Top 10 Cities Where Downtown Living is Making a Comeback
Downtown living is commonly defined as taking up residence right at the heart of the metro, where the bustling city of lights and steel jungle offers EVERYTHING an individual wishes for-- all a stone's throw away. This is especially the case if the city in question is a large metro, where business, entertainment, and the arts are all at its bustling center. Downtown living in the present day is an expensive urban lifestyle dreamed of by passionate young professionals, but did you know that living in the city became undesirable for a time?
After World War II, most Americans left the cities to live in more laid-back communities called suburbs, where the environment is more conducive for raising families (thus, the baby boom). City hubs declined, mianly because crimes rose, cities were crowding up without new facilities to offer, and general conditions mainly making it difficult to enjoy city life. Thus, suburbs became the new "in".
But since the 90s, the vacant office buildings, empty storefronts, and dilapidated neigborhoods of downtown in cities all across America have experienced a revival: young professionals, especially millennials, have started choosing trendy loft apartments close to work over large suburban homes that are an hours' drive away from the city center. The cafe and other boutique businesses have regained traction, thanks for the demand of trendy services. And, neighborhoods downtown have transformed to accommodate artists and a generally-classier crowd, leaving little room for criminals or low-income families to live in.
Downtown places, basically, have become the new "in"-- we are all back to city living.
Observing this trend, Realtor organized a research team to study 200 of the largest U.S. cities and their downtown areas. These are their findings:
- 2012 marks the beginning of residential population growth in downtown areas
- The same year, businesses such as bars, food trucks, grocery stores, and restaurants, displayed a burgeoning growth in downtown areas
- 2012 also shows a growth in department stores and independent retailer per capita
- Jobs per capita and over-all growth was apparent the same year
- Home values began appreciating in 2012
- Homes located downtown began to be labeled as "premium", with their median home prices higher compared to others in the city
- Residential and commercial vacancy rate became lower than ever.
Because of these results, the team has also come up with the Top 10 U.S. cities where downtown living is making a comeback. Austin made it to sixth place, with a median home price in downtown at $395,500, a 6% home price growth since 2012, and 25% population growth since 2012. Here are the top 10 U.S. cities where downtown living is making a comeback:
10. Providence, RI
9. Chicago, IL
8. Dallas, TX
7. Los Angeles, CA
6. Austin, TX
5. Columbus, OH
4. Detroit, MI
3. Oakland, CA
2. Indianapolis, IN
1. Pittsburg, PA
For more information on how the research team came up with these results, you can access the article from which this post was based by clicking on this link.