The editors of Freakonomics occasionally put together "online symposiums" tackling different issues affecting our country.
This month, they sought the opinions of several scholars, city planners (and crackpots?) to get their opinions on the future of suburbia.
While some scenarios seem more plausible than others, the general consensus is that suburban planning as we know it will have to be altered to account for rising energy costs. It's not as cheap as it used to be to commute into town or to heat/cool that 5,000 sqft house. Of course there are always trade-offs when choosing between in town living and suburban life (better schools, larger lots, more bang for your buck, etc.) but the simple fact is, we can't keep building neighborhoods further and further out. Choked out freeway infrastructure, high fuel costs and general commuter sanity should eventually rein this phenomenon in a bit.
You can already see the short term effects of fuel costs with the renewed popularity of closer in neighborhoods like Westbury & Oak Forest. Many neighborhoods that people considered to be blighted during the 80's and early 90's are coming back "in vogue" in a big way. The suburban flight that occurred in Houston over the past few decades seems to be reversing itself a little bit. Only time will tell if this continues, but one thing is for sure...the days of dirt cheap gas are behind us. In my opinion, single family lots close to town will continue to be a good investment. After all, they're not making any more of it!
-Scott
What Is the Future of Suburbia? A Freakonomics Quorum