For the past 30 years the housing market has produced a growing proportion of single family units with steadily increasing floor area (see Figure 2). New multifamily units have also been increasing in size, growing 20% in average floor area from 1988 to 1997 (US Census Bureau). The low mortgage interest rates, relaxed borrowing requirements, and strong economy of the late 1990’s have pushed home ownership to record levels. Fannie Mae’s most recent survey, in 1998, indicates that a majority of renters have a strong desire to move up to ownership. It will be of interest to see if the detached single-family preference and size trends continue as ownership rates increase.
Another recent private sector survey (American LIVES 1995), for the real estate industry, found that four of five consumers who bought or shopped for a home in several states, were unwilling to give up the cul-de-sacs, large yards, and privacy that comes with single-family detached homes set back from the street. A large majority didn’t like the often homogenous look of conventional suburbia either. Their preference: a new suburban look with a town center as a community-gathering place, small shops, green space, and plenty of convenient parking.
The American Housing Survey sheds some light on the reasons people move and choose their neighborhood. Of the many reasons cited for leaving a previous home, the desire to establish one’s own household and the need for more space rank highest in the most recent nationwide survey (Census Bureau 1997). The attributes of the house itself and its convenience to job were given most often as the top reasons for choice of neighborhood, while convenience to public transportation was eighth on
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