Boomburbs

Category:

Description

WHO ARE WE?

This is the new growth market, with a profile similar to the original: young professionals with families that have opted to trade up to the newest housing in the suburbs. The original Boomburbs neighborhoods began growing in the 1990s and continued through the peak of the housing boom. Most of those neighborhoods are fully developed now. This is an affluent market but with a higher proportion of mortgages. Rapid growth still distinguishes the Boomburbs neighborhoods, although the boom is more subdued now than it was 10 years ago. So is the housing market. Residents are well-educated professionals with a running start
on prosperity.

 

OUR NEIGHBORHOOD

• Growth markets are in the suburban periphery of large metropolitan areas.

• Young families are married with children (Index 220); average household size is 3.25.

• Home ownership is 84% (Index 134), with the highest rate of mortgages, 71.5%(Index 173).

• Primarily single-family homes, in new neighborhoods, 66% built since 2000 (Index 441).

• Median home value is $350,000 (Index 169).

• Lower housing vacancy rate at 3.7%.

• The cost of affordable new housing comes at the expense of one of the longest commutes to work, over 30 minutes average, including a disproportionate number (33.6%) commuting across county lines (Index 141).

 

SOCIOECONOMIC TRAITS

• Well educated young professionals, 55% are college graduates (Index 178).

• Unemployment is low at 3.3% (Index 61); high labor force participation at 71.3% (Index 114); most households have more than two workers (Index 124).

• Longer commute times from the suburban growth corridors have created more home workers (Index 156).

• They are well connected: own the latest devices and understand how to use them efficiently; biggest complaints—too many devices and too many intrusions on personal time.

• Financial planning is well underway for these professionals.

Additional information

Households

Population

Average Household Size

Median Age

Median Household Income

LifeMode Group

Urbanization Group

Housing Type