Young people are migrating towards living permanently within “24/7 cities,” according to an article from CNBC. The “reurbanization of America” could lead to suburbs becoming a thing of the past.
Young people are beginning to prefer living in 24/7 cities, which are places with apartment living that provides constant resources, entertainment and city life. With the growth of “cities that never sleep,” there are young couples and families who prefer the opportunities while living in the midst of the city.
There is now soaring demand for apartment living in downtown areas. According to real estate mogul Sam Zell, his apartment group is seeing a 96 percent occupancy in the urban market. Zell continues by saying the last place young people want to live is in the suburbs.
Why Stay in the Suburbs?
Zell implied that the main reason families continue to live in suburbs is largely due to quality schooling. When the movement towards suburbs began in the 50s and 60s, families wanted a place to live that would be safe and provide great education. While some of these trends may still apply, Zell says that if cities can create “triple A” school systems, no one would have any reason to continue living in suburbs.