An article I read on GlobeSt.com talks about predictions for the growing population in California that are peaking the interest of both the residential and the commercial real estate industries. Brokerages, builders and property investors are watching to see what the next wave of development and growth will look like and the data is interesting. A new trend is quietly emerging as the demands of the ‘next wave’ are making themselves known.

The population of Southern California is expected to grow from 17.8 million to more than 21 million by the year 2020. The driving force behind the new real estate landscape includes more interest in being closer to jobs and less time spent commuting. There will also be less money to spend for the coming generation of home and apartment dwellers. This is creating a demand for smaller, higher density developments in more urban areas, allowing people to be closer to their work.

As home buyers change their view from home being an investment to being a place to live there will be less of a difference between being a home owner or being a renter. A fact that could be a boon for apartment owners, especially those who develop new complexes in these urban areas.

The make-up of the new wave consists of a very large Gen Y population as well as a growing need for senior housing at an affordable price for the aging Boomer generation. So as the population creates more demand, its demographic will dictate what future housing products should look like.

View the full article at http://www.globest.com/news/1297_1297/losangeles/175480-1.html

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