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While overwhelming numbers of people want a detached house, revealed preferences in the housing market show that people are more than willing to live in a townh
by pchristensen 4y ago
While overwhelming numbers of people want a detached house, revealed preferences in the housing market show that people are more than willing to live in a townhouse or condo at the right price. Most people are choosing between a more affordable attached unit closer to where they want to live, or a detached unit farther away.
Today's Slow Boring newsletter (https://www.slowboring.com/p/a-bold-agenda-for-dc-housing https://www.slowboring.com/p/a-bold-agenda-for-dc-housing) explained the numbers pretty well:
But the factual situation is pretty clear:
(1) Dense, walkable neighborhoods feature very high home prices, indicating a large amount of unmet demand for high-density living.
(2) Surveys show clearly that a majority of Americans prefer to live in auto-oriented suburbs and do not want to live in dense, walkable neighborhoods.
The way to resolve this apparent paradox is to note:
(3) Currently only a tiny minority of Americans live in dense, walkable neighborhoods.