SAN DIEGO – May 24, 2013 – 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.
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®
No comments:
Post a Comment