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I think the burbs which will suffer most are the true bedroom ones away from employment centers - in which some are hastily built-oversize homes which will be very expensive to heat, cool and maintain (open floor plan/cathedral ceilings). I mean besides the high property taxes, HOA dues, etc.
The burbs will continue to grow just as always.In the growth areas of this country the businesses are following them.Itis the cities that are having massive problems with the foreclosures happening now. They have massive problems with coming budgets.For years they have had problems with industry leaving and relocating to places that have the work force and cheaper cost of doing business. I only forsee worse times for many large cities as the middle class continue to moveout.
In the growth areas of this country the businesses are following them.
That's what I see happening in my neck of the woods. My son's business, for example, is moving into a building in an outer 'burb.
The building is in an office park, halfway between a large shopping area and Dulles airport, two things that are important to his business. He says his new building got several new occupants in the last month.
Many small businesses see this as an opportunity because suburban office space is affordable right now. My son is happy to leave the growing crime rate where his old office was.
Having just read the article I disagree with the conclusion. Overall, according to the US Census Bureau, population in the USA is going to continue to grow to about 420 million by 2050. That is about 120 million more than we have today, and they will all live somewhere.
The suburbs are going through some problems right now, no doubt about it. My expectation is that this isn't a mega-trend, but a temporary problem.
I do think that many cities are going to have significant downtown and inner suburb redevelopment, but the further suburbs will still have plenty of folks populating those areas.
The cities are going thru major financial crisis now from losing their tax base according to many major city mayors in testimony to congress. That is why they are asking for congresss to include money for them to buy houses that are vacant.In fact many say it is the cities that are pushing most for the financial bailout on foreclosures.This is just adding to the infrastructure problems the cities are already having.
Having just read the article I disagree with the conclusion. Overall, according to the US Census Bureau, population in the USA is going to continue to grow to about 420 million by 2050. That is about 120 million more than we have today, and they will all live somewhere.
The suburbs are going through some problems right now, no doubt about it. My expectation is that this isn't a mega-trend, but a temporary problem.
I do think that many cities are going to have significant downtown and inner suburb redevelopment, but the further suburbs will still have plenty of folks populating those areas.
I think you're right. Now if the USA had a declining population, the demographic significance of the retiring baby boomers would be a lot bigger, and more in line with what the article is talking about. But the US is getting more and more populated. Stable birth rates and massive immigration numbers. It's really simple supply and demand.
New suburban tracts will be built, and the ones that already exist will be in more valued locations than the new ones. The demand will always be there, obviously except for areas that are declining in population. The current bubble is a separate story... no reason for the price to earnings ratios to be so out of whack in the housing market, and there is no reason for homes to be valued so highly in areas that have so much land, they could build a billion houses on (like inland California, Arizona, Nevada, Florida, etc).
Gas is going to get more and more expensive, but cars are going to get more and more fuel efficient (or at least, the demand for greater fuel efficiency will increase, as it is already, and gas is still really cheap compared to what it will be in the coming years...). Personally I'm going to pass on having a single family home in the suburbs, but that's just me.
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