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URL:  http://boards.fool.com/quotthe-city-has-been-particularly-attractive-30312378.aspx

Subject:  Re: Libertyville's Loss is Chicago's Gain Date:  10/10/2012  11:04 PM
Author:  andrew61 Number:  648199 of 737068

"The city has been particularly attractive to technology companies that have found that younger workers are less likely to move to the suburbs than previous generations."

The city has lots of apartments and you don't need a car

1/3rd of college grads don't own a car or even have a drivers license.

Plus, a lot of them have a lot of student debt and can't afford a car or their own place to live, so they get a couple roommates and share an apartment in the city.


Tele, I live right here in the middle of the city, in the thick of things -- not out in Palatine or someplace, and I'm here today, not 40 years ago -- I can tell you that what I observe firsthand is somewhat different from what you're telling me.

There are plenty of young college grads here who moved here from elsewhere specifically to take advantage of high-paying jobs available. They live in city apartments because they want to, and simply have no interest in suburbia. And many of them can well afford a car but simply choose not to have one. They don't want the same suburban lifestyle their parents had, they want something more stimulating and exciting. It's a generational thing -- the pendulum is currently shifting away from suburbia and towards urban living.

And employers are increasingly realizing that if they want to attract young talent, they have to go where that young talent lives.

True, there are some who share apartments two or three to a unit in areas like, say, Wrigleyville, because they're in modestly-paying entry-level jobs and that's all they can afford at the moment. But they're only one part of the story.

In downtown Chicago there are new luxury apartment towers with all the amenities where monthly rents on a one-bedroom apartment start at $2,000 and go up from there... and then you look at who lives in the place, and it's mostly all 20-somethings, and you wonder how so many people so young can afford all that... and most of them are not in hock, either.


I'd bet a lot of those jobs were low paying jobs, too........and there are lots of low paid workers in Chicago.

Low-paid workers, or those with a lot of student debt, generally live on the South and West Sides, or in less popular areas well away from the lake... they generally don't live downtown or in the better North Side lakefront neighborhoods, where it actually costs more to live than in most of the suburbs... and yet those pricey areas are predominantly younger people.
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