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Licensed Real Estate Sales Person
SVP, Managing Director | Associate Broker
Marketing, Public Relations
|June 28, 2012||| Christine Lim||Tweet|
WASHINGTON (AP)— For the first time in a century, most of America’s largest cities are growing at a faster rate than their surrounding suburbs as young adults seeking a foothold in the weak job market shun home-buying and stay put in bustling urban centers.
New 2011 census estimates released Thursday highlight the dramatic switch.
Driving the resurgence are young adults, who are delaying careers, marriage and having children amid persistently high unemployment. Burdened with college debt or toiling in temporary, lower-wage positions, they are spurning homeownership in the suburbs for shorter-term, no-strings-attached apartment living, public transit and proximity to potential jobs in larger cities.
While economists tend to believe the city boom is temporary, that is not stopping many city planning agencies and apartment developers from seeking to boost their appeal to the sizable demographic of 18-to-29-year olds. They make up roughly 1 in 6 Americans, and some sociologists are calling them “generation rent.” The planners and developers are betting on young Americans’ continued interest in urban living, sensing that some longer-term changes such as decreased reliance on cars may be afoot.
The last time growth in big cities surpassed that in outlying areas occurred prior to 1920, before the rise of mass-produced automobiles spurred expansion beyond city cores.
New Orleans, which saw its population shrivel in the mid-2000s due to Hurricane Katrina, saw the biggest rebound in city growth relative to suburbs in the last year, 3.7 percent vs. 0.6 percent. Atlanta, Denver, Washington, D.C., and Charlotte, N.C., also showed wide disparities in city growth compared to suburbs.
Other big cities showing faster growth compared to the previous decade include Boston, Chicago, New York, Philadelphia, Minneapolis and Seattle.
Read more: http://washington.cbslocal.com
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