Long-term prospects for US housing markets: Fewer units, greater investment
Titel:
Long-term prospects for US housing markets: Fewer units, greater investment
Auteur:
Grebler, Leo Burns, Leland S.
Verschenen in:
Housing studies
Paginering:
Jaargang 2 (1987) nr. 3 pagina's 143-156
Jaar:
1987-07
Inhoud:
Demographic factors that stimulated robust housing markets in past decades will weaken the future demand for new residential construction. The baby boom generation will reach middle-age, well past the age of entry into the market. Changing social factors, such as marriage and divorce rates and women's labour force participation, will also have an effect on future housing demand. Four major trends, analysed in the paper, will increase demand for quality and increased investment per dwelling unit, thus offsetting the declining demand for new units. First, the baby boom generation will reach their peak lifetime earning period in the years ahead and their discretionary incomes will be large. Second, largely as the result of a benevolent public policy, the elderly have gained substantially in affluence, enabling them to live independently and to upgrade their physical housing standards. Third, it is expected that household technology will be increasingly demanded as time costs rise. Finally, the 'services' of housing will be enhanced by the internalisation of activities now performed elsewhere.
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