The main point to take from these graphs, the Toronto one included (although their situation is a bit different in Canada), is that the income inequality has increased in this country the reasons of which generally are some indirect fallout from the deregulation of the financial industry since the 70's, the reduction of low skill manufacturing jobs, and an overall increase in the cost of housing in general which was sparked by luxury home buyers creating speculation. Like others have said, this is not unique to big cities, but it certainly is more pronounced.
The fact of the matter is, city living is a far more attractive option for people in the last couple of decades, and as a result, without a relatively dramatic increase in housing supply in these areas the cost of housing/living near the core and north lakefront has risen. Therefore it requires high levels of income to live in these areas. However, if the housing supply in the green areas were to increase dramatically, and also that supply were to spill over into the nearby grey areas, and eventually the pink (not red) areas, you could see some better equilibrium.
At the very least you could potentially see a reduction in some of the red areas, as they could eventually become grey at least. As some have suggested I picture this happening in Bronzeville, the south shore, and Rogers Park/Edgewater etc.
However, the general trend is the core is unaffordable for most, and this area appears to be expanding outward into the surrounding neighborhoods
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Originally Posted by Steely Dan
it's the quandary my wife and i find ourselves in right now. we live in a small downtown condo. our first child is due this coming august. combined, we make decent money but we're far from rich; we can't afford a family-sized home (3 bedrooms +) in downtown or in pretty much any of the greener areas on the 2012 map. however, i am NOT gonna raise my family in some gang-banging, shitty schools neighborhood. so it looks like we'll be heading to the far northside or perhaps northwest side, but i don't like the idea of being so far from the lake (chicagoland's lone distinguishing geographic feature). we've also been quietly discussing potentially looking in bridgeport so that i might finally honor my paternal southside roots.
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Im in a similar quandry with my family in our existing space. Bridgeport appears to be a fairly attractive option. They have some very good CPS schools there, and their private options are strong and not overly expensive as well. Bridgeport will likely go green as well, but at least there should be some supply increase there as well, and they have a decent existing housing stock. We are looking at moving there or the near south (like oakwood shores or something) potentially one day.
Honestly, the supply thing gets me a bit. Developers should be looking at building more and more 3 bedroom+ or more condo units, or more townhome units, in the desirable and becoming-desirable areas. The light green to grey areas just outside the core. Maybe these 3+ units are not as profitable as 1 and 2 bedrooms, but I honestly feel that the larger units would still sell very well since there seem to be more and more people willing to raise their children in the city. And if the supply were to increase, the costs for these units would also level out a bit.