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Health & Fitness

Are Commuting Trends Driving Real Estate Decisions?

The effects of the recession are still being felt today. Many have been directly impacted by the economic turn and still others have been transformed in ways that may not be as overt.  Turbulent financial times, corporate outsourcing and a persistent tightening of the belt have served as a serious reality check for most Americans.  Certain aspects of everyday life have been brought into perspective; begging the question, “is the value of our daily decisions worth the price we pay each day?”

A positive, long-term outcome from the recession has been that people are contemplating ways to save money, while enjoying life: one byproduct of this recent re-evaluation is today’s strong interest in urbanization.  Unlike the suburban sprawl stimulated by previous generations, many of today’s buyers are leaning towards city life in an effort to enhance their quality of life and reduce their carbon footprint, while maintaining their cost of living. 

With almost every recession in history, automobile usage declined.  In the five years since 2008, car usage rates have not quite bounced back to pre-recession levels. Some Americans, perhaps after a long furlough from work and the driving grind, have been painfully reminded that commuting is a hassle, costly and un-enjoyable. After all, hours spent behind the wheel each week, means less time doing what you love or spending time with the people that you love.

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Surprisingly, it is not strictly the younger generation looking at their commute and setting their sights on city settings or accessible communities close to friends and fun nightlife.  Baby boomers driving towards empty-nester status and retirement are also on the urban bandwagon. Ironically, it was the baby boomers that bought bigger properties and moved away from cities after suburban lifestyle hit its stride during the Eisenhower generation.  Without kids at home, many maturing homeowners have decided they no longer want to maintain their large properties - especially after spending their weekdays commuting along Greater Boston’s congested roadways.  Aging homeowners are also interested in finding one-floor living, downsized space and convenient access to the city’s cultural attractions, restaurants, hospitals and workplaces.  Women, faced with commuting, working and housework chores, are especially intrigued by the idea of moving to metropolitan areas and re-prioritizing life. 

Urban living is also attractive for the environmentally-conscious. People of all ages are increasingly choosing commuting alternatives such as walking, biking, carpooling, public transportation or telecommuting from home – and as a result accessible communities are seeing an uptick in market activity and development. Younger generations, in particular, value sustainability and tend to want to be within walking distance of the MBTA system in order to save time and money. In response to these environmental concerns and consumer preferences, cities are now focusing on transit-oriented development and urban consolidation plans. 

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Recent commuting trends, regardless of the trigger, are certainly having an impact on urban living and abutting areas. People are not leaving the suburbs all together; but there is definitely a migration towards core metropolitan areas like Boston.  Consumers are looking at the time, money and stamina invested in traveling to and from home, work, school, gym, and family gathering spots – and re-evaluating their thinking. Finding the right property, commute, price point and quality of life is certainly not new in the home-finding process, but trending shows that both young professionals and mature adults are looking to get off the highway, into urban settings and on with their lives. This demand will continue to drive city real estate prices up where space is a commodity – so today’s interested buyers will need to be even more engaged than ever.  And urban home sellers and landlords will be well-served to highlight short commutes, sustainability virtues and convenient access when marketing their properties. 

The pendulum between urban and suburban living seems to swing back and forth between each generation, but, for the time being, the momentum is definitely swinging towards urbanization. 

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