November 21, 2013 4:03 am
For the first time in more than nine decades, the major cities of the nation's largest metropolitan areas grew faster than their combined suburbs. This trend, identified by Moen's department of consumer and market insights demonstrates a shift in homeownership from suburban to metro areas.
"This idea of urban uprising is one we've continued to watch and it's especially interesting because it goes against what we've thought was true for years - that bigger is better," explains Jack Suvak, senior director of consumer and market insights, Moen. "In 2012, we started to see this trend gain momentum with urban population and downtown occupancy increasing. But now, migration toward city centers is accelerating, and smaller space living provides great convenience and appeal to today's consumer."
There are a number of reasons urban living is so appealing. By living in a metropolitan setting, consumers have greater access to amenities and resources, not to mention a reduced commute to work and the ability to walk or use public transportation to easily reach their destination.
Who Are the Urbanites?
It's clear why consumers are migrating inward to city centers, but who are these urbanites? Today's metro dwellers consist of individuals across generations that desire a location with walkability, proximity and easy access to public transportation. Three of the largest segments living in urban environments include:
Urban Nesters (ages 49-67): Empty nest Boomers are taking to downtown life. These Boomers like active, social lifestyles that downtowns offer. These locations provide a social return to the past for this generation. There is activity, life and people on the street.
Upscale Gen Y'rs (ages 18-35): Upscale Gen Y'rs want to live in areas that are close to where they work and play. Urban cores provide exactly the right blend for these individuals to maximize their time doing activities they have to do, with those they want to do, as well.
Single Gen X'rs (ages 36-48): More and more consumers are choosing to be single. City benefits provide a big attraction for these single dwellers. Living alone in cities can be intensely social and lead to a collective experience by creating an "urban tribe" - a support system consisting of friends and family members living in close proximity.
"Urban Uprising provides a level of convenience and connectedness for which consumers are longing," concluded Suvak. "Many homeowners aren't dreaming of living in McMansions in suburbia anymore. Now, the perfect (smaller) spaces are available in metropolitan areas across the nation, making it easier for everyone to find the home that's perfect for them."
Published with permission from RISMedia.