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On Common Ground: Megatrends for the Decade

On Common Ground: Megatrends for the Decade

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Published by REALTORS®

Changes in demographics and consumer behavior will have a tremendous effect on real estate markets and transportation over the next decade. The tastes and attitudes of Generation Y, which represents today's 20-somethings and teenagers, will be what determines what gets built and sold. Environmental challenges that cannot be ignored, such as water shortages and more expensive energy, will also play a huge role in the next decade. Building communities for this new era will require business people as well as government regulators to adopt new strategies.

Changes in demographics and consumer behavior will have a tremendous effect on real estate markets and transportation over the next decade. The tastes and attitudes of Generation Y, which represents today's 20-somethings and teenagers, will be what determines what gets built and sold. Environmental challenges that cannot be ignored, such as water shortages and more expensive energy, will also play a huge role in the next decade. Building communities for this new era will require business people as well as government regulators to adopt new strategies.

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Published by: REALTORS® on Dec 01, 2011
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10/06/2014

 
on common ground
REALTORS
®
&
 
Smart Growth
SUMMER 2010
The Next Generation ofHome BuyersChanging Travel BehaviorDealing with Water Scarcity
Megatrendsfor the Decade
 
2
ON COMMON GROUND SUMMER 2010
 
During the coming decade, demographicchanges, as well as changes in consumerdesires and behavior, will have a tremendouseffect on real estate markets and on how ourcommunities function and grow. As the babyboomers begin to reach retirement age, theyare being replaced as the market bellwetherby Generation Y, which represents today’s20-somethings and teenagers. This group islarger than the baby boomer generation andexhibits different tastes and attitudes aboutwhere and how they want to live. Researchersand savvy real estate professionals are awareof the different interests of this group, andcorporate America is noticing too. An articlein the May issue of the Harvard BusinessReview characterizes the increasing numberof businesses that are changing their focusto urban areas as “getting a jump on a majorcultural and demographic shift away fromsuburban sprawl.”Travel behavior is changing remarkably,as evidenced by the federal government’stracking of total vehicle miles traveled,which has been declining since 2006. Transitridership has increased at a great pace,achieving a 52-year ridership high in 2008.Car sharing is increasing in popularity, givingmore people the freedom to not own a car.Cities are making low-budget investmentsto promote bicycle ridership, with manycommunities setting goals to increase theshare of trips taken by bicycle.Environmental factors will play a huge role
in the next decade. More energy-efficient
and green buildings will become standard,
as costs and benefits will become better
understood, and lenders will increasinglyrecognize the greater value of greenbuildings. Water shortages will threatenurban expansion in many parts of thecountry, resulting in developers beingrequired to identify new water sourceswhile producing developments that usemuch less water.Building communities for a new generationof consumers will require many parties,including developers, lenders andgovernment regulators, to adopt new waysof doing business. And to keep pace withour needs, more money will need to beinvested in public transportation and waterinfrastructure. These megatrends will affectus all in the new decade.
Megatrends Affecting Us All
For more information on NAR and smart growth,go to www.realtor.org/smartgrowth.
On Common Ground 
is published twice a year by the Community and PoliticalAffairs division of the NATIONAL ASSOCIATION OF REALTORS
®
(NAR),and is distributed free of charge. The publication presents a wide range of views on smart growth issues, with the goal of encouraging a dialogue amongREALTORS
®
, elected officials and other interested citizens. The opinions
expressed in
On Common Ground 
are those of the authors and do not
necessarily reflect the opinions or policy of the NATIONAL ASSOCIATION
OF REALTORS
®
, its members or affiliate organizations.
Editor
 Joseph R. MolinaroManaging Director, Communityand Political Affairs jmolinaro@realtors.org
Assistant Editor
Hugh MorrisSmart Growth Outreach Representativehmorris@realtors.orgNATIONAL ASSOCIATION OF REALTORS
®
 500 New Jersey Avenue, NWWashington, DC 20001
Distribution
For more copies of this issue or to be placed on our mailing list for futureissues of 
On Common Ground 
, please contact Ted Wright, NAR, at(202) 383-1206 or twright@realtors.org.
 
Generation Y
The Future Generation of Home Buyers 4
by Brad Broberg 
Are People Driving Less?
Studies indicate a reductionin vehicle miles traveled 10
by Judy Newman
The Car Sharing Trend
16
by Steve Wright
Promoting theActive Living
Benefitsof Walkable Neighborhoods
 
22
by Christine Jordan Sexton
A New Generation of Bikeways
28
by G.M. Filisko
Development Adapts 
Water Scarcity and Urban Growth 34
Retrofitting the Suburbs
40
by David Goldberg 
Retiring to Your Home
Aging in Place support groupsprovide seniors the option toremain in their current neighborhoods 46
by John Van Gieson
The Costs and Benefitsof the Green Trend
52
by Gary Fineout
A New Path to FinancingEnergy Efficient Homes
58
by Brad Broberg 
REALTORS
®
Take Action 
Making Smart Growth Happen
64
Summer 2010
On Common Ground 
thanks the following contributors and organizations for photographs, illustrationsand artist renderings reprinted in this issue: Cassandra Allen, U-Haul, U Car Share; S. Rick Armstrong;Donna Baron, The Gaithersburg North Potomac Rockville Coalition; Rick Belloli, South Side LocalDevelopment Company; Vicky Bergman, Community Without Walls; Dan Burden; Andy Cotugno, City of Portland; Jane M. Curry, Lincoln Park Village; Paul DeLong, car2go; Roger Geller, City of Portland Bureauof Transportation; Heather Kemp, PhillyCarShare; Mike Lydon, The Street Plans Collaborative; AndyMollison, Palisades Village; Anne Myers, Partners In Care Maryland, Inc.; Matthew Ridgway, Fehr & Peers;Paula R. Rivera, The Hertz Corporation; Jola Szubielski; and Judy Willett, Beacon Hill Village.
On Common Ground

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