The Next Real Estate Boom

Would you prefer to walk to the local coffee shop, library or restaurant?   Do you want to leave your car parked most days, because you can take the Max to work, or hop on your bike? 

Are you worried about over-paying for that home in that close-in neighborhood where you prefer to live?  You probably shouldn't.

I read an interesting article in the Nov. 4 issue of Brookings Institue about the Next Real Estate Boom.  "The two largest demographic groups in the country, the baby boomers and their children -- together comprising half of the population -- want homes and commercial space in neighborhoods that do not exist in anywhere near sufficient quantity."

"Boomers are downsizing as their children leave home while the millennials are setting out on their careers with far different housing needs and preferences."  Boomers (25% of population) want to live in "walkable, accessible communities with convenient transit linkages and good public services like libraries, cultural activities and health care."  The largest number of millennials reaches age 22 in 2012, suggesting a massive wave of first time homebuyers in the years 2013-2018.

These trends paint a bullish picture for the close-in neighborhoods on both sides of the river, and for neighborhoods like Orenco Station in Hillsboro.   One obvious strategy is to target neighborhoods that are proximate to Tri-Met light rail stops.