December 14, 2019

Decline of the suburbs?

Posted on 25. Aug, 2012 by Stephan Helgesen in Economy, Social/Cultural

The suburbs are changing. Thanks to a re-invigoration of urban areas, as well as increasing poverty and crime rates in the suburbs, bedroom communities aren’t what they once were.

Has the national love affair with sprawl begun to decline? It would seem so. For prospective and current homeowners, knowledge of this trend is necessary, as is awareness of the impact it has on home prices, property values, and school districts.

40 years ago, the United States was called “a nation of suburbs.” Today, that prevailing notion is not true.

If you’re deciding when and where to buy a home, be aware: The 21st century has seen a decline in both quality and population of America’s suburbs.

In the first decade of the 21st century, the amount of Americans below the poverty line grew 23% in U.S. cities, but 53% in major suburbs.

In 2010, a record population of 15.4 million suburban residents were living in poverty. These are not your mother’s suburbs.

While the American dream of the picket fence and neatly mowed lawn may entice many homeowners to look to the suburbs, suburban jobs are also on a rapid decline.

In 2011, suburban businesses vacated 16 million square feet of office space. Gas prices have exploded in the past 10 years, with the average suburban driver’s gas expenditures increasing 109%.

With walking and public transportation available in urban areas, homeowners are looking more toward cities to settle down. And the days of the mortgage and foreclosure crisis are not behind us; in the next several years, more than 3 million homeowners are expected to become renters.

This article was submitted by Allison Morris. She can be reached at morris.allison85@gmail.com or you can contact insurancequotes.org for more information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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