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https://www.redfin.com/IL/Chicago/22...m_content=link
But, sticking to apartments, most Chicago buildings are one-two units per floor. Apartment living is different when you aren’t sharing walls with your neighbors.
Well there are hundreds of thousands of single family homes to be had in the city for less than $1M.
People in 20+ unit buildings, mostly highrises, account for roughly 300,000 units in the city. There are an equal amount of single family homes, at 300,000. The other half of the city, or 600,000 units is 2-19 unit buildings.
Well there are hundreds of thousands of single family homes to be had in the city for less than $1M.
People in 20+ unit buildings, mostly highrises, account for roughly 300,000 units in the city. There are an equal amount of single family homes, at 300,000. The other half of the city, or 600,000 units is 2-19 unit buildings.
Well, yes, but this threat do specifically about where the wealthy choose to live. I think most of us are also considering the upper-middle class. That’s why I chose houses in the price range that I did.
In my time in Chicago, I only knew a handful of people who lived in high rises. They were all single (no couples, married or unmarried). After a couple of years in Chicago, people tend to move out of greater downtown, and into the neighborhoods. After their 20s, people tend to leave Lakeview.
In LA, the COL is so high that while the wealthy didn't often choose to live in apartments/condos, there was absolutely nothing strange about having a friend who lived in an apartment their entire childhood. Many of my friends did, especially those whose parents moved to the area later. Especially those who moved to the suburban districts for the better schools just outside the city limits of LA. But there are some wealthy people who live in the condos/apartments on Wilshire Blvd in the Westwood area and in Century City by choice.
There are also wealthy people in condos/apartments in other beach cities, like Santa Monica and Palos Verdes. I assume the same is true in Miami.
It's actually the 50s to 90s buildings that are most likely to have garages. Developers have been moving away from the suburban style buildings since then, at least in areas with good public transit. Most of the new buildings I see in North Brooklyn do not have any off street parking.
I also think that rowhome living is completely different than apartment living (assuming you own the whole thing), since it's functionally the same as a detached single family house.
The ones in Brooklyn are a different story. Almost nothing being built in the urban neighborhoods of the city is being built with parking.
As for rowhome living, I meant some of the the above-styles. The last one in Bayonne is a SFH, but the others are units. They're like the small buildings of Brooklyn.
Idk enough to comment, but I'm sure it's common in Boston, DC, and Chicago as well. I could see it becoming more popular in Philly too, now that it's finally picking up on the re-urbanization trend and attracting lots of young couples and young families into the city limits. It's still a majority rowhome city, but I wouldn't be surprised if people start choosing to live in the new high rises or other condos/apartments going up throughout CC.
You're right about Philadelphia, generally, as it is evolving. But well to do people with families have been living in Philly's ritzy core neighborhood, Rittenhouse, for decades going back to the Gilded Age. Many of the high rises around Rittenhouse Sq are vintage structures. There were multiple mansions in the late 19th and early 20th centuries, as well, in the area.
But what about expensive cities like San Francisco and Los Angeles? Do wealthy families still go the traditional route of a single family home?
My guess would be that the very wealthiest people in San Francisco and Los Angeles occupy detached, SFHs simply because that type of housing is more available. 31.8% of housing units San Francisco are either detached, SFHs or rowhouses compared to 1.9% in Manhattan. So while you certainly have some very wealthy people in SF who will choose to live in an apartment over a SFH, this is a choice dictated more by preference than necessity.
That said, you still have households in SF or LA that would be considered wealthy by national standards that live in apartments. But the families that are considered wealthy relative to incomes in the Bay Area are more than likely not living in apartments. NYC is the only city in the U.S. where people with 7-figure incomes routinely live in apartments.
There are also wealthy people in condos/apartments in other beach cities, like Santa Monica and Palos Verdes. I assume the same is true in Miami.
I don't think Miami is a place with many wealthy families. Sure, the city attracts a lot of wealthy snowbirds as well as wealthy expats and foreigners who buy properties there to shelter cash, but I don't think there are that many wealthy people raising kids there and doing so in highrise/apartment districts. Those high income families overwhelmingly choose tony communities in Broward and Palm Beach County (i.e., Parkland).
In NYC, the people that can choose to live anywhere readily choose to live in apartments/condos/co-ops in the city. That's mostly for Manhattan and Brooklyn.
Not really true of Brooklyn. If you're raking in, say, $1.5 million per year, why wouldn't you buy a brownstone? You could get a brownstone in Brooklyn Heights or Park Slope in the $2.5-4 million range.
Most of the celebrities living in Brooklyn live in brownstones/SFHs.
I don't think Miami is a place with many wealthy families. Sure, the city attracts a lot of wealthy snowbirds as well as wealthy expats and foreigners who buy properties there to shelter cash, but I don't think there are that many wealthy people raising kids there and doing so in highrise/apartment districts. Those high income families overwhelmingly choose tony communities in Broward and Palm Beach County (i.e., Parkland).
Go to the Brickell district or Sunny Isles Beach where many wealthy South American families live in high rises. They are used to living in high rises back home.
I think they just want to live in NYC so badly, they take apartments b/c that's really all that is available. I am sure some people do like apartment living and having a doorman and stuff, but even the expensive apartments in NYC, you aren't getting a TON of space. Infinitely a house would give you that as well a yard, driveway etc etc
Brownstones are cool. They are less like 'apartment' style. A lot of people go that route.
I love brownstones. I am not a big apartment fan, but if I had the option, at least now before I have kids, I'd take a brownstone. We have some here in Minneapolis, but nothing like in New York.
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