I actually don’t think the suburbs are going to change as rapidly as we believe. Even if people are desiring of more walkable urban spaces, the city environment, etc. it seems that a variety of social, economic, and political factors may inhibit this. Overall, social mobility has decreased, as has the availability of jobs that may entice people to move.
For young people, I see three factors that may keep people in the suburbs even if they want to move: financing, housing values, and aging parents. On the financing side, not only is bank lending harder to come by, but many young adults are saddled with debt that they cannot pay off on current wages. True, these adults may rent in the city for the time being, but I don’t see that as a permanent life-style change. When these adults decide to start having a family I think the temptation will be to return to the suburbs, where financing is a little safer for lenders (and prices on once unattainable homes have fallen to potentially management levels), and where desirable characteristics (such as good schools) are more prevalent. As long as policy continues to tie educational financing with property values, this trend will be hard to buck. Additionally, depending on how our society addresses concerns of the elderly, these young adults may find themselves more in caregiver roles than imagined 5 years ago. This may lead to an incentive to stay close to their parents—or in the ‘burbs.
Overall, I think that the desire of people to move to the urban core may remain high, but I see these factors as placing real-world restrictions on ability to do so.
- Brittany