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We are seeing moderate size cities becoming more attractive to people, but places that are the most expensive are still some of the most attractive places for people to move to, and that probably isn't changing any time soon.
The vast majority of the American people have no desire to live in New York or any of the other very large metropoli.
The vast majority of the American people have no desire to live in New York or any of the other very large metropoli.
I sure the heck wouldn't want to.
Obviously the majority of all Americans have no such desire, eg. most residents of Kansas have no desire to move to NYC or LA.
But when you study the suburban areas surrounding these big cities there is an increasing desire among those residents of suburbia, both young people starting careers and retirees, to relocate to "the city". At least in the case of NYC this is definitely a trend.
I've seen it discussed on CD forums like New York>Long Island and written up in the NY Times; suburban small town living is losing it's appeal. These higher wage earners and retirees with some money moving in are putting pressure on the housing stock available to low-wage workers.
So now NYC has a mayor who's a strong advocate increasing the stock of "affordable" housing in the boroughs. It remains to be seen how that will work out.
That only "works" to a point. Low paid service workers required to support businesses and the needs of residents can only afford so much commuting.
Then the wages will either increase or those businesses will shutdown/modify so that they need less labor. That's how economics works. In the Bay Area help wanted signs at those types of establishments are now the norm and wages are higher. Out in the Central Valley where I live it's more an employer's market still.
Then the wages will either increase or those businesses will shutdown/modify so that they need less labor. That's how economics works. In the Bay Area help wanted signs at those types of establishments are now the norm and wages are higher. Out in the Central Valley where I live it's more an employer's market still.
I understand what you're saying, but what exactly happens when those businesses increase wages? Does it allow/encourage the workers to commute longer distances and spend their increased wage on commuting? Or does it allow them to live near the job and spend on rent? Or lastly, are the better wages just enticing workers away from other less desirable types of employment and then those businesses in turn have to modify, raise wages or shut down?
I left NYC because the COL was getting higher and higher and the quality of life no longer seemed worth it. I could never afford my current home if it was in NYC, even though I'm still in a pricey city. My new city is much more livable and affordable than NYC and I'd likely never move back there.
Absolutely. First-tier cities like NYC and SF (and LA) are just so incredibly hard for young people to carve out a life in, at least for those who don't work in finance or other high-paying professions like law and medicine. I say this as someone who lived in NYC in an artistic-leaning profession for five years. I had a wonderful time in my 20s, and I hustled, but as I neared 30 I realized that if I stayed in the city there was very little chance of building even a remote semblance of middle-class life, at least if I wanted to have a family.
I grew up outside Baltimore in the 80s and 90s, and by the time I got out of high school was ready to leave town and never look back. A lot of my friends felt the same way. At this point, though, I'd be thrilled to live there. A lot of well-known indie bands—and to a lesser extent, artists—have come out of Baltimore within the past decade, and its neighborhoods and restaurant offerings are getting better and better. (I live in Asheville, which, for many of the same reasons mentioned above, has been receiving a huge influx of transplants—and a huge spike in rents. The same phenomenon is even playing out down here: priced out by the high cost of living in Asheville proper, a lot of young people are moving to nearby towns.) Second-tier cities like Baltimore, Philly, Pittsburgh, Sacramento, Kansas City—and even Detroit, believe it or not—have been scooping up young families and creative refugees who don't have the money or tolerance for killing themselves in NYC or SF but still want the experience and supposed authenticity old, established cities. They like serious infrastructure, beautiful parks, and a walkable/bikeable lifestyle, which previously thriving big and medium-sized cities can provide. But don't take my word for it. Some links:
The solution is more construction. Reduce restrictions on new construction. Case in point: Houston does not have zoning and has some of the most affordable housing. Rent control doesn't work. Look at San Francisco and New York.
This trend is only going to worsen because well-paying jobs are consolidating in metros.
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