From Forbes:
Millennials With Families Are Leaving Major Cities For The Suburbs, Transforming Them Into ‘Hipsturbia’
Just as their parents flocked to the suburbs, city-loving Millennials are doing the same yet transitioning some areas to “Hipsturbia,” a phrase revealed in the Urban Land Institute’s (ULI) joint report with PwC, Emerging Trends in Real Estate® 2020. The data comes from interviews and surveys of over “2,200 real estate, development, and investment experts.”
Millennials are transforming suburbs as they seek out walkable downtowns where they can live, work, play and raise families. Urban planners, municipalities, large employers and developers are paying attention. As Millennials face the realities of raising children and growing their families, the big cities they love are losing their shine. No surprise there.
Listen to Anita Kramer, SVP, Center for Capital Markets and Real Estate at ULI. “It’s kind of coming from a few different directions. We know that Millennials are attracted to urban core living which is a major reason for the revitalization of suburbs into an urban walkable lifestyle and all the liveness that comes with that.”
…
The ULI-PwC report explains that “our interviewees and focus groups have uncovered the desire of the suburbs to create their own versions of the live/work/play district.” The key to Hipsturbia is a having a happening downtown, just as the cities these Millennials are leaving do. The report cites New Jersey communities including Maplewood and Summit as “well along the path,” to Hipsturbia.
…
Does this mean hip cities will soon lose scores of Millennials waiting in line for Sunday brunch at their fave neighborhood places amid stroller gridlock? “We don’t see the cities emptying. Hipsturbia can happen best in suburbs closer in,” Kramer said.
Take Brookline, Massachusetts, long known as a desirable close-in suburb of Boston since it borders the city on several sides. Brookline’s streets are now clogged with Audis and Range Rovers packed with young families vying for parking spaces around core areas with restaurants of all types and coffee houses. Housing prices always high because of Brookline’s prime location continue to escalate. The biggest trend there which follows the report is developers snapping up older two-family homes, tearing them down and replacing them with family living condominiums, with asking prices of up to $3.2 million each.
Really though, about time the millennials grew some balls.
OK, boomer. The kids are fighting back.
Two words have launched a thousand tweets and opened a new front in the generational wars.
Feeling completely clueless? OK, boomer.
The New York Times and NBC News last week picked up a trend from high-school halls and teens’ TikTok accounts and deposited it in the national news. The Gen Z-generated phrase “OK, boomer” has turned into an epithet rallying the country’s young against their forebears in collective mockery. The all-purpose reply is designed to disarm oldish people who dispense condescension dressed up as wisdom.
Your mom tells you that your peers’ phones are rotting their brains, and that they should spend some time outside mowing the lawn. “OK, boomer.” Your grandpa tells you that kids these days have lost all sense of civility because they yelled at Ellen DeGeneres for going to a football game with George W. Bush. “OK, boomer.” Some random grump in your replies on Twitter tells you Greta Thunberg should go to school back in Sweden instead of gallivanting across the 50 states spreading the green gospel. “OK, boomer.”
Cool. No more waiting for my avocado toast
Ray Dalio – “The World has gone mad and the System is Broken”
Key Quotes
“In some cases venture capital investors are pushing money onto startups that don’t want more money because they already have more than enough; but the investors are threatening to harm these companies by providing enormous support to their startup competitors if they don’t take the money.
“This whole dynamic in which sound finance is being thrown out the window will continue and probably accelerate, especially in the reserve currency countries and their currencies.”
“Rich capitalists will increasingly move to places in which the wealth gaps and conflicts are less severe and government officials in those losing these big tax payers will increasingly try to find ways to trap them.”
“The system of making capitalism work well for most people is broken.”
Wow, no surprise there? Unreal. How long have I heard the complete opposite while calling it nonsense?
“As Millennials face the realities of raising children and growing their families, the big cities they love are losing their shine. No surprise there.”
I have a feeling the locations cited as examples in the lead article will bring back the what is a city vs suburb topic, in this area vs others around the country.
Proper use of OK Boomer,
https://youtu.be/OxJsPXrEqCI
Ok Locust is more appropriate
I think this OKBoomer Locust has legs.
It is the moment equivalent to when you are a late teen and you really see how screwed up and sad pitiful messes some family members are.
It is the moment that generational credibility went out the window.
Capitalism is a system based on competition which creates winners and losers. When has the system ever worked well for most people? It’s not supposed to, or it wouldn’t be capitalism. The winners in capitalism have to remember this flaw of capitalism and act on it so the system doesn’t head toward a revolution. Always throw crumbs to the bottom to shut them up. Never throw a lot, they will never be happy, just have to give them enough so they don’t start a revolution. So provide enough crumbs that it sucks out the motivation for a revolution. Provide too little, and you will create the motivation for a revolution. Fine line.
“The system of making capitalism work well for most people is broken.”
Not all of us Boomers are locusts.
I’m loving it.
Laughing at how pissed off boomers are over it.
For the past decade, Boomers have shit on Millennials.
Only fair it be flipped.
Just wait until the younger generation starts stripping tax benefits from the elderly. Pay your fair share.
Younger generations are poised to not only be a larger voting bloc, but far more politically active.
Boomers don’t stand a chance politically.
I have always defended the millennials and think they get a bad rap. I wanted Sanders to win just to scare the hell out of the establishment on both sides. It’s no surprise that many millenials find Sanders and Warren attractive candidates.
I’m the only one who seems to like their music. Except of course for hip-hop. Drake took a great genre and castrated it.
Actually a lot of millenials like the classic rock music and they are big fans of new country music.
Not all of us Boomers are locusts.
Sucks to be on the wrong side of a stereotype…
The phrase doesn’t phase me. If it makes the younger cats and kittens feels good, then go for it. They still need to toil through life in basically the same manner and form as any generation. Perception is reality… they forged their reputation. They’re p1ssed at the Boomer crowd? This is somehow fighting back? Ok, Millennial.
Bystander – re: “In some cases venture capital investors are pushing money onto startups ”
Bubble bursting…..as they want the outsize returns from hoisting it on the public during the IPO.
Case in point would be WeWork, or unicorn posterchild Uber which raising a tons of late-stage capital and 90% of their outstanding shares will be available for trading when lockup expires today approx 545 million of those shares are underwater right now at $32.97 apiece.
Insane amounts of money about to be lost, few of these companies will become profitable in the near term.
Not a good sign for the markets.
Juice,
I’ve been reading a lot about cycling from high p/e tech stocks into forgotten value stocks in more traditional products/services like consumer staples.
Select a basket of index funds or diversified ETFs, set to reinvest and look at it every few years to measure your progress.
The End.
2020 election cycle is here “OK Boomer” is the plan to get the young normally ambivalent voters to the polls. This time around 7 million more young people than 2016 are eligible to vote.
36% of 18- to 29-year-olds voted in the midterms and 50% turnout in the 2016 election.
Those numbers need to go way up this year for a win especially in the swing states with older populations.
Let’s see which Democratic candidate for President says it first.
My money in on Booker. Any takers?
I never trusted the valuations of tech companies.
HBO’s Silicon Valley had a funny scene on it.
https://www.youtube.com/watch?v=BzAdXyPYKQo
Ok Snowflake is the retort.
Blue – Brilliant
Turd – VC are dumping money now into the influencer economy, Gen Z mostly.
It’s as if people from the who used to blog for a living back in 2005 were real businesses and worthy of investment.
https://techcrunch.com/2019/11/04/venture-capitalists-like-and-subscribe-to-influencers/
“Ok Snowflakes”
Put that on a sweatshirt and watch the youngins’ throw a tantrum.
Bye Bye Bevins –
Big investments in Discord, TickTok and others to get Gen Z to move away from (American) social media too.
Bingo. Boring, but easy. For some reason, people like to make things more complicated than they really are. Why would you bet against this man? He is telling you the truth and I think he knows a thing or two about the American economy.
“Whenever I hear people talk pessimistically about this country, I think they’re out of their mind,” Buffett told a rapt audience of business leaders. He graces the cover of our centennial issue holding Forbes’ first-ever magazine issue. Inside our magazine is an unprecedented collection of stories from the world’s 100 greatest living business minds; many were on hand Tuesday to celebrate. To this audience, Buffett offered a quick lesson in the simple math that underpins his relentless optimism.
Standing beside entrepreneurs such as Vanguard VTI +0% founder Jack Bogle, hotelier Steve Wynn, philanthropist Jacqueline Novogratz, “Motown” creator Berry Gordy, investor Henry Kravis, musician Sean Combs, and Dallas Cowboys owner Jerry Jones, Buffett pointed out that the Dow Jones Industrial Average traded for about $81 when Forbes was first published in September 1917. The index has risen over 275-fold in the ensuing century (an average of about 5.8% annually, or 10% when including dividends), thus “being short America has been a loser’s game,” said Buffett. “I predict to you it will continue to be a loser’s game,” he added, offering a forecast that the Dow will trade to 1,000,000 in the next hundred years.”
https://www.forbes.com/sites/antoinegara/2017/09/20/dow-1000000-thats-warren-buffetts-latest-call/#675f8b4040e0
Fast Eddie says:
November 6, 2019 at 10:10 am
Select a basket of index funds or diversified ETFs, set to reinvest and look at it every few years to measure your progress.
The End.
The Valley is cyclical, just like everything else and the only real liquidity is when one of the big guys buys you with their stock. Before such an event, greater fool theory. Tech is powerful, has a bright future and will continue to make some people very wealthy but its late cycle now.
Link for Dalio, good read, replace DOT with . :
https://www.linkedinDOTcom/pulse/world-has-gone-mad-system-broken-ray-dalio/
I get their point, but they are wrong about Amazon. Amazon hasn’t made money because they have reinvested themselves into a powerhouse. Sacrificed immediate profits for the long term, which is the way it should be.
Blue Ribbon Teacher says:
November 6, 2019 at 10:16 am
I never trusted the valuations of tech companies.
HBO’s Silicon Valley had a funny scene on it.
https://www.youtube.com/watch?v=BzAdXyPYKQo
Late cycle? It’s only beginning..
“Tech is powerful, has a bright future and will continue to make some people very wealthy but its late cycle now.”
Where is JJ when you need him? Xerox is still alive!
Great clip BRT. Very funny since it’s mostly true.
Tech is a very very broad and is every changing.
Just like the Silicon Valley show’s focus on creating the decentralized internet some emerging tech is more than 10 years out.
Autonomous driving level 5? Still 10 years out.
Flying cars? Still more than 10 years out.
Augmented intelligence? 5 years out.
Next gen Universal Memory to replace DRAM? 5-10 years out.
VC is a ponzi scheme today.
It’s all about the next set of suckers.
“America’s Largest Health Insurer Is Giving Apartments to Homeless People
A radical fix for the U.S. health-care crisis.”
https://apple.news/Ac9xSGNHySIOjHPRNu_1ddQ
Funding for disruption in the real estate industry.
HomeLight raises $109 million for AI that matches home buyers with real estate agents
https://venturebeat.com/2019/11/05/homelight-raises-109-million-for-ai-that-matches-home-buyers-with-real-estate-agents/
“Airbnb dumped over $4 million into opposing new regulations in Jersey City — making it the most expensive municipal referendum ever in NJ — and still lost by a landslide (70% – 30%). Ouch!”
So…two of the Chase banks I regularly go to in order to cash a check have boarded up their counters and now have 2 atms in their place. They no longer cash checks at these branches. Wtf is going on?
Pumps – that is a homeless medicaid patient managed by United Heath. They gave him an apt and life and health coaching to keep him out of the ER since he was going there more than once a week.
Seems to me the private sector does a better job than the government…. Surprise Surprise…
I get their point, but they are wrong about Amazon. Amazon hasn’t made money because they have reinvested themselves into a powerhouse. Sacrificed immediate profits for the long term, which is the way it should be.
Yeah but there was something that went completely over your head in that clip. It’s a f!cking comedy show!
Millennials are transforming suburbs as they seek out walkable downtowns where they can live, work, play and raise families.
And a train town to boot! I was mocked because I stated that there was interest in my house. The houses don’t last long. They go up for sale and most times are gone in a few weeks.
Train towns are Always desirable.
Jr. Names names yeeeesh.
This headline is no shock to me, the reason is cost. City living is great but the cost is astronomical, rent and especially buy, once you need some space it gets crazy. Perfect example in NJ is Hoboken, Jersey City, Brooklyn, or NYC to Maplewood, trade in the one bedroom apartment for a 4 bedroom home with a yard on a quiet street. Given one bedrooms are pushing 500k, 2 bedrooms are anywhere from 750-1m and that’s not prime locations suburbia looks a lot more appealing. Lot of inventory in 600-800k range, when you are renting a 1 bedroom for 3k per month and to get the space you need you are looking at 4-5k plus you wouldn’t dream of sending your kids to the public schools and are shelling out 20k+ in tuition so Graydon or Ellery don’t have to go to school with bebo.
OMG today’s headline article.
All that’s needed to get Millenials and Gen Z to flee NYC is the murder rate circa 1990.
Spillover is real. I was mocked for claiming that Wayne is a great value and that it was inevitable that the price would surge within the next 10 years. What year? Can’t know for sure, but when it comes, it will be quick. The herd will keep moving west of nyc in search of cheaper housing. They will drive it up till NYC/Hoboken become a value again in terms of commuting time to cost of asset.
If you can get a home in Wayne like mine for 700k, why in the f’ck would you spend 1.5 million- 2 million on a place with no school system. Is the commute really worth it? You get a bigger home in a safer town with a good school system. You have almost zero chance of getting mugged or your child coming into contact with bad influences. Let the professionals with no kids and the ultra rich with families have Hoboken and JC, but for the others, the writing is on the wall.
Yes, the suburbs are dead…tell me another one.
JCer says:
November 6, 2019 at 12:21 pm
This headline is no shock to me, the reason is cost. City living is great but the cost is astronomical, rent and especially buy, once you need some space it gets crazy.
And as Joyce alluded to earlier, what we consider suburbs isn’t even suburbs. It’s inevitable that every property in northern nj inside of rt 287 will appreciate dramatically. I know it’s hard to believe, but NJ HOUSING IS STUPID CHEAP FOR WHAT THE LOCATION GIVES. Seriously, might be some of the best values in America right now. The rest of the country took off in pricing over the past 10 years, they have made northern nj a complete f’en value. Where else can you get access to this kind of economic market at these prices? Thank you taxes for forcing the herd to artificially drive down the pricing in this market. It won’t last long. Esp with these other locations catching up to us in terms of tax cost.
re: OK Boomer
To bad Gen Z does not have the same musical ability as the Boomer generation when they sung and spoke about change…..
Come mothers and fathers
Throughout the land
And don’t criticize
What you can’t understand
Your sons and your daughters
Are beyond your command
Your old road is rapidly agin’
Please get out of the new one
If you can’t lend your hand
For the times they are a-changin’
“One of the biggest conundrums today is trying to understand why the mass media and housing activists keep droning on about how expensive U.S. property prices are, when in reality, U.S. property prices are amongst the CHEAPEST in the developed world. Cheap US property is why I’m actively investing in real estate crowdfunding deals all across the country.
Anybody who has actually spent time house hunting in Hong Kong, Singapore, Tokyo, Mumbai, Paris, London, Zurich, Stockholm, Sydney etc. realize how cheap the U.S. is. Do you think I’m just going to London to eat strawberries and cream at Wimbledon? Of course not! As a personal finance blogger who writes from first-hand experience, I’m diligently pounding the pavement to research the truth to share with all of you.
If you don’t believe how cheap US property prices are, have a look at this chart by the OECD (The Organization for Economic Development And Co-operation).”
“Why Some Americans Don’t Understand How Good They’ve Got It
1) They believe everything they read by the mass media. If you live in one of the most expensive cities in America and only earn $48,000 a year as a journalist, then of course you’re going to write about how unaffordable housing is, and extrapolate your situation with your company’s platform. If you start believing everything you read in the news, then of course you’re going to take on their biases. Instead, it’s up to all of us to read with a more critical eye. Be just as critical with my writing as well.
2) They haven’t traveled around the world. Once they get outside the country, they’ll realize how truly awesome America is. Everything from real estate, to cars, to gasoline, is so much cheaper here in the States. Do you really want to pay $70,000 for a Toyota Corolla in Singapore? Do you really want to pay $1,500,000 for a 500 sqft studio in Knightsbridge, London? If you don’t have money to travel to London or Singapore to see how truly outrageous prices are, just surf the web and see for yourself.”
https://www.financialsamurai.com/why-is-united-states-property-so-cheap/
The Ukraine leaker is another crooked bama intel guy. He’s implicated in Biden’s graft in 2016. No wonder he wanted to throw the brakes on trumps digging. It won’t work.
The closer you get to the truth of blamas corruption the more hysterical the fake news and dem pols get.
Sorry Juice
https://youtu.be/_H8XqA7WyLI
South Park got it
The magazine even goes so far as to write, “A family that makes $100,000 can’t afford to buy a house in most U.S. cities.”
Are you kidding me? The median home price in America is roughly $240,000. Let’s say you put down a typical 20%. Your $192,000 mortgage at 4% is $917 a month. Let’s add another $200 for property taxes and maintenance for good measure.
Is Wired saying that a household who makes $100,000 gross, or $80,000 after taxes, can’t afford $1,117 a month? $80,000 net a year equals $6,667 a month before any 401k contributions. Spending only 17% of your net income on housing is affordable. Even if this household only put down 10%, a $216,000 mortgage at 4% still only costs $1,234 a month.
Now you know why there’s such distrust in the mass media. Either the writer at Wired magazine is incompetent or the writer has an agenda or both. One of the best media strategies is to tap into populist angst to make life better for themselves. The more enraged the population, the more views the article will get.
The great irony is that those people who can afford to go into the journalism industry probably don’t come from poor families. If you were poor, you’d study an in-demand major like engineering or computer science so you could land a well-paying job out of college and help support your parents who sacrificed so much for you! Only the well-to-do can afford to study a soft major and willingly enter a struggling industry.
Besides having a populist agenda, Wired magazine is also disrespecting all of you who don’t live in San Francisco, New York, Seattle, Miami, Boston, Denver, Los Angeles, San Diego, and Washington D.C. That’s right. If you guys don’t live in one of the 10 most expensive cities in America, those of you who live in the other ~4,000 cities with over 10,000 people don’t count.
What Wired and other media organizations writing about unaffordable housing are really trying to say is:
“Families making $100,000 a year have a difficult time affording a home in the top 0.01% most expensive cities in America.”
or
“Because I can’t afford to buy a home where I work and live, most people can’t either.”
Whistleblower outed….. been there over a week…
https://www.realclearinvestigations.com/articles/2019/10/30/whistleblower_exposed_close_to_biden_brennan_dnc_oppo_researcher_120996.html
Don’t be that dude crying in 10 years…make it happen now.
“Long And Strong U.S. Property
The reason so many foreigners are rushing to buy U.S. property is not only because they realize how comparatively cheap U.S. property prices are, they also believe America offers one of the world’s best lifestyles with the most upside opportunity.
Therefore, if foreigners realize the U.S. value proposition, it’s a good idea for Americans to realize our own country’s amazing value proposition by owning a piece of America too. To do so, we need to gain some perspective and inhale some toxic air in Beijing for a month or hopelessly try to find a well-paying job in Milan. Only then will we truly appreciate our good fortune.
The reason U.S. property prices are so cheap is because we have a large land mass, a stable government, a world currency, a deep bond market, strong IP protection, incredible productivity, a strong work ethic, property rights, human rights, a desire for equality, clean air, drinkable tap water, a deep education system, and innovative technology. Not owning at least a primary residence in such a great country when foreigners are beating down our doors to buy is foolish long term. We’re going to hear the same complaints from the same people 10 years from now.”
“Paging Mr. Mike Blumpkin, please return to your remedial history class.”
Gen Z here would be crying their eyes out if our Government ever did this.
China will now be limiting the amount of time people under 18 can play league of legends and other online games. No gaming between 10 p.m. and 8 a.m, Ninety minutes max on weekdays, three hours on weekends plus restrictions on money spent.
https://www.cnn.com/2019/11/06/asia/china-bans-online-games-minors-intl-hnk/index.html
Chi his name has been out there for weeks. The Ukraine call in question was July 25, 2019 long after he left the WH. Two of his buddies from his white house days now work for Schiff names are Sean Misko and Abigail Grace they were aides at the National Security Council with Ciaramella. All worked there during the Obama Administration and Trump Administration and two are now working for Schiff and one is the whistleblower who is not going to testify.
Get more popcorn.
Pumps I used to work closely with a team in the UK. London area housing and cost of living is not dissimilar from the NYC area. In fact rental rates are actually favorable compared to NYC and surroundings. The financial samurai doesn’t really know what he’s talking about, US real estate outside of the major markets is cheap because there is a lot of it, the same is true overseas in first world countries, small towns in France, Italy, Germany, UK, etc property prices aren’t super high and rents are even lower……
Living and working in the hinterlands is limited often.
Lower wages, no unions usually, and then not so many options for your average liberal arts grad. It’s bleak I would imagine. Better in the populous areas. Critical Mass is a real thing.
Lot’s of closeted homosexuals, masochistic bikers, and scary evangelists to contend with. That’s life in flyover country. Don’t drop the soap. Flyover country begins at route 80& 287 and runs to Palm Springs. EZ now .
Jcer,
You can buy a 70,000 home in south jersey. Location, location, location.
The samurai knows his stuff. Our real estate is cheap in comparison to the opportunities available to make money in said markets. We can cry all we want about what price we think it should be, but at the end of the day, these are the market prices.
Why is ours cheaper? Americans buy more stocks than foreigners. Foreigners buy real estate. They understand the value of land in valuable locations. Americans take it for granted and it’s reflected in the price of our real estate.
Interesting Montclair didn’t make into the report as a hipsturb. But Hoboken is a hipsturb even though population density is far higher than relatively thinly settled New York City.
Also saw in the report North Jersey will have the second fastest growth in households in the US over next 5 years. If that turns out to be true, and it won’t, will be great for real estate values around here.
pumps my point was real estate is cheap in certain US locations for a reason. People in US are not as property crazy as people in other countries yes. My point is the samurai thinks clevland is a value….yes it is cheap….no it isn’t a value as the city/neighborhoods literally pick up and move when the buildings get old.
Essex is right, nobody wants to live in the hinterland hence the low price. Places with good economic opportunities are not terribly. Pumps what you are seeing as a value in NNJ is really pricing in the future pension disaster and the extremely high property taxes. If not for the property taxes and the fear of even greater taxation in the future prices would be higher.
Truth be told NYC pricing is already some of the highest in the world and hudson county isn’t far behind. It is also a function of wages, while NYC has maintained relatively high wages suburban jobs are disappearing at a rapid clip hence this dichotomy and what you are seeing. Realistically it isn’t practical to live in even certain parts on NJ and to commute to NYC. I continue to hear that Franklin Lakes prices are suffering and it is in large part due to the evaporation of high paying jobs in NNJ.
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JCer,
Look at this one, in the town Samurai thinks is a good value. To me it looks like the same price or more as the KHov development at the old Honeywell HQ. Don’t quote me but I suspect upside appreciation in Morristown likely higher than Cleveland and more job opportunities in Morristown. Price is what you pay, value is what you get. Housing is expensive in NJ and the taxes remain a killer but more of the high density stuff. Look at the 55+ community in Florham Park next to the Jets facility. They had 2 dozen units sold before the model was even finished.
https://www.zillow.com/community/moreland-commons/2083590005_zpid/