America's downtowns are growing and this is contributing to the Condo Craze many cities are experiencing. Downtown activities such as cafes, shops, clubs and nightlife help keep the college educated 25-34 year olds entertained. In fact from 2000-2010 this demographic increased downtowns by 26%.
In an article from Forbes in April 2013,Lee Fisher, president of CEOs for Cities stated, "The cities that capture the mobile, college-educated 'young and restless' are the ones who are most likely to revitalize their downtowns and accelerate economic progress in their cities." CEOs for Cities is a national not-for-profit organization that helps U.S. cities map out economic growth. City Planners have been working nonstop to help downtown revitalizations attract these future investors in the local economy.
No longer do the Millennials or GenX or Y'ers want to get in their car and drive for entertainment and to socialize. They want bike paths and walkable neighborhoods with a sense of community. This consumer demographic are seeking thier first homes in areas of the best downtowns of the United States. Some downtowns have prepared for this influx and can offer a variety of housing options, but for others a waiting list to buy a downtown condo that fits the bill is increasing daily.