With the downturn in the housing market, the neighborhoods on the far edges of development seem to be taking the biggest price hit. This phenomenon has prompted Reuters to ask, “is America’s love affair with the ‘exburbs’ over?” Trends indicate the love is dying; growth rates for outer-suburban development plunged to 1.6 percent in 2008 from 2.3 percent two years ago. And a recent survey by the National Association of Realtors indicated twice as much support for building mass transit systems over building roads. Overall, it appears more Americans are choosing to live in smaller homes located closer to their jobs, a radical departure from recent history.
Credit: Reuters
