Urban Dwelling: A Trend Not To Be Ignored
We found a fantastic article in the Washington Monthly that hits how real-estate trends affect the national economy right on the head. Baby boomers and their children make up the two largest demographics in the United States. One thing that they have in common is their desire to move away from the suburbs and into urban centers. Given that real estate and the infrastructure that supports it make up 35% of the national economy, this is a trend that cannot be ignored.
Many baby boomers are finding their nests in the suburbs too big and too empty to justify the cost and effort it takes to maintain them. Their children in generation y generally plan to have smaller families and prefer not to pay for the gas and the hassle of a daily commute; they are looking for smaller homes in cultural centers close to where they work. Also, since industry moved out and professional services moved in, cities are now cleaner and more attractive places to spend time.
We agree that this trend has the potential to catalyze a turn-around in our national economy. This is one reason why we continue to work so hard for The Old Sawmill District in Missoula (graphic on right). Read the full article here to learn how policy can help or hinder this shift.
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