My young clients (35 years older and younger) all tell a common story: They worry about being able to pay their student loans. For the past five years or so, the common struggle of getting a good early career job has been compounded by low wages. The worried refrain I hear from new and recent college graduates made me pay attention to an article posted on Bloomberg: “Why Most Popular Cities Are Out of Reach for Young Professionals.” In most of America’s sexiest cities new and affordable housing is not being built at a pace that will let young people live in cities such as San Francisco, Los Angeles, and Boston.
The article did point to an interesting exception to this rule: Chicago. The Windy City is building new housing at double the rate of other popular cities. While not the most affordable on the list, Chicago remains a decent option for both buyers and renters based on a survey by Zillow.
This article is odd and encouraging to anyone watching Chicago’s current mayoral campaign. The conventional wisdom is that the city is broke, that jobs will disappear if the current mayor is not re-elected. The charts in this article paint a much brighter future. Chicago seems like a great place for young people to build their careers without getting gouged on their mortgage or rent. As someone who has lived in the city for more than 25 years, I hope this is true.