Americans are undergoing a fundamental shift in where they want to live, work and play, says Christopher Leinberger of the Brookings Institute think-tank.

"This is not just a normal cyclical downturn," he said. "We've structurally overbuilt retail, office and housing, and we've done so in the wrong places.

"Gen Xers and Millennials want a lifestyle closer to 'Friends' and 'Seinfeld' that is walkable and urban, than to Tony Soprano, low density and suburban," he said. "It's not that nobody wants Tony Soprano. About 50 percent of Americans actually do want that configuration.

"But if we've built 80 percent of our housing that way, that's the definition of oversupply. The other 50 percent of Americans want walkable urban arrangements and yet that's just 20 percent of the housing stock. That's called pent-up demand. So the market is just responding."

So in practical terms, how do towns get on the right side of this multi-decade imbalance between supply and demand?

"You need to get the right infrastructure in," Leinberger said. "Doing so is a three-step process. First, getting a transit connection that can anchor a walkable urban core.

"Second is putting in overlay zoning districts around the train stations that will allow for much greater density and mixed use development. We're talking about a hundred, two hundred, three hundred acres.

"The third step is to get in place an entity to manage the thing, which generally takes the form of a non-profit business improvement district." he said. "These things are very complex, but we know how to do it now. We didn't 50 years ago, but we do now."

The median age of first-time buyers was 30 in 2008, and the median income was $60,600, according to a recent survey by the National Association of Realtors. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years.

The percentage of buyers who purchased a home in foreclosure jumped from 1 percent of transactions in 2007 to 6 percent in 2008. Another 38 percent of buyers considered purchasing a home in foreclosure but did not, primarily because they could not find the right home.

Commuting costs factored greatly in neighborhood selection, with 41 percent of buyers saying they were very important and another 39 percent saying transportation costs were somewhat important.

Environmentally friendly features also were important, cited by 90 percent of buyers. Heating and cooling costs were of primary importance, followed by energy efficient appliances and lighting.

Buyers searched a median of 10 weeks and viewed 10 homes.

"As a result of the the stimulus bill, qualified buyers can take advantage of the $8,000 First-Time Homebuyer Tax Credit. Unlike the previous tax credit, this one does not require repayment," said Mark Bousquet, sales associate with Koenig & Strey GMAC in Schaumburg.

The typical repeat buyer in the NAR survey was 47 years old, earned $88,200, purchased a home costing $236,000 and plans to stay in that home for 10 years. Repeat buyers made a median down payment of 15 percent, but 10 percent paid cash for their property.

The median age of home sellers was 47; income was $91,000. Three-quarters were married couples, had been in their home for six years and moved a median distance of 19 miles.

Buyers used a variety of resources in searching for a home: 87 percent went online, 85 percent used a real estate agent, 62 percent looked at yard signs and 47 percent studied newspaper ads.

Sixty-one percent of buyers are married couples, 20 percent are single women, 10 percent single men and 7 percent unmarried couples.

Seventy-eight percent of all respondents purchased a single-family home, 9 percent a condo and 8 percent a town house.

Fifty-five percent of all homes purchased were in a suburb or subdivision, 17 percent were in an urban area, 16 percent in a small town, 10 percent in a rural area and 2 percent in a resort or recreation area. The median distance from the previous residence was 12 miles.

In acquiring the data, NAR mailed an eight-page questionnaire to 133,000 home buyers and sellers, generating 10,053 usable responses.

The Association of Home Appliance Manufacturers has come up with a list of five appliances that may already be in your home which can help you save money.

Coffeemakers: Resisting a $3 cup of coffee will save you nearly $1,000 per year.

Freezers: Stock up on frozen foods when they are on sale.

Water filters: Use a water filtration system in your refrigerator instead of buying bottled water.

Portable electric heaters: Turn down that thermostat and use portable heaters in rooms that are used frequently.

Cook at home: An electric oven turned on for one hour on 350 degrees uses 2kWh of electricity, costing 24 cents.

Itasca was named the Best Affordable Suburb in Illinois by BusinessWeek.

The publication considered schools, low crime, reasonable commutes, strong economies and a good quality of life.