Millenials pushing housing starts away from single-family homes
October 20, 2014 5:32 am at 5:32 am #1046764
Multi-family starts at highest level since 1970. According to this chart the trend started before the recession and has basically picked up where it left off and continued from there:October 20, 2014 12:53 pm at 12:53 pm #1046807
Single-family homes are going out of style. Thanks,
millennialscrushing amounts of student loan debt!October 20, 2014 6:55 pm at 6:55 pm #1046888
The ’70s were when people started getting places on their own en masse rather than staying with their folks until they got married, just for some perspective. A trend that didn’t start reversing until the late 2000s.October 20, 2014 10:26 pm at 10:26 pm #1046902
I’ll add that, regardless of whether you consider this a bug or feature, or whether you think the side effects for the younger generation are mild or serious, it is simply easier to stay at home and have an extended family when a typical house now is 2400 square feet with a finished basement. We’ve been in a nonsensical trend of houses getting larger while families are getting smaller. Yes, I’m aware that there is also a trend towards smaller homes and particularly smaller apartments for Millennials, but the lion’s share of new builds out there, as well as a good deal of already-built housing stock from the last 30 years or so, are large homes fully capable of supporting a six-person extended family in more comfort than many of our parents and grandparents enjoyed in their youth (often with a mother, father, and 4+ children under one roof in a place that might have been 1500 square feet or even smaller, with a closed floorplan).
There’s still a stigma attached to living in your parents’ basement at 25, and I’m one of those grumpy reactionaries who thinks the word “stigma” gets a bad rap these days; there are some lifestyle choices that deserve a little bit of stigma, and that may be one of them. But it’s nevertheless harder to blame a young adult (quite possibly with a massive student loan burden, if they were among the college-bound) for electing to share a large house (often for free, or at least with very favorable rent) rather than pay for a small apartment while working off some of their student loans or saving to defray some of the other big-ticket expenses of adulthood.October 21, 2014 12:26 pm at 12:26 pm #1047021
There were some inexpensive smaller starter housing developments built on the SE side during the 2000s but the neighborhoods already aren’t in the best of shape. And a lot of the houses looked like garages with the living space seeming to be an afterthought on the back.
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