According to the real estate website, urban home values are growing faster than those in the suburbs, bucking a longtime trend. This isn't exactly surprising, but it has serious social justice implications.
Current demographic trends have well-off households returning, at long last, to urban centers across the nation. Marc Stiles writes, "The result, according to Zillow, is suburbs will change to become more like cities to attract residents. This already is happening in Seattle suburbs, such as Burien, Bothell and Redmond, whose downtowns are adding residential units and urban amenities."
It can be safely said that the era of white flight—or wealth flight at least—from the cities has come to a close. "Nationally, suburban home values grew 5.9 percent in 2015, while urban homes gained 7.5 percent in value. In 1997, urban home values grew at 3.8 percent – slower than suburban values, which grew 4.1 percent that year."
If suburbs do not court density and employment corridors, as Zillow indicates they must, their eventual lower-income residents may be doubly handicapped. "Zillow has found that in San Francisco and Seattle, high-income people now have shorter commutes to downtown, while low-income folks are traveling much farther to get to downtown jobs."
FULL STORY: Role reversal as home values now climb faster in cities than suburbs
Zoned Out: Seattle Prioritizes Single-Family Residential
In Seattle, most (88 percent) of the city's new housing is being developed in a few small, already dense areas around the city. Most of the city is reserved for single-family housing.
AIA: Demand for High-Density Development Is Down
For the first time in four years, a quarterly survey indicates “market saturation in urban areas.”
Cities Suburbanize While Suburbs Urbanize
As the internet makes retail more widely accessible, and poverty and density move to suburbs, the difference between cities and suburbs is shrinking, narrowing lifestyle choices.
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
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