The U.S. population is projected to grow by 150 million within the next 40 years and "more compact, mixed-use development" is needed to handle the growth and changing demands, Patrick Phillips, CEO for the Urban Land Institute, told an audience at the National Association of Real Estate Editors annual conference this week.
"The design and development of urban areas will be radically different in the decades ahead,” he said. “We are seeing a push to make our cities more livable and sustainable.”
One-person households are the fastest-growing type of household, he noted. Also, younger generations, in buyer preference surveys, are placing a higher value on the sense of community and are willing to swap extra space for convenience.
An urban renaissance has been taking place with neighborhoods that are near urban centers becoming more desirable, Phillips said.
Source: “Population Growth to Drive More Compact Housing,” Inman News (June 16, 2011) [Log-in required.]