Quote:
Originally Posted by JManc
When I was 20, NYC was still pretty much a dump, by the time the a Millennial hit 20, it was a very different city.
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While this is public perception, there was always a large cohort of high earners in the traditional big cities.
Even in the worst years of the 1970's, Manhattan probably had the largest concentration of wealth on earth. Boston, Philly, DC, Chi and SF also had large bases of wealth, in neighborhoods like Rittenhouse Square, Back Bay, Beacon Hill, Georgetown, Duport Circle, Gold Coast, Pacific Heights, etc.
Certainly the image of big cities has changed markedly, and the proportion of high(er) earners staying in cities has risen, especially those with children. And the geography of "good neighborhoods" has massively expanded. But the overall changes are somewhat exaggerated.