Downtown demographics show rising popularity

Even before the housing boom of the past few years got underway, U.S. downtowns were welcoming more residents. After declining for 20 years, the Brookings Institution reports that the population in these city centers picked up 10 percent during the 1990s.

More people between the ages of 25 and 34 took up residency in downtown markets, and the racial and ethnic composition of downtown residents became more diverse over time. Today, more downtown dwellers are college graduates and homeowners.

The downtown areas that experienced the greatest level of growth during the previous decade include Seattle, with expansion of 76.9 percent, followed by Denver, Colorado Springs, Albuquerque, Portland, San Francisco, Cleveland, Miami and Chicago.

Tops among the downtown markets with the greatest homeownership rates as of 2000, meanwhile, was Chicago -- where 40.7 percent of residents own their homes. The Windy City was followed in this category by Lafayette, La.; Denver; Austin, Texas; Miami; Philadelphia; Norfolk, Va.; Charlotte, N.C.; and Baltimore.

Source:
Investor's Business Daily (02/03/06) P. A8

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