Report Finds Suburbs Outpacing Urban Areas

When it comes to housing, the U.S. is very much a suburban-focused nation, according to a new publication from the Urban Land Institute (ULI) titled “Housing in the Evolving American Suburb.”

 

The ULI report determined that in the nation’s 50 largest and most urbanized metropolitan areas, suburbs account for 79 percent of the population, 78 percent of the households, 32 percent of the land area and—in a shout out to those ubiquitous Millennials—75 percent of the young adults aged 25 to 35. Suburban areas made up 91 percent of population growth and 84 percent of household growth between 2000 and 2015—the median household income in the suburbs is $71,000, compared to $49,200 for urban areas. And the suburbs are slowly becoming an employment magnet: jobs increased by nine percent in suburbs between 2010 and 2014, compared to six percent in urban areas.

 

In terms of housing, the median home value in urban areas is $365,000 compared to $305,000 in suburban areas. However, there are regional anomalies: the New York metro area, for example, offers median home values that are 28 percent higher in urban areas than in the suburbs.