Has the American dream home changed? Where do people want to live now? With the economy experiencing so many fluctuations in recent years, perceptions of the American dream home may have shifted.
According to Inman News and a Fortune Magazine columnist and author, social and real estate trends may be changing in favor of urban real estate versus the suburbs. So is this the end of the single family homestead?
In “The End of the Suburbs: Where the American Dream is Moving,” the author suggests Millennials are shunning the American dream of the suburbs in favor of city living.
The main drive appears to be proximity to daily activities. However, rather than everyone scrambling for a spot in high rises, the real future seems to be more ‘urban burbs’ or live work communities. This looks a lot more like Europe and a trend that began emerging in 2004.
However, a more experienced real estate expert might suggest this is also a case of age. This book was written from data based on younger generations, but whose dreams are not so different from their parents and grandparents in their younger years before they changed their tastes.
Between boomers downsizing and millennials stepping into their first properties, this is likely to spur growth in urban burbs in the short term. The long term outlook is likely to be bright for suburbs and even more remote outlaying communities that have more room to grow.
The beautiful thing about investing in San Diego County is that it offers a unique mix of all of these elements. It offers real estate investors the ability to diversify and realize the best short and long term gains without having to dash all over the country.