought in.

After that, it didn’t take long for the preferred retailers to do likewise, abandoning the city and following their customers to the suburbs. The suburban single family home on a large lot became synonymous with the American Dream.

After 60 years, many commentators have announced that the American Dream is poised to make its next great shift — this time from the suburbs to the urban core of our cities. Indeed, at the recent New Partners for Smart Growth Conference in San Diego, Chris Nelson, Joe Molinaro and Shyam Kannan made it clear that a radical shift in preferences is on the horizon.

They’re not alone in that position.

Just last week, Robert Shiller of the Standard & Poor’s/Case-Shiller Home Price Index made the dramatic statement that, with our growing shift to renting and city living, suburban home prices may never rebound in our lifetime.

Why such pronounced findings? According to researchers, it lies in the preferences of our largest generation since the Boomers, the under 30 Generation Y.

But, why?
Read the rest at AlterNet
How Millennials Are Driving The Great Migration of the 21st Century
by Nathan Norris | Placeshakers and Newsmakers

5 comments:

JK said...

"But, why?"

Wikipedia: white flight

Younger whites are far less racist, and therefore more comfortable living in diversity. Though it's not full integration… probably for reasons of fear/safety.

Also, there's just cool/fun stuff to do in cities. Suburbia? booooorrrinnnggg.

Another: the younger generation is staying single longer, and getting divorces sooner… meeting new mates in suburbia is much more difficult than in the people-dense cities.

Carlos said...

The suburbs are a more controlled environment to bring up kids. When young adults get fed up with the consequences of shagging anyone and everyone. They look for more meaning and joy in their life through the nurturing of small fledgling humans.

It seems your theory only holds if people want a free for all shagging contest with their own children thrown into the ring.

reslez said...

"Meeting new mates"? Talk about reverse ageism.

This article is all about slapping cultural lipstick on the economic pig.

Young people live in cities because they are too poor to form households. They rent because they don't have the income stability to buy a house. And they are "car independent" because... they can't afford a car.

They're loaded up with student debt, they don't have jobs, the few jobs they find pay $9 an hour and don't offer health benefits. Now go live in the suburbs like your mom and dad -- are you serious? LOL, as they would say.

JK said...

All good points. There's a lot of different forces at work here. Economic hardship is definitely one of them.

I think the non-economic cultural trends are relevant too.

Unknown said...

Preferences of people may also become a factor. Some may be looking for cheaper cost of owning a home - and so they choose to live back downtown. Realty News Blog