Boomers Would Be Wise To Get Out Of The Suburbs

[FarCenter]

Leigh Gallagher’s provocative new book, The End of the Suburbs, really hit home for me, as I suspect it will for my fellow boomers.

We’re the first generation to have grown up in the 'burbs, and more than 70 percent of folks in their late 40s, 50s and 60s live there today. (I was raised in one New Jersey suburb and now live in another, where my wife and I raised our sons; she spent her childhood in a Washington, D.C., suburb.)

But Gallagher believes that a confluence of trends will be the death knell for suburbs.
...

The inner-ring suburbs were a little forgotten during the expansion of the '70s, '80s and '90s, and many of them did become more blue-collar because prices went down and they were seen as less desirable. The area where Silver Linings Playbook was filmed, around Drexel Hill, Pennsylvania — where my father grew up — is an inner-ring suburb.

But valuations in those types of communities are coming back up now. And many people think that’s where the Millennials are going to want to be, rather than outer-ring suburbs, because they’re closer to downtown, houses are a little smaller, you can walk around more, and it’s a little livelier.

So are you saying the further out someone lives in the suburbs, the more financial risk they’ll be taking when they want to sell?

Yes.

Read more: http://www.nextavenue.org/blog/what-end-suburbs-means-boomers

[Arugula Latte]

1. Interesting.

I know that here in Portland, Ore., the city itself is the prime location to live and the inner suburbs (Gresham, Beaverton) have the more affordable housing options and thus attract more low-income people and immigrants (although Beaverton has plenty of high-end housing as well).

[polichick]

2. Something to consider if investing in real estate for sure.

[GeorgeGist]

3. Frankly ...

I don't see Leigh Gallagher as an expert on Real Estate.

[olddots]

4. does he have a bridge he wants to sell ?

what a wanker .

[Samantha]

5. I live in the suburbs of Washington DC

Before the housing crash, there was an article in the Washington Post that said in this area any property within walking distance of a metro station in 2050 would not sell for less than a million dollars. That is how congested DC is.

I bought this property 15 years ago because I wanted to walk to a metro station. I am four short stops from the back of the Greenbelt metro, although the house is situated in College Park. Ride four stops on the metro, and you are in DC.

I will be holding on to this place because I created an apartment in the basement to rent out. The rent almost pays the mortgage on the place-- just a couple hundred dollars short.

I can walk from my house to the dry cleaners, MOM's (My Organic Market), REI and a number of other places.

So I think I will stay.

Sam

[rrneck]

6. Hmmmm...

Check out all those "red exurb rings" around urban centers. If this guy is right, I wonder what will happen when property values fall in those areas and they try to move back into urban areas? Will there be wholesale gentrification driving urban poor out of town, and seriously pissing them off? Will the poor leave or dig in and try to stay? It seems that socioeconomic pressures like these can cause blowback in unexpected places.

I'm reminded of an old Chinese malediction: "May you be born in interesting times."



http://www.tech4obama.com/

[SoCalDem]

7. By this time next year, we hope to be in Oregon

on some forested land near a small city.. Not suburbia, but not city either...We have ALWAYS lived in suburbia, and are aching for some room..

[Eleanors38]

8. Austin, TX is an example where the outer "rings" of suburbia fall fastest in value...

when a real estate bubble busts (we've had 3, not including the present Great Recession), and slowest to recover in value.

Never drawn to the subs, mainly because of traffic and commuting. This city is one of the RANKEST regarding traffic, and the property taxes keep pushing up. Presently, we are experiencing a HUGE influx of new residents, over 1,000 a week and 97% residential occupancy rates. ALL AREAS AND SUBURBAN RINGS are going up. People in the food/service industries are having a really bad time with blow-it-out rent increases, crap transportation and crap wages. I live in a 1948 2-1 with big eaves (overhangs like a Forrestal class carrier), busted A.C. & heater, leaky roof, cranky sewer, paper-wrapped wiring, and uneven floors. And on all sides big condos are under construction; looks like Miami. A realtor said the huge oak on the property line is worth more than the house. But I can see downtown high-rises 3/4 mile away from my shabby kitchen window.

My property's value is skyrocketing. This old hippie did something right.

[Yavin4]

9. American Suburbs were subsidized by cheap oil

As oil prices have risen over time and will continue to rise indefinitely, suburban living will become less and less affordable and practical.