Yet, for planning purposes, it would be instructive to know whether the current market response reflects new converts to TOD housing, or whether consumers are simply selecting housing that they would have otherwise chosen. And if there is a conversion process underway, how significant will it be in the longer term? Is it more than a small niche market? Will most home buyers and renters be attracted by the affordability of housing and on the metro fringe, as well as other attributes of suburban and exurban living?
Without the reveaLED preference of consumers, we are forced to fall back on what people say they prefer. National surveys commissioned by Fannie Mae (Fannie Mae 1996, 1997, 1998) provide some perspective on American’s housing preferences. In 1996 Fannie Mae asked adult American about their attitudes towards housing and home ownership. Of those contacted, 73 % said their ideal home is a single-family detached house with a yard on all sides. Since ownership of all types of homes, including townhouses and condos, is currently at about 64 %, if the trend follows stated preferences, it should be toward more single-family detached ownership, not less. The same survey found that Americans are willing to make significant tradeoffs for home ownership. Four of five would drive a longer distance to work if they could own rather than rent a home.[Page]
Fannie Mae’s 1997 survey asked people where they would like to live. A large majority indicated they preferred either a small town or a suburb near a large city. Only 9% fav
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