We know: It looks like a typo. But in fact, it’s actually a new, burgeoning housing trend to keep an eye on in 2018. Much like Brangelina or Kimye, ‘surban’ is a combination of ‘suburban’ and ‘urban’ – an area that is suburban with an urban, city feel boasting walkability to shops and restaurants. It’s the best of both worlds, really.
So here, we’ll break the trend down for you so you know what to watch – and maybe even shop – next year.
What Is surban?
Surban is a suburban area that has the feel of urban, city life. Previously, such areas were referred to as ‘mixed-use’ areas. These areas tend to be anchored by highly rated schools, low crime rates, and walkability to restaurants and shopping and often offer several housing options, such as single-family residences, condos, and townhomes.
What are the surban trend stats?
The Urban Land Institute estimates that these areas will draw at least 80 percent of the coming wave of households and will attract the most families in the next 10 years.
What are the predictions for surban developments?
Experts predict that surban developments may eventually replace shopping centers. More retail stores will become places that sell experiences rather than goods, and more developments will combine housing and retail for convenient walkable shopping. As up-and-coming Gen Y and Millennials move into more senior management positions and start families, many will move from cities to the next best thing: the surban.
What does the surban trend mean for housing?
Rental property rates are expected to surge as well over half of the 12.5 million net new households created over the next decade will rent, including those who have never owned and those making the switch from owning to renting as they age. Some experts even believe homeownership will decline, with the national rate anticipated to be 60.8 percent by 2025, the lowest point since the 1950s.
What will be the surban housing options?
Historically, housing areas have been categorized by single-family residences, townhomes, condominiums or multi-family buildings. But surban living has already started to blend housing options where it will now be common to find townhomes and condos mixed in with single-family residences. Ownership and rentals will exist in closer proximity to widen the retail base of available housing options.
So as young families and more urban residents seek to expand their families, more and more people entering the real estate market will be on the hunt for the residential ‘sweet spot’ – the surban – as a middle ground between city living and suburban seclusion.
If you’re ready to talk about your next move, give one of the experienced professionals at DeLeon Sheffield Company a call today. We’re ready to partner with you, every step of the way, to find you the next house to call home.
Because at DeLeon Sheffield Company, ‘We’re More Than Realty; We’re Family.’