Life in suburbia may not be what it used to be.
A recent story from Time Magazineentitled “End of the Suburbs” discusses a recent shift from the suburban-minded American Dream to a focus on urban revival, described as “urban core.”
According to Time, in 2011 “... the rate of urban population growth outpaced suburban growth, reversing a trend that held steady for every decade since the invention of the automobile.”
“The differences between cities and suburbs are diminishing,” says Brookings’ Metropolitan Policy Program director Bruce Katz, noting that cities and suburbs are also becoming more alike racially, ethically, and socio-economically.
A shift in thinking might not be enough to destroy the concept of the American Dream, but a recent report from Bloombergsays other factors are at play.
In an article titled “American Dream Slipping as Homeownership at 18-Year Low,” Bloomberg reports that the U.S. homeownership rate is at it’s lost in 20 years.
With ownership at 65 percent and home values rising, housing industry and consumer groups are pressing lawmakers to make the American Dream more inclusive by ensuring new mortgage standards designed to prevent another crash are flexible enough that more families can benefit from the recovery.Given the recent reports, is the largely suburban base of Nassau County coming to an end?