For instance, there is the fact that rural areas
of the country are suffering more than urban areas as people continue
to downsize from their multi-acre plots of land and 3,000 sq. ft. homes
to more compact living quarters closer to the city.
 
According to Architectural Record,
the Woodstock Institute reported that the Cook County suburbs just
outside of Chicago saw almost twice the rate of new foreclosure filings
as the city proper in the first quarter of 2009.
 
So what is really behind this shift? While the
recession is obviously the driver that is forcing people to make a
move, there must be other reasons why urban living is growing in
popularity among once suburban residents. Additionally, the trend begs
the question as to whether the current mindset is here to stay or if
people will go back to “sprawl” when the economy improves.
 
From our perspective, the trend in urban migration is here to stay for a number of reasons, including:
  • -More and more people are looking for ways to live greener lives, so
    it only makes sense for more Americans to downsize to smaller homes
    that are closer to their jobs, use less energy to heat/cool and steps
    away from mass transportation
  • -Baby Boomers are reaching the age where they are looking for
    smaller homes that require less maintenance compared to homes with
    acres of land that demand constant up-keep
  • -Younger Americans are spending more time getting advanced degrees
    and enjoying their “young professional status” while also waiting to
    settle down. That said, city living for the 20-30-somethings is very
    appealing and something that this group is not rushing to escape
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