Are you an urbanite or a fan of the rural life?
Posted on Thursday, September 6, 2012 at 6:35:17 PM
In the United States, residents have the ability to select somewhat extreme living options for themselves. Potential homebuyers have the opportunity to choose a property in the middle of the woods or a city, in a sticky, hot climate or a rainy, temperate one.
According to a new report from the Lincoln Institute of Land Policy titled, "Planet of Cities," all of that freedom may be less appreciated by homeowners, as more people flock to urban settings than their rural counterparts. In 2010, more than half of the world's population was living in cities, and this figure is expected to increase to 70 percent or more by 2050. This means that the current 3.5 billion people living in cities in 2010 will increase to 6.2 billion by 2050.
As more people look for homes in urban settings, competition for quality property may heat up. Residential financing from top lenders such as Home Loan Investment Bank may be snatched up quickly as people compete to purchase urban houses.