Report: Appetite for large-lot homes may wane
Conservative blogger David Frum points out a new study that predicts that the single-family housing we have been building will not be wanted by future generations. The Bipartisan Policy Center report predicts that there will be a low demand for larger single family homes that demand lots of energy, especially in the Midwest. Here's the money quote Frum pulled from the report:
Most observers expect the next 20 to 30 years to depart from this historic picture, with more expensive energy, growing diversity in race, ethnicity and in household structure, and more intense international economic competition. All of these factors will likely reduce demand for large single-family homes on large lots far away from established centers of employment and entertainment.
The Foundation for Growth has also reported on large-lot zoning and issued a report in 2006 that found that half of the metropolitan area's new homes built between 1998 and 2002 were built on lots of 0.9 acres or larger, or about the size of a football field. We're in the process of updating that report. The Bipartisan Policy Center report seems to be indicating that future generations may desire smaller housing closer to jobs, public transportation and urban centes.