Almost a quarter of the U.S. population is ditching the white picket fence for common interest communities.
Rather than opt for a single-family home, 69 million Americans, more than 20% of the population, now reside in common interest communities such as condominium owners associations or cooperatives, Forbes reports.
The communities have been found to be particularly appealing to those aged 65 and up, which is a demographic that is anticipated to reach 64 million people by 2030, as well as millennials, who tend to enjoy managed properties with nearby amenities and entertainment.
With larger groups of millennials buying homes and more baby boomers retiring, these communities are likely to experience a boom in the coming years, Forbes reports.
This could prove beneficial for developers who get in on the trend early, as many of these communities are viewed as attractive to cities and municipalities. Because they are co-owned and managed by property developers and COA members, municipalities are often relieved of taking care of infrastructure operations such as water and sewage.
This, along with the fact that the communities tend to improve the aesthetic of a neighborhood, has led many cities to offer relaxed zoning and fewer permit obligations when it comes to the approval process.
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