The demographics of the United States are rapidly shifting. For the first time in history, we are looking at a population that will have roughly equal numbers of people in every age group. Americans are becoming more ethnically and racially diverse. And the combination of longer life expectancies and the preference for small families have made households without children currently in them, especially pre-retirement households, more numerous. This paper examines how the country’s current and projected demographic trends will impact preferences for housing choices and residential location in the future, and particularly how they will affect cities and metropolitan areas. The paper ends with implications for future research to help urban leaders take advantage of these changing demographics.