This paper argues that the American dream of accumulating wealth and owning a home creates demand for housing at the edge of metropolitan areas, inadvertently weakening cities and older suburbs.
This report argues that there is an important, almost inevitable, housing dynamic that shapes many major metropolitan areas, particularly those in the Midwest. As households accumulate wealth, they tend to buy bigger and more expensive homes, and these homes are often located farther out at the edges of metropolitan areas. This pull to the suburbs creates housing vacancies or less investment in homes located in central cities and older suburbs, which in turn, can further erode existing neighborhoods and push more families outward. The paper examines this homebuying and housing cycle in Cleveland, Cincinnati, and Columbus, Ohio metropolitan areas and offers a number of strategies that state and local leaders should take to help stem some of the negative effects of this pattern. [Complete 28-page report available in PDF format.]
Thanks to Kurt Sommer
FULL STORY: Moving Up, Filtering Down: Metropolitan Housing Dynamics and Public Policy
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