Suburbs Try to Prevent an Exodus as Young Adults Move to Cities and Stay
nytimes.com
nytimes.com
These are all very expensive suburbs. They are "graying" because it takes more time to accumulate the money to live there. The same is happening to my town. A better comparison would be suburbs that younger people can afford vs. cities. I'd bet you find the same trend, but these examples are not informative.
Either they don't have school age kids, or they are putting their kids in private school.
Other cities won't have this issue though.
If you have more than one school age child, you may come out ahead versus paying for private school, but for those without school age children you are paying a lot of money for not much in return. It is for this reason many people are waiting until their children are actually ready to start school before moving out into the suburbs. That can easily be mid to late 30s for the demographic that can afford these suburbs in the first place.
Not saying that there aren't an increasing number of people choosing to stay in the city with kids. I'm one of them. I have two kids and live in a high-rise. But the fact of the matter is that we are a rarity in my neighborhood. Everyone else my age in the building has zero kids.
The article mentions that this is part of the effect ("late arrivals" because people have kids later, and having kids and deciding to move out of the city to the suburbs often go hand in hand.)
But they are also "graying" because the US as a whole is; the 25-34yo population segment of interest here is smaller than it was in 2000.
The crazy thing is that living in a house 10 minutes from the center of downtown I pay a fraction of what my friends and relatives back East do to live in a suburb so far away from the metro area they live near that they visit it only once or twice a year.
Especially with more and more remote work becoming available, if you're getting sick of living in a major metro area I highly recommend checking the diverse range of smaller cities across the US, imho it is a vastly superior experience to living in an expensive suburb.
Here me out! I live in the Chicago suburbs; I commute to the West Loop every day. Traffic! High costs! And so forth.
This weekend, I was in Des Moines for a wedding. I met people in their historic East Village. Great bar scene, great craft brew scene. Everyone was friendly! Everyone bicycles around! I would actually consider picking up from Chicago and living in Des Moines, as it seems to be the midwest version of AshvilleNC or perhaps Ann Arbor, but before Ann Arbor blew up and got expensive.
I would have never thought I'd say, "Des Moines is pretty fucking awesome, and I could live here."
A suburb that isn't a place where you can actually live - there's a name for that in french, we call them cités dortoirs - dormitory towns. No one wants to live there.
They often cite gas prices as the primary reason. Gas is already expensive, and the young people I know expect prices to go much, much higher.
Some of them also mention exercise as a reason.
Driving, on the other hand. I grew up (and learned to drive in a city the (geographic) size of San Jose, with 700k people in the entire metro area. Living in the bay area now, I don't understand why people have cars. I can't drive to work in SF ($30/day parking is almost half what my rent is). I can't even drive, well, anywhere. Bay Bridge and 101 are both stop-and-go every time I get on them. People drive like maniacs, tailgate me, cut me off. Routinely break traffic law, creating dangerous situations I can't deal with. And then, at least in SF, the pedestrians and cyclists are ballsy motherfuckers, and it's too hard for me to track them all. Every time I go driving, I have a panic attack over either someone on the road who is going to kill me, or a pedestrian I'm going to accidentally kill.
Or, I can hop on BART and walk the rest of the way. Just go in, sit (or stand, whatever), wait 20 minutes, and BAM HOLYSHIT LOOK THERE I AM.
I can understand the convenience of driving, but I sure as shit can't figure out why so many people enjoy driving in a major city.
I don't think it's good for the social makeup of small towns and villages. Healthy communities need people of all ages, not just retirees.
[1] this is kinda possible in a city, but usually costs a fortune. I used to live near allotments in Edinburgh but they were super expensive to rent.
Most second tier cities aren't as close to a major city as oakland is to SF, but you can find what you are looking for if you are willing to live the slightly less cosmopolitan life of SF/LA/Chi/NYC/DC/etc.
Of course, I have no idea how this translate to the UK!
There are plenty of people moving into suburbs today and they make up most of the fastest-growing areas of the US. The pattern of growth barely seems to have shifted, and doesn't match the rhetoric of suburbs in decline. http://www.joelkotkin.com/content/00406-cities-and-census-ci...
Since these suburbs are comparatively wealthy the citizens fight against high density development. So if you are a young person that grew up on Long Island you have the choice of paying $1400 to live in someone's illegal basement apartment, living in one of the few decent complexes for $2000+ or move to NYC. It is easy to see why moving to NYC is very attractive then. When you are single or a couple it is good to live in the city as there are plentiful jobs and entertainment options.
So I think that there is not a massive landslide of people leaving the suburbs I think it is just that people are having children much later, the city is now safe, and there are no cheap options for singles/childless couples in the suburbs in the NYC metro area. People still move from NYC to the suburbs. And in cheaper metro areas the suburbs are growing very fast because they are much like the situation that existed in NYC in the 70s-mid 80s
The problem with moving to a city for the excitement and the job opportunities is that it's very hard to save the money for the down payment when you're spending > 30% of your take home income on rent.
There are other homeowners who have lost money, and some others who are doing even better than you. Individual stories don't tell us about aggregates.
It's pretty easy to get a rough idea of what is better in your area using a rent vs buy calculator the New York Times has a good one... http://www.nytimes.com/interactive/business/buy-rent-calcula...
The decision to own isn't a static one. Its a relationship between what a house costs and what renting costs and when its appropriate to make the move. On top of that, one needs to worry about what happens in 20-30 years. I'll be retired with a paid off home and a low property tax load due to a senior exemption. Lifelong renters will still need to pay full rent until their dying day. This can affect when or even if you retire.
We had to pay ~$70k in closing costs, so it isn't /easy/ to just go and buy something, but one possible lesson is that if you spend your whole life renting you are subject to the whims of your landlord (especially if you don't have rent control) and could end up paying a lot more for a place to live then you would if you had bought. Of course, the buy to rent numbers alternate back and forth depending on market conditions, so that doesn't hold true all the time.
* - Lots of confounding variables here though. SF vs. Oakland, $650 a month for property taxes aren't accounted for in the monthly mortgage cost. But we have a 40'x 50' yard, a garage, no shared walls, easier parking, etc. So it's an individual choice, but even all in my house is much cheaper than an equivalent rental unit in SF (maybe even if you factor in a new roof every 20 years, other maintanence, etc...at least in these market conditions.)
Now I'm just waiting on the affordable electric car. Gas, even in the best of circumstances, is just too much of a hassle and requires much more complex machines than electric.
Of course, this could all be a case of me getting old and lazy, which I suspect it mostly is.
You're definitely right about the tall grass; thankfully this mower's height is easily adjustable so I can make two passes if need be.
The cut is much nicer than a regular lawn mower, I get a little extra exercise a few times a week, and I find that it actually takes me less time to finish--reel mowers work best at a faster pace than a gas-powered push mower. I have only my very limited experience, but I think some of the reputation of reel mowers being inconvenient may be undeserved when looking at the ones made in the past decade.
Really? Because my electric is hugely more heavy than an equivalent gas mower. Granted, that's mostly battery, and probably lead/somethingorother at that. Not that it matters much, because it's self-propelled, but weight is not one of its features.
Not that I'd give up my electric mower. It's like my Nissan Leaf, only for cutting grass: push the switch and it runs w/o having to fiddle with gasoline. Quiet. Won't run as long as gas-powered, but gets me where I need to go.
But to each their own. If you don't like cutting grass, there are people who will do it for you for a reasonable amount of money.
Castle doctrine that.
Suburbs also play a central role in making car ownership absolutely necessary in order to perform even the most basic daily tasks. This, if you think about, amounts to discrimination against the elderly, children, and anyone who is not able to drive or afford a car.
I've owned a house. Or rather, I've had a mortgage on a house. I spend a bunch of money each month. After some number of years, I owned some fraction of the house.
I've rented. I spent a bunch of money each month. After some number of years, I owned precisely nothing.
So that's how it's an investment. On the other hand, what I'm primarily buying is a place to sleep each night, not an investment. So in that way, it's not.
And methinks the biggest "investment" value of all: when you own it outright (may I recommend you suck it up, get humble, and pay cash up front), it's yours and nobody can evict you. Knowing you'll have a safe place to sleep is huge. Yeah, property taxes exist (far less than rent, which you're paying in your rent anyway), and eminent domain may screw things up (unlikely if you choose wisely), but it's far better than risking receipt of a notice saying "sorry, but we've sold the building which will be demolished next month".
If nothing else, buy a $10,000 property somewhere (see zillow.com) and DIY build a $20,000 small house on it (lots of options available, search "tiny house"), cash as you go. If I'd have a do-over, I'd go that route no question.
Most young adults are none of these.
The suburbs are made for single families - a shrinking demographic, even among homeowners.
As a wise man once said, "The rent is too damn high." I love living in the city, but pouring tens of thousands into rent each year isn't a smart long-term investment. To me and most of the people I know, urban housing costs are a reason to leave the city, not to move there.
Am I wrong? Are people that live in dense cities having kids? (And if so, how they make it work? The city seems terribly inconvenient for raising kids.)
UK: That is less than half what I pay for a 2 bedroom house a couple of miles out of the centre of a provincial city. This house is what people in the US would call 'rent controlled'. Commercial rents twice to three times as much. Housing cost is ridiculous in UK but no-one seems to want to acknowledge that.
Those 500 square feet railway apartments. What are they like? I wouldn't mind one of those!
You pay > $7000/month for rent? 4200 pounds per month?
UK outer-inner city rent around £800 per month (£7200 per year) plus about £1k property taxes for two bed apartment in new development.
Whew - I didn't think the UK had gone up THAT much ;)
The £800/month isn't out of line with a lot of US rents either - that's around $1300/month. You'd get a lot of room for that in some areas, but in others like NYC, that's almost nothing.