Quote:
Originally Posted by Via Chicago
Yes, it does. But zeroing in on Manhattan is disingenuous anyway...those people are going to Jersey or Queens.
but if youre a young couple with a kid on the way, whats the incentive to buy a house in Logan now that all your friends are also moving away? you could just as easily buy a nicer place for less money in Berwyn or Forest Park and still be close to the city for work and occasional trips in.
if you have the money to afford Chicago real estate and good private schools, than this probably dosent matter to you anyway. Lincoln Square/Andersonville etc are no longer the bargains they once were for middle class homeowners
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I blame it on the decline of the two bedroom apt..
The millenials are showing that they want to live close to the action, to transit, and close to work. They are willing to rent a unit sized closer to their minimum needs for more money if it fulfills the above desires.
But those requirements don't change when you're spawning.
25 years of condo development wisdom said it's gotta be three beds or you cant sell.
Now, it's about rentals where the wisdom says that you get more per foot for 1brs.
Housing in the trendy neighborhoods is splitting into studios and McMansions.
The economics of the suburbs become more attractive when you are faced with a big jump in cost to stay where you are at.
The developers come around asking for millions of dollars in zoning relief, but mention a couple of two br units and you'd think you were pulling teeth.