These days, you’d wonder why your children would prefer Washington, D.C. or Seattle over New York. The Wall Street Journal released it’s The Next Youth Magnet Cities – a list like most of the others, heavily affected by the recession. The WSJ explains, “Big cities dominate our panelists’ forecasts. Where trendy smaller cities might have captivated youth in the past, today’s recession-scarred young people are more pragmatic, placing ‘greater emphasis on where high-quality, high-paying jobs are created,’ says Ross DeVol, director of regional economics for the nonprofit Milken Institute. Northeastern and West Coast cities are ascendant, eclipsing former Sunbelt favorites such as Atlanta.”
Washington was specifically cited as a magnet for the federal government’s job boost that obviously attracts young people who are excited to practice their degrees. On the other hand, Seattle was commended for having an eclectic mix of culture, technology and academic life all together in one hip city. This goes to show that New York (in third place) has been overshadowed by cities that once trailed it a few years back. Thanks to the financial meltdown, our young graduates and professionals are now considering alternative locations to launch their careers. Wall Street has had its share of dark days and it seems the American youth has noticed it too much.
But there are also other implications from this survey that we thought about. Since Washington obviously provides government jobs and more are gravitating toward it, how are we going to expect the future of entrepreneurship and private enterprises when most of our top young talents are going to battle out for public sector jobs?
Second, this calls for other cities to balance job opportunities for both young and mid-career professionals. They must keep their places better venues for career and social growth – two of the most important factors that the youth are considering these days.
Andy Denton is the COO of www.Realty.com. Realty.com is a real estate search portal, dedicated to connecting home buyers and sellers to trusting real estate services. Follow the Realty.com blog for up to date housing news and trends. And monitor local mortgage rates at RealtyGadget.com.
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