Recent sales of mega-mansions in northern Westchester notwithstanding, American homeowners want to live in compact, mixed-use communities near good transportation, services and stoes. This comes from a new report from the Urban Land Institute that studied where people want to live.
The report says that multi-use centers that includes shopping are also in demand. There is a high value placed on being able to walk to stores, restaurants and offices.
Here is how the Mortgage Bankers Association described the report’s conclusions in its latest MBA NewsLink:
“The study, America in 2013, indicated demand will continue to rise for infill residential development that is less car-dependent, while demand could wane for isolated development in outlying suburbs. The survey said among all respondents, 61 percent said they would prefer a smaller home with a shorter commute over a larger home with longer commute. Fifty-three percent want to live close to shopping; 52 percent would prefer to live in mixed-income housing; and 51 percent prefer access to public transportation.”
Realtors in the lower Hudson Valley have said that homes in Rivertowns are in demand because of their proximity to New York City and city commute that is less than an hour.