American housing markets are at an inflection point, according to an Urban Land Institute (ULI) report. “Housing in America: The Next Decade” says markets will stabilize as the economy recovers, but predicts that a “new normal” will emerge.
According to the report, changing demographics mean the age of suburbanization and growing homeownership is over.
It finds that four demographic groups will drive housing markets for the next decade: older Baby Boomers, younger Baby Boomers, Generation Y (who will be renting far longer than past generations) and immigrants.
The report examines the unique housing challenges each group faces, but concludes that as a result of their impact on the housing industry, the coming decades will be the time of the great reurbanization as 24/7 central cities grow and suburbs around the country are redeveloped with new or revived walkable suburban town centers.
The full report is available at http://tinyurl.com/ULIHousinginAmerica.