City Versus Suburban Living

 City Versus Suburban Living

Did you know that there are more people living in cities than ever before, by 2020 85% of the US population will live in a city?  Not so many years ago the American dream was the house on an acre of land in the suburbs with a 2 car garage and a sit on lawn mower.  Of course for many this is still their dream, but for others the dream is city living. 

What are pros and cons of suburban living:

Space: There will always be more space outside the city. Less buildings and traffic, more space for backyards versus apartments and crowded sidewalks.  For children, they get a backyard versus public parks.

Quietness: With this increase of space you get less noise fromcar horns, sirens and airplanes.

The cons are the long hours spent in a car, commuting to and from your job, driving your kids to their friend’s house and activities. The need to own multiple cars.  As you get older and can no longer drive you become isolated.

A recent New York Times article found that living in the suburbs can be more expensive than living in the city. With owning and insuring a car, property taxes, living in the suburbs can actually outdo the expenses of living in the city in the long run. Owning and maintaining a home in the suburbs is more expensive than owning or renting an apartment in the city.

City Living Pros: living in the city is good for the environment; smaller carbon footprints, because you use public transport, don’t own a car, and have less living space.  You spend less time commuting, which means more personal time. There are health benefits to city living also; you walk more. To work, to your public transport, to museums, parks, theaters etc.  Your children will most likely go to school in the city, making it easier to deal with sick days and school meetings.

The Cons:   The biggest would be the initial cost.  Real estate, take Boston, The average cost of a 2 bedroom condo is currently $685,000, Sales of condos are up 26% since 2011.  The average rent for a 2 bedroom is $2,400; in 2009 the average was $1,985.  To make matters worse, there’s a shortage of rental units. The vacancy rate is 3%. The experts say this is all due to the downturn in the economy; the reluctance of people to take on a mortgage commitment with the shaky job market, and the tightened mortgage rules. This leaves more people in the rental market. There is also a shrinking supply as a result of condoising the neighborhoods that were traditionally multifamily.  Another con is that most cities public school systems, Boston included are not as good as suburban school systems.

An interesting fact, The Boston Globe reports that Mayor Menino recently approved micro apartments in Boston.  A micro apartment is as small as 300 square feet unit, with just enough room for a pull out coach, a small bathroom and a galley kitchen.  Over 300 of these units are currently being built in the Seaport district.  Rent is expected to be in the region of $1,500 per month.