The Urban Land Institute's latest Real Estate Economic Forecast sees continued growth for the economy and housing industry.
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In spite of these headwinds, the forecast cites adaptability to change along with discipline as key factors in the industry’s ability to withstand an economic downturn and the possibility of softer real estate demand in the years ahead. Multifamily and single-family housing are highly favored as housing needs continue to change for Millennials and Baby Boomers. Less favorable are office space, hotels and retail, with the latter receiving the lowest ranking.The housing affordability crisis is coming to a head, inhibiting employers seeking workforce housing and prompting city officials to change zoning laws.
Affordability has reached the breaking point even in markets that previously boasted of low-cost housing. One attempt to address the problem is a rise in co-living arrangements among older as well as younger generations. There is even a pop-culture reference for this trend: the “Golden Girls” model. “There are suburbs that have great transit or are just very accessible to cities, so there’s a connection,” said Kramer. “You can’t be a suburb of nowhere, so it makes sense that where there are very successful urban cores, there can also be nearby successful suburban cores that provide the same type of environment. And just by proximity, they are viewed as another place to be and not being out in the middle of nowhere.
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