Home prices continue to be higher than homes in the suburbs. The moving patterns of the baby boomers are affecting this; since they prefer to live closer to activities they enjoy in the city, proximity to public transportation, walkability, diversity and they can be closer to medical services and to their children. “Boomers want to buy something secure” and suburban housing is not as secure an asset as was thought it used to be. (John McLain of Urban Land Institute stated). Developers are putting up condos and apartments near downtown areas.
Quoted from “Boomers to Blame for Rising Urban Home Prices” CNBC