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It used to be that only young adults aspired to living in the city. When they were ready to settle down, they’d opt for a community with more space, a lower cost of living and more families like their own. However, that isn’t necessarily the case anymore. According to new research by the National Association of REALTORS®, urban populations are growing faster than ever. By 2050, about 70 percent of people in the U.S. will reside in cities. Shifting demographics have a lot to do with this change. For example, the number of married Americans declined from 73 percent in 1960 to 51 percent in 2010. And those who do marry are doing so later—brides at about 26.5 years of age and grooms at 28. In addition, families are getting smaller; today, only 25 percent of households have kids: a big difference from 1950, when 50 percent of households had children. And more Baby Boomers are finding happiness in cities, taking advantage of walkable communities and amenities close to home.
Story Springboard
Review NAR’s infographic on urbanization and listen to a recently recorded NAR podcast. Talk to a REALTOR® who helps buyers find homes in a big city; ask home buyers who are looking for an urban dwelling why they chose that community versus something suburban.