Author: Todd B.
I am a longtime resident of the Elmwood Village (probably before it was cool).
With all of the new apartments being built in the city over the last 5-8 years or so (and no apparent problem finding people to rent them), has there been any analysis of where the people who rent those apartments go when they move on?
My sense is that a significant portion of those renters are young(er) professionals, and probably single or couples (and likely without kids). I think the term last century was yuppies…. When those people grow up, get married, have kids (meaning they hopefully move beyond calling their dogs their “kids”) and decide they need a house, where do they go? Is this growth resulting in an increase of people buying houses in the city (and if so where are they going) or are we still in the pattern I saw with a lot of my friends in the 90’s, where having school age children was deemed to require a move to the suburbs, with quality schools given as the number one reason for the move.
I know that in my area of the Elmwood Village, any single family home you can find for sale (and there aren’t many) tend to be north of $300k, and that might only get you a house with no driveway and the prospect of having to update the kitchen and baths. That would seem to price out most of the newly married/young family 30 somethings.
So where are they going?