Accessibility is an important key in finding a good location for your house. Access to commute, access to public transportations, access to major economic hubs, such things are to be taken into account according to your needs.
If you’re buying a home for investment, think ahead. The generations who are starting to own houses are millennials. Some of the key findings conducted in a study by Apta shows that Millennials are multimodal, and compared to previous generations, millennials are less likely to drive or have a valid driver’s license.
They use public transportations a lot more compared to the older generations. Taking this into account, housings with a good public transportation system is bound to be more in demand.
Access to people, goods and services, and information
According to New Climate Economy website, things such as access to people, goods and services, as well as access to information are all the foundation of the economy, and therefore, the fundamentals of economic development.
Information access these days is not dependent upon proximity nor distance. News has largely shifted to become flexible in terms of form with the existence of the internet, the same cannot be said for access to people; community and ‘support system’ as well as goods and services that includes facilities. Much of these aspects are still very much dependent on location.
It’s been shown that the millennials have a greater preference towards city life. Urban areas are largely defined as the places that have high accessibility. To be able to afford living in cities, urban areas, or metropolitans, millennials are willing to go to great lengths; from making liveable a house out of cargo boxes to shifting their style of housing from renting apartments to communal living.
Suburbanization is the opposite of urbanization, where the population of the urban areas shifted to the point that the areas turned into suburbs. This caused decentralization of these once-urban areas.
This has the advantage or disadvantage—depending on whose perspective adopted—for instance, the decrease in home prices. Access to public access is largely varied depending on the places. Some lost the access, or greatly lessened, in terms of access to public transportation.
Some still benefited from the proximities from cities, but a quieter life, less high-paced environment, yet still close to the center of public services and entertainment.
Urban agglomeration is caused by companies that are located near each other. Agglomeration happens when these companies or businesses are clustered together in close proximities. This has significant positives in terms of economic growth.
The cost of productions as well as distribution decline due to the proximity of providers or producers, and even to the customers. The formation of cities largely come through urban agglomeration.
Urban agglomeration causes the rise in land and house prices. There also exist a large supply of labor and a demand of labor, though the two may not be in line all the time. The competitive pressure of this urban agglomeration also increased because of the higher density of population.