ANOTHER GENERATIONAL TUG O’ WAR – OVER CITIES?
This week Maria Bartiromo’s “On the Money” (CNBC, 6/23/13) had a feature on where the Baby Boomers are moving in retirement or whatever passes for their version of the next phase of life with guest Richard Florida, co-founder of “The Atlantic Cities,” reporting on their study. The Boomers’ choices seem like great ones to me and not really surprising given their desire to stay part of the action and pursue continuous learning. The questions center around the impact on Gen Y/Millennials.
The study findings indicate a definite trend of Boomers moving to large cities (New York, San Francisco, and other urban areas such as Portland, Seattle and others). The other growing choice is college towns. Madison WI, Ithaca NY and Ann Arbor MI were cited.
In addition to intellectual stimulation, the Boomers making or contemplating moves are looking for good restaurants, good health care and to be near the action. They also want to be near where their adult children are located to maintain those ties and spend time with grandchildren. And their kids are attracted to big cities where things are happening.
The potential problem for the Gen Yers, who are not trying to get away from their parents in large numbers and also want to maintain close ties, is the economics of this trend. With the usually better economically endowed Boomers buying or renting housing in those desirable urban areas and depleting the supply, the younger generation can have a difficult time affording housing where they want to go for work and an active life.
So will this turn out to be another financial obstacle for the Gen Y/Millennials that threatens the future they seek? Or is it an opportunity for the generations living in densely populated areas with so many opportunities to work together on urban issues and create more manageable lives with less commuting and the need to own cars and possessions that are readily available to the public in these areas?
As not only a congenital optimist but also a former urban planner, I am hoping for the latter. Please comment with your thoughts.
Phyllis Weiss Haserot www.pdcounsel.com