Skip to content

Why the Millennial Delay

February 4, 2015

As Millennials seemingly avoid homeownership for renting a pattern can be seen in demographics suggesting it is more of a delay than a permanent shift to a renter society.  A delay caused by the emergence of Emerging Adulthood, a new life stage for those in their 20’s.  This new life stage is associated with increased education and delayed marriage.  Both of these demographic trends have correlations with homeownership.

EducationHomeownership

 

Homeownership and Higher Education – A Negative Correlation

As young people stay in school longer, they delay their entry into the job market and increase student debt effecting their ability to pay a mortgage.

MarriageHomeownership

 

Homeownership and Marriage – A Positive Correlation

Homeownership and marriage have a positive correlation, however as the median age at marriage extends it has reduced the overall marriage rate.  In 1970, the median age for marriage was 21 for women and 23 for men, however, by 2013 that has increased to 27 for women and 29 for men (US Census Bureau, 2014). This represents a significant change in less than two generations.

Advertisements

Millennial Home Buying set to Increase

January 12, 2015

As we enter 2015 news headlines are shifting from portraying Millennials as eternal renters to proclaiming 2015 as the year of the Millennial home buyer.  Millennial first-time homebuying has certainly been delayed by the effects of the Great Recession but as America’s largest generation enters the age and lifestage associated with homebuying, Millennial buyers will increase.

The chart below outlines where Millennials sit along the housing preference timeline, just now settling into the ‘Young Family Own’ sequence, with the eldest Millennial now 34 years old.

RCLCO_LifestageInfluencesRealEstate(Source: RCLCO)

In addition, studying population projections published by the CDC we can illustrate the structural population demand for for-sale housing by Millennials.  The median age of the first time home buyer is 31 years old, according to the National Association of Realtors, therefore mapping the projected population of 31 year-olds should be a strong indicator of future for-sale housing demand.  When plotted we can see we are on the cusp of a steady six year growth trend through 2022, in which we can expect this population boom to boost the housing sector.

31YearOldsbyYear

(Source: CDC)

The Future of Parking Garages

December 9, 2013

The Future of Parking Garages

Here is a diagram excerpt from my recent real estate entrepreneurship class project. What could become of the edge of urban parking garages as we continue to decline from the advent of ‘peak car’? Housing, ripe for public / private partnerships!

Placemaking Brainstorming Session

December 9, 2013
Silver Spring is an exciting and diverse district which has emerged as much more than just another transit oriented development along the DC Red Line.  As a district with a quiet soul, which direction will it head in it’s next 10 years?  A dialogue on the place of Silver Spring will be taking place this Wednesday at the Civic Center.  If you’re interested in the future of the place of Silver Spring, please join us.
 
Here is the excerpt from the Silver Spring enewsletter, “In the last few of months a couple of pro bono architects and a planner have offered some amazing ideas for design elements in downtown Silver Spring. These volunteers have come up with great presentation graphics that really lend themselves to an open brainstorming conversation of possibilities and what can be…  Come join us!… Want more info? e-mail HERE
Wednesday Dec 11, 7pm  Civic Building”

Relase when Idea is 3/4 Baked

June 14, 2013
tags:

“Nothing is as powerful as an idea whose time has come” – Victor Hugo

Civic Action Pays Off

June 5, 2013

The City of Miami and Miami Parking Authority recently announced they would open a one year pilot parklet program allowing businesses to take over on street parking for public space!  Makes me reminisce back to Park(ing) Day in 2010 where a group of civic activists in Miami, myself included, took over Coconut Grove with green space.  The Coconut Grove Grapevine covered it best here.  You never know what will make an impact resulting in real change…and when!

With only five allowed to operate at any one time for the pilot phase I’m looking forward to the competition for the best parklet in Miami.  I expect some fierce competition between Coconut Grove and Wynwood!

Parking Day MiamiLaying down sod in 2010, Coconut Grove Park(ing) Day

Parking Day MiamiView From Above, From Coconut Grove Grapevine

Other Coverage: Miami Today, Curbed Miami

 

 

Floating School

May 3, 2013

In Lagos, Nigeria an innovative approach to solving both educational and climate change problems resulted in a pragmatic yet beautiful floating classroom.  Think of it as a floating version of the SAGE modular classroom.  Taking a passive approach the design focuses on shading and ventilation as design strategies.

Designed by the Dutch architecture firm NLE, the first prototype is under construction in Lagos.

Floating School

Finished Product

Floating School 2Floating Base

Floating School 3Cross Section