The Global Property Guide’s latest survey of house prices, which uses price changes after inflation to gain a more realistic picture, reveals an uneven recovery in global housing markets during the 12 months to June 2010.

Over that period, 18 countries had house price increases and 18 countries had price declines.

Europe presented mixed results, with Finland (up 9%) defying the downward trend of decline experienced throughout Ireland, Bulgaria, Lithuania, Iceland, Russia, Croatia, Spain and Slovakia.

In the US, house prices fell 3.31% over the year, while Canadian house prices were up 1.47%.

Singapore performed best overall, with a 34% house price increase recorded between June 2009 and June 2010. House prices in Hong Kong, Taiwan and China also surged 21.4%, 11.51% and 5.78% respectively.

Strong economic growth, low interest rates and increases in foreign demand fuelled house prices in these four countries, raising fears of a property bubble. In June the International Monetary Fund warned that the booming Asian real estate markets “may pose risks to financial stability.”

In response, Singapore, Hong Kong, Taiwan and China all swiftly tightened credit supply by lowering the loan-to-value ratio. Singapore and Hong Kong have also increased land supplies, and China has increased the down payment requirement for second-home mortgages to 50%.

Closer to home, the July RP Data-Rismark Hedonic Home Value Index confirms that Australian property values are holding their own.

“In the period between end 2008 and March 2010, Australian home values rose by 16.3%,” says RP Data’s research director, Tim Lawless.

In the month of July Australian home values remained virtually unchanged, recording an increase in value of 0.1% for the month. Annually, house prices jumped 9.7% in the 12 months to June – and Lawless believes the outlook for the rest of the year remains positive.

“There is the possibility of modest gains,” he says, “if mortgage rates remain in check and economic conditions continue to improve.”

Source:www.yourmortgage.com.au

The only path to financial freedom is going to be to make sacrifices – some pretty big ones – and slash the mortgage as soon as possible. Then compound interest and investing will be able to actually earn us money. The sooner the mortgage is gone, or at least significantly reduced (given the size of mortgages these days!), the more money we will have to enjoy life.

Yes, it can be a little boring trying to pay a slab off the mortgage. But once you owe a lot less you’ll be able to use that spare money to do things that you want, instead of feeding it to the bank all the time. If you’re in deposit saving mode, the tips below will also be helpful.

#1 Stop Spending. Sounds simple, but do you find yourself wondering where all your money went? Does it leak out of your wallet like a bucket with a hole in the bottom? We’ve tried budgeting before but it just seemed too complicated. After a couple of weeks we’d get bored and the whole thing would go out the window. So now we’ve just decided to stop spending on pretty much everything – except the essentials, and a couple of luxuries we just can’t live without.

#2 No new clothes. In fact no new anything. Terrifying for some, I know. But we’ve decided to put a ban on buying any new clothes for two years, and most other goods too. I already have enough threads to dress the people of a smallish nation so it really shouldn’t be too much of a challenge. It’s just the boredom factor, really. Second-hand op-shop bargains are allowed and it has become surprising to see what you can actually find, if you have the time to look. And given we’re not heading out to pubs and cafes anymore, we have to do something with our time.

We’ve got little kids so obviously they can’t wear the same clothes for two years, unless we put bricks on their heads. But we’ve made it known that we welcome all hand-me-downs, and have also made a habit of perusing the op shops and second kids’ clothing markets. It’s amazing how many near-new clothes you find for just a few dollars, or items that even have the tags still attached.

#3: Lose the pay TV. It’s a luxury that is costing you a pretty penny. With the growing number of channels on free to air, there’s a lot more choice for nix on the box these days. And if you do the sums, you’ll probably find that even hiring a few DVDs a month is a lot cheaper than pay-TV. If there is something you must watch – sport for example – try to arrange to see it at a friend’s house who has got pay TV. As a last resort head out to the pub to see it – but be careful your beer bill doesn’t cost you more than your monthly pay-TV would have!

#4: Join the library. Now that you’re not watching as much pay TV you might have more time to read books – and you can do it for free from your local library. Check out their DVDs and CDs too. If your library doesn’t have what you want you can ask them to bring it in from another public library. In many areas this is free. In others they’ll charge about $2 or $3 to do it. Recently my three-year-old wanted me to get him a Gruffalo audio book. Instead of buying it, we asked at the library, and they got it from another library for us. We had to wait about two weeks, but it provided some great anticipation for my son, and cost us nothing.

#5 Quit the gym. Go for a walk/run/ cycle/swim instead. Now we are coming into spring, there should be ample chance to get out and about and exercise without having to pay for it. If you need motivation, try to arrange with a friend to exercise with. Make a date for something active, such as tennis, swimming or walking.

#6: Ditch the car. Get a bike, or opt for two feet and a heartbeat. I don’t mean sell the car, I just mean avoid using it when possible. Of course if you have two cars and think you can survive with just one, it might be worth offloading your second. Otherwise keep your fuel costs down by jumping on a bike when you can or for very short trips, walk. We have a Christiana trike, which is great for carting the kids around and also for heading to the markets on a weekend. If you live in an area where there are organised car pooling groups, it might be worth checking them out as an alternative to owning your own car.

#7: Entertain at home. Going out can be pricey, especially if you are buying alcohol too. Entertaining at home can be just as much fun, and stress-free (and cheap) if you ask everyone to bring a little something to contribute. If you do head out for a meal, look for cheaper restaurants where you can BYO alcohol for a low corkage fee.

#8: Home brew is a go-go. Since my hubby started home brewing a year ago, I reckon we’ve saved a small fortune in beer. If you’ve got a green bent, it’s potentially better for the environment too, because you’re reusing the bottles and not paying for all that heavy ready-made beer to be shipped about. If you are a wine drinker, try to save money by buying wine in bulk.

#9: Holiday close to home. Look for cheap options, such as camping, staying in caravan parks, or house-sitting for friends and family. Try to get something with kitchen facilities where you can make most of your meals – eating out can be a significant cost of holidays.

#10: Grow a few vegies. It can be pretty simple to grow some herbs in the garden (or pots) and a few basics such as spinach, lettuce and tomatoes. Pottering about watering and weeding them can also be relaxing after a stressful day at work.

#11: Babysitting circle. If you’ve got young kids, considering swapping babysitting services with friends. We have a magnet system where we use magnets as payment. Each family starts with four magnets. We often babysit the kids in their own home, in the evening. So one parent stays at home with their own children, while the other minds the second family’s children. It works a treat. You can arrange for the circle to work with several families or you could have your own arrangements with a couple of different families, as we do.

#12: Limit your mobile phone calls. If you’re bursting out of your mobile phone plan each month it might be time to examine your habits. Can you limit your conversations or cut down your texting to save money? Or could you email or skype someone instead?

#13:  Pre-made is pre-paid. Go for fresh with food where you can. Don’t get caught out buying pre-made things such as soup. It’s pretty easy to chuck a few vegies in a saucepan along with some stock powder and boil it up. Pre-made sauces (the add meat and vegies variety) can also be an expensive choice that could be replaced with a few basics such as stock powder, cornflour and garlic. It’s always good to make sure you’ve got a few basics in the fridge or cupboard so you’re not tempted to get take-away – even if it’s as simple as tinned fish, a cheap packet of pasta and sauce, or baked beans on toast as a stopgap.

#14: Buy a water bottle – and use it. Buying bottled water is crazy when you can refill from a tap. And resisting soft drinks, juice and flavoured milk will also save you plenty of money over time. Drink some water and eat an orange instead. It’s a lot cheaper, and better for your waistline too.

#15: Pack your own. Whether it’s work or an outing, there’s no doubt that food brought from home is going to be cheaper than lunch on-the run. It can get a bit tedious at times, so allow yourself to go really wild on occasion and buy takeaway. Otherwise bring your own and watch your mortgage start to be whittled away.

Original story by Carolyn Boyd, a property journalist and keen follower of Australia’s housing market.

The latest Australian Bureau of Statistics housing finance report saw the value of investment housing loans drop for the first time in four months in June 2010 by a seasonally-adjusted 3.6 per cent to $7.3 billion, the lowest value reached since February this year.

However, this compared favourably to $6.5 billion in June last year.

Many market commentators say this buyer group had been holding back until the election was over and the traditionally strong spring selling season begins. They won’t have to wait much longer.

Mortgage Choice senior corporate affairs manager, Kristy Sheppard says that according to RP Data, Australia typically sees higher than average property activity from September through to November.

"This year should be no exception, despite a possible lag effect from the hung parliament," she said.

"There are already more properties on the market than usual at this time of year.

"That is good news for prospective investors, as is property prices plateauing in many areas and dropping in some; rental prices increasing; strong population growth continuing; consumer sentiment rising and the sharemarket continuing to be unpredictable.

"Housing undersupply is a serious issue in Australia and ABS building approval figures show a fall for a third consecutive month in June to reach the lowest level since August last year.

"Hence, many investors believe the long-term potential of property as a stable asset class is excellent.

"With fewer new properties there is bound to be a pick-up in rental price growth — we are seeing that happen already.

"Australian Property Monitors Rental Market Report for the June 2010 quarter shows that from April to June, rental prices for houses rose nationally by 0.7 per cent, bringing annual growth to a relatively small, but very encouraging, 3.1 per cent.

"The unit market was stronger, with rents increasing nationally during the last quarter by 3.5 per cent, bringing the annual growth rate to 4.2 per cent.

"This bodes well for people who research the property market thoroughly, have a long-term strategy in mind and investigate all their finance options so they make a sound investment decision.

"Prospective buyers must be aware that lenders have tightened loan assessment criteria for investors as well as owner occupiers.

"Many have limited their loan to value ratios to 90 per cent of the purchase price for both buyer groups, with some going even lower.

"Also, genuine savings are essential, whether in the form of a cash deposit or existing property equity.

"Both buyer groups will need to plan ahead to satisfy their chosen lender’s requirements.

"Preparing for rate movements is also vital to the planning process.

"The cash rate will probably remain stable for the next couple of months but many lenders are signalling that funding costs may force them to raise borrowing costs independently of the RBA’s rate cycle.

"It will be interesting to see how many Australian investors spring into the property market over the next quarter and what effect, if any, lender rate rises will have."

Source: www.goldcoast.com.au

A combination of interest rate rises and property price growth has seen housing affordability worsen more in Melbourne than other capital cities over the past year.

The deteriorating situation for first home buyers and young Australians was revealed in the latest Housing Industry Association affordability survey for the June quarter.

The HIA-CBA Housing Affordability Index fell 9.1 per cent over the last three months to be 32 per cent lower compared to the same period last year, showing a worsening situation nationally.

Affordability in regional Victoria fell by 9 per cent. In Melbourne, it dropped by 6.7 per cent, down 39.8 per cent on a year ago.

The index combines interest rates, household incomes, home prices and other factors, such as the removal of the first home buyers’ impetus to determine housing affordability.

It doesn’t give a suburb-by-suburb breakdown of the most or least affordable places in capital cities or regions.

According to property analysts RP Data, the most expensive electorate to buy a home is Wentworth in NSW. It includes Sydney’s wealthiest suburbs: Point Piper, Bellevue Hill, Vaucluse, Double Bay and Dover Heights.

On a more simple measure of affordability, the median house price of the marginal Liberal seat held by Malcolm Turnbull – which needs a swing of 3.9 per cent to change hands – is a staggering $1.65 million.

By contrast, Julia Gillard’s safe Labor seat of Lalor – held by a margin of 15.5 per cent – has a median house price of $300,000 and is the most affordable metropolitan electorate in Australia, RP Data analyst Tim Lawless said.

It includes the suburbs of Laverton, Point Cook, Werribee, Rockbank and Melton.

Neither main political party has released significant policies addressing home affordability or high house prices, despite the federal election being two days away.

"There has been a dire lack of commitment in this federal election campaign to address the substantial hurdles aspiring home owners face," said HIA chief economist Harley Dale.

In Melbourne, affordability dropped year on year by 39.8 per cent. Affordability in Sydney, by contrast, dropped 33.5 per cent. ”If that trend were to persist then you would rapidly be approaching a situation where Melbourne is on a par with Sydney in terms of [least] affordability,” Mr Dale said.

Housing affordability reached a record low in March 2008 when bank interest rates were above 9 per cent. The latest score on the affordability index in Melbourne is one point above the low of 2008.

The largest falls for the June quarter were recorded in Sydney (-9.1 per cent), Regional Victoria (-9.0 per cent), Regional Tasmania (-8.8 per cent) and Adelaide (-8.7 per cent).

Story by Simon Johanson domain.com.au

The RSPCA manages about 160,000 animals Australia-wide each year, and the charity’s ACT chief Michael Linke says shelters are bursting at the seams because changing living situations mean people can no longer stay with their pets.

"It’s unfair someone’s expected to surrender an animal under those circumstances," he said.

"It’s a heartbreaking thing. I’ve sat in the room with people as they’re surrendering their animals; they don’t want to do it but their choices have been limited.

"It’s their only option because of pressure on rental accommodation, and they’ve taken that difficult decision.

"It’s heartbreaking for our staff, but then we’ve got the double whammy because we then need to find a home for that animal."

Mr Linke says pet owners struggle trying to rent private and single-dwelling houses the most.

"We’ve been calling on the Real Estate Institute and private land-holders to loosen the ties a bit and be more forthcoming in allowing people with pets to find accommodation, because we’re finding a lot of people are surrendering animals to move into free-standing houses," he said.

Jacqui Limberger and her partner Ryan Blunden created a software application which helps find pet-friendly rentals on realestate.com and domain.com.

Their website also helps pet owners write a resume for their furry friends, to help give them a better shot of being approved by real estate agents.

"Research has show a lot of landlords and agents may not even consider letting to someone with a pet until they’ve seen its credentials and references from other landlords," Jacqui says.

"It gives applicants another piece of evidence to say ‘My pet’s not a problem, I’m a good tenant and I take responsibility for my pet.’

"It’s about providing people with information and resources, so landlords see pet renting doesn’t have to be a problem and also to help applicants put their best foot forward."

Inner-city kitty?

But there may be some good news for pet lovers.

The RSPCA’s Mr Linke says that these days, there’s more chance of then being approved to rent units and apartments, and a new study has found you don’t necessarily need a big back yard to own a dog or cat.

Susie Willis from the Petcare Information and Advisory Service (PIAS) says a recent study of 800 people found pets and owners who live in units are just as happy as those who have backyards.

"There are some breeds of dogs that really fit indoor living – like pugs, whippets, french bulldogs – that don’t actually like it too hot or too cold, so being indoors is ideal for them," she said.

"Toilet training is obviously important but the reality is, most healthy adult dogs can be quite happy with two or three toilet breaks a day."

She says there’s no reason for people who live in a small inner-city place to not have a pet, and the PIAS has put out a ‘how to’ guide to help people out.

"We’ve got tips on how to prevent people from becoming bored, exercise, how to create a pet-friendly environment," she said.

"The whole point is, you can keep dogs without a backyard, but you do have to be careful with the way you manage the situation.

"We go through things from what to think about when choosing a dog or cat, how to find reliable sources to get them, what to think about when deciding on different breeds, and then we look at common problems and give tips and advice on how to solve issues.

"We also look at rental situations because it can be difficult to own pets in that situations.

"One of the things we’re conscious of doing is trying to make sure that people don’t get the wrong sort of pet and they don’t get a pet if they can’t give the necessary commitment to its ongoing care."

Story By Cassie White – ABC News

Ric Battellino, the Reserve Bank of Australia deputy governor, has sought to allay concerns that this indebtedness means we face a risky unsustainable outlook. He said that 75 per cent of household debt was held by the upper 40 per cent of income-earners.

The bank’s governor, Glenn Stevens, had earlier given the RBA’s estimate of Australia’s dwelling price-to-income ratio, which found that dwelling prices in capital cities were typically 4.8 times disposable household incomes – about half the ratio put by the doomsaying international survey Demographia.

The Commonwealth Bank chief executive, Ralph Norris, was asked after the bank announced a $6 billion profit last week whether the housing doomsayers were nuts.

”I wouldn’t go as far as to say they’re nuts but I think that it’s very easy to make assertions based on averages,” he said. ”You come to a different view when you look at the fact that the incomes based around averages are not relevant to the average person that has a mortgage.

”So you know, we’re in a situation here where, in my view, the housing market in Australia is healthy.

”There will obviously be variations in price and we shouldn’t be surprised if there are, you know, drops of 5 per cent or 10 per cent, as there are obviously increases in value.

”But I think the range of value is not going to be anything that suggests a bubble and a collapse of the housing market in Australia.”

Deutsche Bank issued a research paper last week suggesting Australia’s house prices were not as vulnerable as doomsayers argue.

While acknowledging that on many comparisons Australia had a high house price-to-income ratio and high levels of household debt, the Deutsche Bank economists Phil O’Donaghoe and Adam Boyton argued the vulnerability of Australian housing was ”overblown”.

”The housing market is perhaps the most common vulnerability we are asked about in the Australian economy,” the said.

”Combined with the role played by the US housing market in the financial crisis, investor awareness and suspicion of this key asset class is perhaps understandable.

”But we have long held the view that a broader assessment of the Australian housing market offers a more sanguine conclusion.”

The Deutsche Bank report noted that mortgage debt obligations in Australia were fully recourse loans and borrowers’ mortgage obligations extend beyond the mortgaged property, therefore providing a greater incentive for repayment relative to the United States.

Battellino suggests the strongest evidence on the sustainability of household debt was the low level of arrears. This was evident again this week in housing repossession data.

Repossession actions lodged in the NSW Supreme Court for the first six months of 2010 totalled 1198.

There were 3800 last year and 4000 during 2008. The peak year was 5300 in 2006.

Foreclosures in the US rose 4 per cent from June to July, exceeding 300,000 for the 17th month in a row, according to RealtyTrac.

The number of foreclosure activities, which incorporates all phases of foreclosure including default notices, scheduled auctions and bank repossessions, totalled 325,229 in July.

Lenders seized 92,858 properties last month, the second highest monthly total since RealtyTrac began tracking repossessions in 2005. Total foreclosure activities reached 1.65 million in the first six months of 2010.

Deutsche Bank noted that Australian house price concerns were ebbing. ”The pulse in housing finance has moderated in line with rises in the cash rate. The housing cycle points to a steady moderation in price pressures.

”Elements of the market which had been described by the RBA earlier this year as demonstrating elements of ‘considerable buoyancy’ have moderated. Auction clearance rates have also slowed.” From a peak of 72 per cent at the end of last year, auction clearance rates had fallen by last month to 61 per cent, Deutsche said.

Story by Jonathan Chancellor www.domain.com.au

The extraordinary growth in house prices in Australia’s capital cities over the past year has resulted in the value of an average home in Melbourne rising by nearly $98,000.

In Sydney, the price increase for an average home peaked even higher, above $104,000.

House price figures for eight capital cities released by the Australian Bureau of Statistics yesterday show year-on-year growth from June 2009 of 24.3 per cent in Melbourne and 21.4 per cent in Sydney.

A 24.3 per cent rise above the median Melbourne house price of $403,000 for June 2009 equates to an annual increase of $97,929. Similarly, a 21.4 per cent rise above Sydney’s median 2009 June price of $490,000 equates to $104,860.

The figures provide welcome news for first home buyers, indicating the growth in property prices has peaked and is now declining.

Melbourne prices grew by 3.6 per cent over the June quarter compared with growth in the March quarter of 6.7 per cent.

Economists suggest property prices are likely to flatten, rather than decline significantly, and then remain stable.

”It’s still pretty incredible growth, given we have had six cash rate increases,” Nomura Australia economist Stephen Roberts said. ”That tends to rule out any relief from lower interest rates, too, for some time. The last thing this housing market needs is any stimulus from lower rates.”

Economist Saul Eslake from Melbourne’s Grattan Institute said the ABS figures confirmed data released last Friday that showed property prices declining in June. ”It’s consistent with all the other evidence of lower clearance rates and lower volumes,” he said. ”A lot of the heat that was in the market when interest rates were lower and when there was more government support in the form of grants has now dissipated.”

Overall, Australia’s house price growth slowed less than expected in the June quarter. Economists were predicting growth of 2 per cent but capital city house prices rose 3.1 per cent, following a revised 4.2 per cent rise in the March quarter, according to the ABS.

Economists suggest demand may continue to keep prices stable, with 200,000 new homes needed to house Australia’s growing population.

This comes despite dwelling approvals posting a surprise 3.3 per cent fall in June and the volume of new home sales also declining.

Brisbane recorded the slowest property growth rate with an 8.5 per cent increase. Canberra prices rose 19.6 per cent, Darwin 14.6 per cent, Adelaide 11.6 per cent and Hobart 10.8 per cent, the ABS data shows.

The combination of growth in house prices, a strong labour market, the push for wage increases and other inflationary factors was likely to add to the case for the Reserve Bank lifting interest rates towards the end of the year, Mr Roberts said.

House prices were also affecting other parts of the economy. Households forced to pay off large mortgages were ”scrimping and saving”, which was affecting other sectors such as retail sales, he said.

Story by Simon Johanson www.domain.com.au

The nationwide polling, carried out by Galaxy, found more than 90 per cent of Australians believed both federal and state governments needed to do more as the country’s population over 65 doubles and the number of taxpayers to support them halves.

Commissioned by The Benevolent Society, the research found the vast majority of people backed calls for a high allocation of low cost or subsidised housing.

"What struck us the most about the research results is the high level of concern across all age groups – from 18-year-olds to over 50-year-olds," said Richard Spencer, CEO of The Benevolent Society.

"It’s surprising that 90 per cent of respondents expressed concern about Australia meeting the costs associated with our ageing population, and even more in each age group agreed on the need to create more affordable housing."

The findings supported recent studies showing elderly renters on low incomes were one of the most vulnerable groups in the housing market, said Professor Peter Phibbs, from the University of Western Sydney.

"All tiers of government need to do more to provide better housing opportunities for older Australian renters," he said in a statement on Tuesday.

"State governments can use their land use planning systems to encourage the sorts of affordable housing outcomes that would be suitable for this group."

Mr Spencer said older Australians often resisted moving into nursing homes.

"They want more choices for late old age than the current options of staying in unsuitable houses where they risk accidents, institutionalised nursing home care, or distant retirement villages where they are cut-off from family, friends and established support networks," he said.

The poll showed Australians believed the main consequences of the growing population were a lack of infrastructure (81 per cent), a lack of affordable accommodation for low income earners (80 per cent) and overcrowding in cities (75 per cent).

A new survey confirms high-income property investors have returned to the Australian property market with the intention to buy, a considerable shift from the same time last year. There has been a nine per cent increase in demand by investors looking to buy a property at the upper end of the market, according to the realestate.com.au’s Consumer Insights Report (Buy).

Twenty-five per cent of investors were searching for properties to buy in the $500,000 or more price range, up from 16 per cent in April 2009.

General manager of sales and operations for realestate.com.au Peter Wright says the research findings paint a promising picture of the property market.

“The report revealed one in two property seekers now believe the market is rising – a result not observed for two years,” he says. “Of those who believe the market is rising, the perceived reasons for growth include a seven per cent increase in investors returning to the market (35 per cent), a shortage of properties (54 per cent) and a growing economy (40 per cent).

“Investors were also one of the top three homebuyer groups (39 per cent) that have sought pre-approval for finance with the intention to buy or build. First homebuyers and investors were also more likely to say they had thoroughly researched the market – up by 16 per cent and eight per cent from the last wave respectively,” Wright says.

The report also showed that investors were more likely to be male, aged 50 to 64 and living in high income households, while female investors were more likely to be younger, aged 25 to 34 years (30 per cent), compared to males (21 per cent). Both male and female investors were more inclined to come from double income households (54 and 50 per cent respectively).

The report is an in-depth survey that delves into the psyche of the Australian property buyer, covering topics such as buy, rent and share. The survey ran from May 31 to June 3 with 4082 Australians taking part.

Source: Australian Property Investor

More Generation X parents are rejecting the suburban dream to raise their family closer to the city, fueling steep housing price rises.

The trading-up market is already seen as one of the strongest in Sydney’s property market, particularly among four-bedroom houses in inner-ring suburbs, according to the Australian Property Monitors economist Matthew Bell. "Most of those housing upgrades have been selling into what has been a strong first-home buyers market in previous years and the ripple effect of that is flowing upwards."

That market has also been boosted by a lack of stock.

APM figures show the median price for four-bedroom houses in inner-ring suburbs has increased 12.4 per cent in the year to June (to $1,595,000), compared with only 6.3 per cent (to $520,000) for similarly sized houses in the outer ring.

Inner suburbs well stocked with four-bedroom properties showed among the best median price growth in the past year, such as Longueville (up 43.75 per cent), Lane Cove (35.3 per cent), Randwick (31.25 per cent), Queens Park (21.2 per cent), South Coogee (36.9 per cent), Haberfield (10.9 per cent) and Marrickville (19.2 per cent).

The figures reflect comments by the demographer Bernard Salt about Generation X, aged in their 30s and early 40s, forming a "critical mass" of parents choosing to remain close to the city rather than move to fringes.

"Gen X are very lifestyle driven,” research director of RP Data, Tim Lawless said. ”They tend to want to work and play in the same area … the city usually. Gen X don’t want a yard to maintain. They want a short commute, with friends and retail nearby."