During the "future-Bloomington" drawing activity in class last Tuesday, one of our group members brought up the fact that our generation is less interested in owning homes than our parents or grandparents. We discussed how this trend could have a major effect on the way cities look in the future, and specifically on the role of rental housing in building sustainable communities.
Home ownership by age bracket Source: US Census/npr.org |
Indeed, according to US Census Data from 1990-2010, there has been a gradual but steady decline in home ownership among the millenial generation. This has most likely been excacerbated by the 2008 housing crisis, but one can see the slow decline in the graph above starting as early as 2004, supposedly in the middle of the housing boom. According to a survey by US real estate giant Trulia, millennials are 15% more likely than adults to rent versus buy (although, I am a bit skeptical of both the motivations and results of this survey).
I am pretty confident that even when the economy recovers, our generation will continue to bear the housing crisis in our memory and be less inclined to pursue the American Dream of home ownership with such passion as our parents. Perhaps our inclination towards renting also can explain phenomena such as Zipcar? Why take out a hefty loan on top of those you already have, when you can use a car only when you need it for a fraction of the price?
Based on these changing attitudes, one can imagine the communities of the future utilizing mixed-use zoning with a higher proportion of rental properties. |