Young Residents Getting Priced Out Of The Metro Markets

Young Residents Getting Priced Out Of The Metro Markets

The following is an article about how younger residents are being priced out of the Metro Areas of Americas bigger cities. This is occurring in San Diego right now. This is happening suprisingly not with first home buyers under $300,000, but with home buyers in the $400,000 to $600,000 range. 

This is an excerpt from the article:

Young professionals are heading to cities and some have vowed to stay, forsaking the suburban life completely. Some suburbs have seen the number of their younger residents shrink dramatically over the past few years, and they’re trying to figure out ways to lure young professionals back, The New York Times report.

For example, some suburban towns are trying to make themselves more appealing to younger residents by constructing more affordable apartment complexes or appealing more to their lifestyle, such as with concert venues, diverse restaurants, or added bicycle lanes. Some cities near train stations are taking it as an opportunity to refresh their downtowns.

For example, Westbury, N.Y., a village of 15,000 people, is building 850 apartments – condos, co-ops, and rentals – near the train station in the hopes of attracting more younger residents. It also added a new concert venue.Suburban towns are responding after recent population reports have put their age breakdowns in perspective.

For example, Westchester, Nassau, and Suffolk, N.Y., have seen their populations of young professionals decline. Rye, N.Y., has seen a 63 percent drop in 25- to-34-year old residents and a 16 percent decrease in 35 to 44 year olds between 2000 and 2011.  Likewise, Chevy Chase, Md. – a suburb of Washington, D.C. – has lost 34 percent of its 25 to 34-year olds, and nearby Bethesda and Potomac have lost 19.2 percent and 27 percent, respectively.

Other similar declines have been noted in suburbs outside of Chicago and Boston as well.  -- “Suburbs Try to Prevent an Exodus as Young Adults Move to Cities and Stay,” The New York Times

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Philip Crocker
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mySanDiegoAgent Realty Group
Keller Williams Real Estate

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Phone: 619-804-6840
Dated: April 19th 2014
Views: 521
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