The American dream evokes a white picket fence and 2-car garage home that our dog runs around while we kiss our lover goodbye. Yet this cliche ideology is no longer a reality for today's housing market.
Time Magazine describes this housing era as an "urban renaissance of unanticipated proportions, as young people graduate college and flock to cities, delaying buying a home and perhaps rejecting the suburban ideal altogether" (Frizell, 2014). We are rebellious with new views of families which involve us being closer to the stars right here in the city. High rise condos and multi family buildings are being occupied by new professionals and their families. So what can these trends tell us about the future of the housing market?
Well for one the trend is not just occurring in big cities like Long beach (named 36th place for most populated city in the US) but actually occurring around the U.S. Experts believe that the change highlights the values that millennials consider essential in their everyday living. These standards include being able to live close to their work and peers and enjoying amenities that the city offers like diversity, transportation and views.
Other contributing factors include job security and strict lender guidelines that do not align with a home mortgage. As a result, more millennials are choosing to rent. Whatever the case may be we can all assume that the trend will not be everlasting. Eventually their will be a plateau and the white picket fence will be inhabitable for us all.