The Wall Street Journal just published what it feels are the hottest trends in housing. What does this mean for cooltowns?
1. Short on space: Voter concerns that sprawl is compromising their quality of life has led to a shortage of developable land, which means more developers are investing in urban areas.
2. Strained budgets: A third of American households spend more than 30% of their income on housing, and only 15% of Californians can afford a median-priced home, thus…
3. A shrinking forecast: …rather than choosing to live even further away, people are choosing smaller homes closer to work.
The rest of the trends have to do with personal and institutional finance that have little to do with the housing itself. One trend that may start to change is where a majority of new homes are built by a handful or national builders – which makes sense for sprawl, but not urban infill. The result? Less cookie cutter, more creativity and diversity in housing types and design.