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Real Estate Condo Market Future |
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There is a chance 50% chance that if you are a Baby Boomer you'll will trade your suburban single family home for a condominium and are moving back to urban big city neghborhoods.
The demand for condos also is increasing because of that demographic bulge, the Baby Boomers. There are 78 million people between the ages of 41 and 60 with as many as 3 million turning 50 every year.
They're in their peak earning years, they're going to inherit $1 trillion from parents and grandparents in the next decade and they're out there buying homes,.
With land costs so high, the only way to build affordable homes is to go vertical, We're going to end up with a 50/50 mix of multifamily and single-family (homes), which is a significant change.
To understand just how significant, consider this: In 2004, the ratio of condo sales to single-family homes was about 1-to-7, according to the annual U.S. Census housing survey. Of all homes nationwide, there are 15 single-family houses to every condominium. |
