A report from the Urban Land Institute (ULI) finds a strong influence
from the U.S.’s growing demographic groups – Generation Y, African
Americans and Latinos.
An overall view of the survey suggests that demand will continue to rise
for infill residential development that is less car-dependent, while
demand could wane for isolated development in outlying suburbs. Among
all respondents, 61 percent said they would prefer a smaller home with a
shorter commute to a larger home with longer commute. Fifty-three
percent want to live close to shopping; 52 percent would prefer to live
in mixed-income housing and 51 percent prefer access to public
transportation.
Generation Y
Of the three major generations in the report (Gen Y, Gen X and Baby
Boomers), Gen Y – the largest generation, the most racially and
ethnically diverse, and the one not yet fully immersed in the housing
and jobs market – is the generation likely to have the most profound
impact on land use.
Fifty-nine percent of Gen Y said they prefer diversity in housing; 62
percent want a mix of shopping, dining and office space; and 76 percent
place high value on walkability.
Sixty-three percent of the Gen Y respondents plan to move in the next
five years, along with 63 percent of African Americans, 54 percent of
Latinos, and 56 percent of those currently living in a large city.
The preferences of Gen Y are similar to those of people of color across
all the generations. These different demographic cohorts are all growing
in number, and together are creating a significant market shift toward
compact, mixed-use development close to transit.
African Americans
Seventy-five percent of African Americans indicated a preference for
mixed-use developments; 63 percent prefer mixed-income communities; and
56 percent prefer a mix of housing types. Seventy-seven percent desire
access to public transit. Nearly half (47 percent) African Americans
surveyed are part of Gen Y.
Latinos
Fifty-eight percent of Latinos prefer to live in a mixed-use community;
48 percent prefer mixed-income communities; and 50 percent prefer a mix
of housing. More than half (54 percent) of Latinos surveyed are Gen
Yers.
“We’ve entered an era in land use that will be defined by development
that conserves land and energy, and which offers consumers plenty of
options in where they live and how they get from one place to another,”
says ULI Chief Executive Officer Patrick L. Phillips
Other survey findings
• In general, the lure of homeownership remains strong: Seventy-one
percent of respondents said buying a home is a good investment despite
the housing crisis and price declines.
• The quality of public transit is acceptable where it’s available: Of
those with access to buses and trains, 75 percent rate the quality as
satisfactory. However, half of those with no access to buses and trains
were dissatisfied by this situation. Fifty-two percent of the population
said that convenient public transportation was important to them.
• Safety and high-quality schools top the list of most sought-after
community attributes: Ninety-two percent of all respondents ranked
neighborhood safety as the most important attribute; good schools ranked
as the second highest (79 percent).
• In seemingly contradictory responses, 72 percent of the survey
participants said having space between neighbors is a priority; yet 71
percent placed a high value on being close to employment, schools and
healthcare facilities; 70 percent rated walkability as a key attribute.
• Seventy-seven percent of the respondents reported using a car, truck
or motorcycle nearly every day. However, 22 percent said they walk to a
destination almost daily, and 6 percent said they take public transit.
The full report is posted on the Urban Land Institute’s website.
© 2013 Florida Realtors®
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