High Amenity Living trend

senseless

macrumors 68000
Original poster
Apr 23, 2008
1,777
166
Pennsylvania, USA
There appears to be a new, mostly rental, lifestyle trend towards community living with shared amenities. Group entertaining spaces, gyms, dog washing stations, barbecues, lavish pools etc. Is this going to replace the old American dream of single-family home ownership and what’s driving this trend?
 

Scepticalscribe

macrumors Sandy Bridge
Jul 29, 2008
47,233
31,563
The Far Horizon
There appears to be a new, mostly rental, lifestyle trend towards community living with shared amenities. Group entertaining spaces, gyms, dog washing stations, barbecues, lavish pools etc. Is this going to replace the old American dream of single-family home ownership and what’s driving this trend?
I suspect a number of factors may be driving this trend (if trend, it is).

Firstly, high rents in cities, and the fact that many people can no longer afford the sort of apartment or flat that would have with their reach a few decades ago, - and , likewise, they cannot afford to buy - as, while the cost of living has increased in some ways, wages static or have risen a lot less, and employment a lot less secure and stable.

Secondly, because of the expense of space, smaller flats or apartments have been increasingly designed, flats and apartments that may not have space for all of the amenities that one may have traditionally expected to have when renting an apartment of one's own.

Taken together, these factors may lead to sharing some amenities.

Thirdly, the nature and structure of what are considered families has changed; not only has the nature of the economy changed, but the nature of women's lives have also changed, as they have more education, autonomy and economic independence, giving them choices in life - including deciding whether to have children and, if so, how many, choices which barely existed half a century ago.

Thus, there are far more single (or widowed, or divorced) people living on their own these days; the older style house were designed for the family units of the mid twentieth century. Thus, housing increasingly reflects the needs of single (or widowed, or divorced) people.

Fourthly, where families exist, they are far smaller; few people have more than one or two children.
 
  • Like
Reactions: Huntn and senseless

ThisBougieLife

macrumors 68020
Jan 21, 2016
2,118
6,560
SF Bay Area, California
These kinds of apartments are all the rage here in Silicon Valley. My friend just moved into such an apartment: dog wash station, two gyms, large pools with fountains, huge barbecue spaces...he and his girlfriend pay $3000 a month for a studio. (The place itself seems to be primarily populated by young people working in the tech industry).
 

senseless

macrumors 68000
Original poster
Apr 23, 2008
1,777
166
Pennsylvania, USA
It's an interesting change. A generation ago, people wanted as much space around their home as possible to get away from neighbors. Now, we seem to be embracing social interaction. Smaller living spaces with the big entertaining areas, pool table, exercise room etc as a shared thing.
 

BootLoxes

macrumors regular
Apr 15, 2019
205
104
I think its a combination of higher cost of living, higher costs of school, and lower salaries that is causing this. For many it just is out of their reach to ever own a home. This is a good alternative and encourages social interaction
 

senseless

macrumors 68000
Original poster
Apr 23, 2008
1,777
166
Pennsylvania, USA
I don't think this is an affordability choice, because $3000 per month can certainly buy a home or condo is most areas of the country. Maybe because property taxes are no longer (essentially) deductible, there's less of a financial incentive to own?
 

HDFan

macrumors 68000
Jun 30, 2007
1,693
402
Is this going to replace the old American dream of single-family home ownership and what’s driving this trend?
In some areas single family housing will be replaced by alternatives.

For one reason, (oversimplified), at 35:

Baby Boomers owned 21% of the nations wealth
Gen X (1965-1980) owned 9%
Millennials will reach 35 in 2023. They currently hold 3.2% of the nations wealth.

Wealth is concentrated among the richest in each group.

https://www.washingtonpost.com/business/2019/12/03/precariousness-modern-young-adulthood-one-chart/


Screen Shot 2019-12-04 at 1.36.26 AM.png

In some areas single family housing is no longer feasible, both to cost, lack of land, etc. Minneapolis will be ending single family housing zoning in an attempt to deal with the issue.

https://www.nytimes.com/2018/12/13/us/minneapolis-single-family-zoning.html
 

Zenithal

macrumors G3
Sep 10, 2009
9,252
10,246
Dog washing station? Sigh. In my day, you squirted the dog with dog grooming sudsy stuff and hosed the dog down, as you took breaks for dog to shake itself off and fixed your garden hose on the neighbor's irritating cat that was the devil in disguise.
 

D.T.

macrumors G3
Sep 15, 2011
9,179
7,128
Vilano Beach, FL
There's quite a few of these in my area, all very new, and several of them aren't rentals/apartments, they've purchases/condos, and pretty high end too. The couple I'm thinking of are nicely self-contained areas too, the grocery, some restaurants, etc., are all accessible via cart paths, a couple have schools right on the same property.

There's certainly a huge convenience factor, and if you have no use for things like a big yard, it makes sense.
 

Plutonius

macrumors G3
Feb 22, 2003
8,066
6,318
New Hampshire, USA
In some areas single family housing will be replaced by alternatives.

For one reason, (oversimplified), at 35:

Baby Boomers owned 21% of the nations wealth
Gen X (1965-1980) owned 9%
Millennials will reach 35 in 2023. They currently hold 3.2% of the nations wealth.

Wealth is concentrated among the richest in each group.

https://www.washingtonpost.com/business/2019/12/03/precariousness-modern-young-adulthood-one-chart/


View attachment 880711

In some areas single family housing is no longer feasible, both to cost, lack of land, etc. Minneapolis will be ending single family housing zoning in an attempt to deal with the issue.

https://www.nytimes.com/2018/12/13/us/minneapolis-single-family-zoning.html
As others have mentioned, I'm not sure it's entirely financial when the people are paying $3000 / month for a community living studio apartment.
 

HDFan

macrumors 68000
Jun 30, 2007
1,693
402
As others have mentioned, I'm not sure it's entirely financial when the people are paying $3000 / month for a community living studio apartment.
In my area a 20% down payment on the average house ($1.3M) is $260K. Monthly mortgage payment would be ~$4700. Property tax, insurance, other costs are another $1650 so your total monthly payment would be $6431. Assuming 30% of Income goes to mortgage it would mean a monthly salary of $21K, or $257240 a year would be required. This is more than the $246K average that google pays. Average rent here is $3302, 1/2 the cost of owning not including down payment and maintenance.

An extreme and gross example, but this is a scenario for those extreme places.
 

Huntn

macrumors demi-god
May 5, 2008
17,403
17,355
The Misty Mountains
These kinds of apartments are all the rage here in Silicon Valley. My friend just moved into such an apartment: dog wash station, two gyms, large pools with fountains, huge barbecue spaces...he and his girlfriend pay $3000 a month for a studio. (The place itself seems to be primarily populated by young people working in the tech industry).
It's an interesting change. A generation ago, people wanted as much space around their home as possible to get away from neighbors. Now, we seem to be embracing social interaction. Smaller living spaces with the big entertaining areas, pool table, exercise room etc as a shared thing.
My understanding is that young people want to be close to work, and don’t want to be saddled with a house and all it entails. This of course is a broad generalization. It’s interesting because I’d want no part of apartment living, don’t want to hear neighbors or kids stomping around upstairs.