Many young people are moving out of the suburbs into large cities such as San Francisco and New York. There are a few factors that contribute to this. One factor is the higher paying jobs available. This is creating a new normal where young people are choosing not to own homes. It is predicted this will cause a larger amount of people renting creating a 50- 50 split between those owning homes and those renting.
- The new “creative class,” comprising technology workers, scientists, architects, artists and writers, has been migrating from the suburbs to “superstar cities.”
- The past decade and a half has been marked by the “back to city movement,” and young people are leaving suburbs in droves to take high-paying knowledge jobs.
- Micro apartments and micro hotels are evidence of “city stacking” of populations and, for some economic classes, smaller spaces work well.
“Investment in new infrastructure and buildings should focus on more efficient use of space, Florida says, to preserve urban clustering and diversity that propels economic growth.”
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