Thursday, March 02, 2006

Who Needs Red Bank if You Have Manhattan?

I though this was an interesting article from Bloomberg. Manhattan has gotten safe enough over the past ten years that it is not a requirement to move to the suburbs once you become a parent. Additionally, higher bonuses on Wall Street have enabled many families to buy bigger apartments reducing the need to move out of the city to find more living space in Lincroft. It seems like this trend could affect the Monmouth County area real estate market over the long term. If moving to Monmouth County is no longer a requirement to raising a family, then I would think that demand in our area, over the long term, might decrease. On the other hand, know one wants to be stuck in the City in the middle of July on a Saturday, so I wonder if the Shore area would eventually revert back to being a mostly seasonal type destination for New Yorkers and Hobokenite’s, like it was at the turn of the 20th Century through WWII.


Snip...

[``There is a generational shift,'' says Kathleen Gerson, a New York University sociology professor with the Council on Contemporary Families. ``Parents want to blend a child-centered life with an adult-centered life. They see the city as a place to stay rather than to leave.''

Staying Put

The jump in kids under 5 years old is dominated by a 40 percent rise in white children, whose families were once quickest to depart for New Jersey, Connecticut, Westchester County and Long Island.

Manhattan's surging pre-school population is outpacing gains in American cities including Philadelphia and Washington, where the number of kids under five grew 7 percent in the same four years. The increase was 8 percent in Boston, 9 percent in Houston and 24 percent in San Francisco. In all five New York City boroughs, the increase was 16 percent.

Parents say they're staying in part because Manhattan is safer, with the crime rate down 71 percent in 2005 from 1990. Murders in the borough plunged to 25 from 124, and burglaries fell to less than 3,000 from 16,000.]

Full article...

4 Comments:

Anonymous Anonymous said...

Your theory is a bit of stretch.

#1 Not everyone that works in Manhattan is in the financial industry and receiving big bonuses.

#2 The attraction to living in the suburbs is not only driven by financial reasons, but by the desire for more space (a yard) and good schools.

Monmouth County offers inexpensive housing (relative to NYC) with good lot sizes and many good school systems -- all within commuting distance to NYC and minutes from beaches. For these reasons, I believe this area is a good place to own a home for the long-term.

Friday, March 03, 2006 10:44:00 AM  
Anonymous rbyzell said...

well, i personaly know of two families who moved out of the city, one to westchester and one family to jersey and they both moved back to the city. one to manhattan and one to brooklyn. they just love the convience of being in the city. the major reasons for moving back being convience, the cost of cars, car insurance and the commute. also, they complained that there is just not much to do in the suburbs. i don't know if anyone has been to park slope in brooklyn lately, but it's a great very safe place to live, filled with young families. sure it's more expensive than the suburbs but not by much. plus the money you save not needing a car and the money saved on the commute plus all of the time is worth it to many people. also, the taxes are much cheaper in nyc than in the suburbs.

Friday, March 03, 2006 11:18:00 AM  
Anonymous Anonymous said...

I don't disagree; it's more of a lifestyle choice than anything.

But don't forget that you'll likely need to pay for private school for your kids in NYC. That's a big expense. And everything else costs more in the city - food, clothes, etc.

Friday, March 03, 2006 2:27:00 PM  
Anonymous Anonymous said...

Actually since January crime is up very high in the city.
Additionally the beyond horrific murder of a young woman Imette St Guillen last weekend in th ecity is sobering.
She was just out celebrating with her friends in Soho and her body was found the next day in Brooklyn, raped mutilated and bound like a mummy.
I love the city but theres no way in hell Id choose to raise children there.
City kids get into the worst vices, whether they're from a rich, poor or middle class family.

Saturday, March 04, 2006 8:36:00 PM  

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