A century ago, large families were in vogue. Mothers were homemakers, fathers went to work to support the family, the older children helped with chores, went to school and looked after little brothers and sisters in their spare time. That was just the way things were.
Then, large families were needed to help with farm chores, or in the family business. Having many children was the parents' old age insurance, in the days before Social Security. Large sprawling houses were built to accommodate the quickly-increasing broods..
Today the trend has changed. With the improvement in contraceptive methods and the appearance of the birth-control pill in the 1950's, family size began to shrink, as the numbers in the work force began to grow.
During the World War II, many men joined the armed forces and women began to take their places in the domestic labour force. When the troops returned, many women kept their jobs and their husbands returned to work as well.
Through the years, the economy grew, and salaries increased with it.
As a result, families soon had larger disposable incomes, and many chose to save for a down-payment on large, luxurious homes with amenities that their mothers and grandmothers could only have dreamed about. Admittedly, the mortgage payments were large, but with both spouses working, they could just manage to meet them.
Fast forward to 2008. The recession hit. One or both spouses lost their jobs and couldn't meet the mortgage payments. The bank foreclosed on their loan and they were forced to file for bankruptcy.
They have lots of company. The recession, which may well become a depression before it's over, is world-wide in scope.
When the dust finally clears, what will the housing market of the future look like?
Many families will find themselves starting over and beginning anew to build their financial resources. This time they will look for smaller, more reasonably-priced living accommodations. With the trend to smaller families, bungalows will provide sufficient space for everyone.
The baby boomers will be reaching retirement age. One-story homes, with fewer stairs, will be most attractive and will relieve the strain on arthritic hips and knees. Bungalows are also easier to clean and maintain. Cleaning eaves troughs and polishing second-floor windows is a challenge those middle-aged and older.
What of the younger generation? Many of them have eschewed marriage and instead embarked on a series of "relationships", in an effort to discover their true soul mates. These temporary liaisons are best carried out in apartments, just in case they don't work out.
By the time the younger generation finally decides to settle down, both partners will be approaching middle age. Bungalows will be very attractive to this group also. If they decide to start a family, everyone will still fit handily into a one-story home.
Just as family size has changed in the past century, so has preference in housing. The post-recession house that will sell quickly and easily will be a single story, low-maintenance model with lots of labour-saving features.
The average buyers will be in their mid-thirties or older, career-oriented, and hoping to find a home in which to be comfortable until they reach their sunset years. One-story homes, up for resale, won't last long in the post-recession real estate market.
No comments:
Post a Comment