New apartments smaller? Here's one reason why

A new report from the Chicago Metropolitan Agency for Planning may help explain why apartment sizes in new developments in Evanston are shrinking.

The CMAP analysis of U.S. Census estimates says the region's population of children, and of adults of prime child-rearing age, is shrinking.

But there's been a growth in the number of younger adults and of older people.

The same trends have been seen in several other major cities to which Chicago is often compared.

And with the average age at marriage also rising, there's been an decline in the number of households that include children, and an increase in the number of single-person households.

Evanston has done modestly better than the Chicago region as a whole on overall population trends in recent years, but, like the region, has failed to show the kind of dramatic population growth seen in some other parts of the country.

The CMAP study suggests that the regional decline in population is a drag on many aspects of economic activity.



What about large apartments? And houses?

I'm looking down the road and wonder what will happen to the value of our 3-4 bedroom, 2 bath homes once the readiness of us Boomers who are ready to downsize crosses paths with the millennial generation, many of whom may still be paying off educational loans.

Supply & demand. Prices for

Supply & demand. Prices for homes are ludicrously high. Many of us are biding time for this needed & overdue market correction to happen. When it does, we'll happily purchase a home- at a reasonable price.

Not only that, but you also

Not only that, but you also have to consider that families are getting smaller. Plus some of us godforesaken millennials aren't keen on having children. So the extra space isn't necessary. 

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