Demographics and Housing: What’s Now, What’s Next?
Brian Vanneman presented at the 2014 Washington State Public Transportation Conference: Delivering 21st Century Transportation in Yakima last month focusing on Demographics and Housing: What’s Now, What’s Next?
Brian’s presentation focused on regional and national housing trends that are supporting the market for transit-oriented development (TOD) today and will continue to do so in the decades ahead. Key demographic trends include an ongoing reduction in household sizes and a dramatic increase in the number older Americans, along with changing consumer preferences. Generationally, the two largest market segments are Baby Boomers and Generation Y (Millennials). Baby Boomers are living longer, plan to “reset” rather than retire, and increasingly prefer living in a walkable neighborhoods where they can continue to feel connected and active. Generation Y is also likely to live in mixed-use urban environments that include edgy, interesting, and authentic businesses and community places, along with connectivity to transit. Combined, the two groups are significant drivers of urban redevelopment in many cities across America.