Photo: Barry Pousman
NYC’s affordable housing crisis makes headlines daily, but while most are quick to point to the exploitation and mismanagement of existing apartments as the root of the cause (which to a great degree it most certainly is), the Washington Posts asks us to consider the effect single folks have on a city’s housing inventory.
Today, more and more folks are living longer and marrying later (if at all), and living alone at any given age no longer carries the stigma it once did decades ago. 26 percent of modern American households consist of just one person now, compared to the 1940s when this number topped out at just seven percent. While this dynamic shift seems more like a cause for celebration (yay, we’re evolving and defying convention) it does have some serious implications when it comes to available housing. “Our housing stock wasn’t built for a society full of singles,” says reporter Emily Badger.
more on the issue here
via 20071110_0213 via photopin (license)
Young professionals living in Manhattan who have the means to make a down payment on a seven-figure property are still opting to rent. Why make payments towards someone else’s mortgage when you can be paying your own? It’s a lifestyle choice, the Observer notes in a new article exploring the trend. “With their increasingly mobile jobs and lifestyles, successful New Yorkers in their 20s and 30s are shying away from making a commitment to one city, let alone one apartment. And despite Manhattan’s astronomical rents, it’s costlier still to buy here, with the average Manhattan apartment now going for $1.73 million.”
More on the trend ahead
- For $20,000 a month, you can rent this sun-soaked penthouse once featured in the Mickey Rourke/Kim Basinger erotic thriller “9 1/2 Weeks.” [NYDN]
- The oldest house in Chelsea, located at 404 West 20th Street, has hit the market for $6.5 million. [Curbed]
- Related CEO Jeff Blau is the mystery buyer of the city’s second most expensive townhouse, a $51 million Upper East Side beauty. [TRD]
- Millennials are transforming home buying. Brokers say this generation prefers texting to phone calls by far. [AOL Real Estate]
- Howard Hughes has just closed on a 10-story building just west of the South Street Seaport for $10 million. [TRD]
- The full Second Avenue Subway may not happen. [Gothamist]
Images: “9 1/2 Weeks” pad courtesy of Dolly Lenz Real Estate (L); 404 West 20th Street (R)
The initial results may not surprise you–young adults living in New York City tend to set up shop in North Brooklyn, the Far West Side, the Upper East Side, the East Village and western Queens. This data is courtesy of a new mapping project from the University of Waterloo School of Planning in Ontario called Generationed City.
Using census and crowd-sourced data, the project compares demographic patterns of millennials (typically defined as those born between 1980 and 2000) to that of older generations like baby boomers. It looks at North American cities with populations over 1 million where it’s commonly accepted that millennials live in central parts of cities. While the largest chunk of NYC-based data is pretty on par with what we already knew, there are some other trends, both within the city and compared with other cities, that are a bit more curious.
More findings ahead
Has the pendulum swung back to favoring life in the ‘burbs? A new poll conducted by the National Association of Home Builders (NAHB) reveals that millennials would rather buy a home in the suburbs than squeeze into a cramped condo in the city. The survey showed that 66 percent would prefer to live in the suburbs, 24 percent want to live in rural areas, and just 10 percent want to live in a city center. The NAHB used a sample of 1,506 people born since 1977 to come to their conclusions.
More from the study here