Young People Want Apartments Not Houses – Ya Don’t Say

Source: NineMSN

While checking out the enviro-blogoshere today, I came across this article on TreeHugger about a study published by GWL Realty Advisors* that came to the brilliant conclusion that young adults are not interested in buying homes, that they rather live in apartments. This development is an outgrowth of a couple of factors: the recession and very fragile recovery and downsides to living in a suburban-focused, car-dominated society. In the study ‘young people’ are defined as the 25-44 age range. Here are a few nuggets from the study:

  • Apartment living close to work frees up time for a working mother (or father) to spend more time with their child, rather than commuting, doing yard work or home maintenance.
  • Fathers are spending more time raising children than they did thirty years ago and living closer to work supports that trend.
  • Apartment or condo living can be less expensive than many alternatives, thereby freeing money for family experiences.

FYI…GWL Realty Advisors is a Canadian firm discussing the Canadian economy. However, since the recession has walloped all of North America, the findings could easily apply to the United States. Which is why I decided to highlight it here.

Of course living in a smaller space closer to employment opportunities will be less expensive and will free up time and money for other activities. I suppose this report is solely for the benefit of GWL’s investors.  Most people I come across know this and they are not real estate agents, investors, developers, or work in any related industry.

The report goes on to say having a car is not as important to young people and that having a car is not necessarily seen as a symbol of freedom {insert chuckle here}. Oh and that technology is ranks higher in importance as a form of self-expression/freedom (you know, iPods, Mac Books, high-speed internet). Lets see, between a car payment, insurance costs, roller-coaster gas prices and expensive maintenance (and if you live where I live, an overzealous Parking Authority) there is a dark side to having the freedom to drive wherever, whenever. Take that and include the economy with layoffs and near non-existent job security, who has the money to deal with the hassle? As a ‘extreme commuter’ I live the other side of the equation most of the week. It isn’t pretty.

The whole technology piece, I don’t even know where to begin. The ability to connect with people all over the globe in seconds. The ability to share your thoughts with people throughout the world within seconds. Yes, that is a form of freedom.

Remember that first post where some of my blog posts will sound slightly like rants. Here is an example of a blog rant.

I am editing the title of this report from Drivers of Apartment Living in Canada for the 21st Century to Captain Obvious: Welcome to the New Reality of Post-Bust Life in the Industrialized World. No need to thank me for that one. Just sayin’.

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