City life gaining popularity among a younger generation
Posted on Wednesday, October 9, 2013 at 11:06:18 AM
Suburban life may soon become a thing of the past. More buyers are moving back toward the cities, and the charge is being led by a younger demographic.
Buyers with residential financing could see increased competition inside city limits as interest and activity picks up. Once again the busy life urban sprawls provide is more desirable to some than quiet suburbia.
Sam Zell, a real estate mogul, recently spoke with CNBC about the growing trend.
"You're drawing all the young people in America to these 24/7 cities," Zell told the news source. "The last thing they want to do is live in the suburbs. In that respect, you're increasing demand for housing in the urban markets."
In the past, people may have moved outside of cities in order to achieve safety and better educations systems, Zell explained to CNBC. Even fewer people could remain in the suburbs if these critical aspects were drastically improved.
In some cases, borrowers with residential financing may find rising costs could change their housing preferences.
Energy expenses are increasing in suburban areas, according to Forbes. Gas prices and other costs could make people lean toward towns and cities with solid public transportation. These benefits could outweigh the downside of less privacy that many urban centers bring.