Hous­ing mar­ket trends evolve

The Palm Beach Post - Residences - - Front Page -

The hous­ing mar­ket, like any other busi­ness or so­cial en­tity, is con­stantly evolv­ing. Its changes re­flect the needs and life­style pref­er­ences of con­sumers and their fam­i­lies.

Zil­low re­cently un­der­took a study of cur­rent trends. They sub­se­quently re­leased a re­port on their find­ings:

“Ur­ban home val­ues are out­pac­ing the value of homes in the sub­urbs in most top-tier met­ros, as city life gains pop­u­lar­ity and high-end con­dos fill the sky in Bos­ton, Wash­ing­ton, D.C., Seat­tle, and other cities with fast-chang­ing down­towns.

“Homes in the sub­urbs — a long­stand­ing sym­bol of the Amer­i­can Dream — have typ­i­cally been worth more, on av­er­age, than homes in ur­ban ar­eas. That’s still true in much of the coun­try. Sub­ur­ban homes in Nashville, Tenn., Cincin­nati, Ohio, and Rich­mond, Vir­ginia have a higher price tag than the av­er­age home in the city.”

The re­port con­tin­ues to pin­point ar­eas most af­fected by th­ese evolv­ing changes.

“In Bos­ton, Wash­ing­ton, D.C., and San Fran­cisco, the mean value of ur­ban homes has re­cently sur­passed the mean value of homes in sub­ur­ban ar­eas. And ur­ban homes are gain­ing ground in Den­ver, Phoenix, and Chicago.

“The shift re­flects de­mo­graphic trends of mil­len­ni­als de­lay­ing fam­ily life and choos­ing con­dos, and shift­ing pref­er­ences, as peo­ple seek walk­a­ble neigh­bor­hoods with ur­ban ameni­ties.

“It has vast im­pli­ca­tions for low-in­come peo­ple who have tra­di­tion­ally lived in cities to be near ser­vices and em­ploy­ment. Zil­low re­cently found that, in San Fran­cisco and Seat­tle, high-in­come peo­ple are mak­ing shorter com­mutes to down­town, while low-in­come peo­ple are trav­el­ing much fur­ther to get to work in the ur­ban core.”

Jim Woodard

Open House

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.