Tag Archives: Living

Economic Analysis: Are Cities Or Suburbs Better?

CNBC Marathon reviews why a cost-of-living crisis is unfolding across America’s housing infrastructure. CNBC explores what that means for apartments in the cities and houses in the suburbs. Inflation data shows that costs for items such as rent and groceries are increasing quickly across the Sun Belt and coastal cities.

Chapters: 00:00 Introduction 00:39 How to make the suburbs more affordable (Published April. 2022) 13:22 How suburban sprawl shapes the U.S. economy (Published Feb. 2022) 26:34 Are major cities still worth it? (Published May 2022)

Now years removed from the darkest days of the pandemic, people are asking: Is a return to the city worth it? Metropolitan regions have sprawled in recent years, raising budget concerns and quality-of-life issues for the people who remain downtown. Meanwhile the absence of commuters is slowing the recovery in leisure and hospitality. About 46% of renters in the U.S. are struggling to make ends meet, according to Harvard University researchers.

Builders say conditions for renters will get worse before they get better. A snarled supply chain, a labor shortage, and rising interest rates are worsening what some call a “throwaway” development pattern. Several real estate industry experts have ideas about how to make housing more attainable. Some of the most popular ideas include mixed-use districts and master-planned communities.

America’s suburbs are sprawling again. Over the 20th century, real estate developers built large tracts of single-family homes outside of major cities. The builders were following mortgage underwriting standards first introduced by the Federal Housing Administration in the 1930s. Over the century, those guidelines created housing market conditions that explicitly shut out many minorities. Experts say it is possible to update these old building codes to create equity while fixing some, but not all of the problems of American suburbia. CNBC Marathon brings together the best of CNBC’s coverage on the U.S. housing crisis and how life in the suburbs impacts city living.

Urban Living: Are U.S. Big Cities Still Worth It?

A cost-of-living crisis is unfolding in U.S. major cities. Inflation data shows that costs for items such as rent and groceries are increasing quickly across the Sun Belt and coastal superstar cities. Now years removed from the darkest days of the pandemic, people are asking: Is a return to the city worth it?

Metropolitan regions have sprawled in recent years, raising budget concerns and quality-of-life issues for the people who remain downtown. Meanwhile the absence of commuters is slowing the recovery in leisure and hospitality. Many renters believe that a cost-of-living crisis is brewing in America’s major cities.

New York City is showing up as a hotspot of rent inflation. The average rent for 1-bedroom apartments in Manhattan rose to $3,995 a month in May 2022 — a 41% increase from one year ago, according to Zumper. Sudden, double-digit rent spikes are hitting other hubs, including Chicago, Los Angeles, and Austin, Texas. Zumper data shows that growth is particularly strong in Sun Belt cities such as Miami, where rents have risen to $2,700 a month in May 2022, a 64% increase from a year prior. During the pandemic, workers left the largest U.S. cities.

Two years in, renters have returned but many commuters haven’t as companies negotiate the particulars of a return to the office. Public officials are concerned about lagging transit ridership in cities such as New York. Ed Glaeser, an economist at Harvard University, says cities are becoming more important — not less — in the age of remote work. “When you Zoom to work, you miss the opportunity to watch the people who are older, to watch what they’ve done and to learn from them,” he told CNBC in an interview.

But for renters, a return to increasingly expensive cities might seem like a raw deal, especially if they can do their jobs from home. Researchers say remote work limits firms’ ability to train new workers. Data produced by Microsoft’s workforce suggests that it is more difficult to share in-depth information remotely, which can produce silos within companies’ rank and file.

“A lot of these tech companies, they’re saying you can work remotely,” said Andra Ghent, a professor of finance at the University of Utah. “But, you know, in many cases, they’re also saying, like, we’re not going to pay you quite the same amount.” Many renters believe that a cost-of-living crisis is brewing in America’s major cities. New York City is showing up as a hotspot of rent inflation. The average rent for 1-bedroom apartments in Manhattan rose to $3,995 a month in May 2022 — a 41% increase from one year ago, according to Zumper.

Sudden, double-digit rent spikes are hitting other hubs, including Chicago, Los Angeles, and Austin, Texas. Zumper data shows that growth is particularly strong in Sun Belt cities such as Miami, where rents have risen to $2,700 a month in May 2022, a 64% increase from a year prior. During the pandemic, workers left the largest U.S. cities. Two years in, renters have returned but many commuters haven’t as companies negotiate the particulars of a return to the office.

Public officials are concerned about lagging transit ridership in cities such as New York. Ed Glaeser, an economist at Harvard University, says cities are becoming more important — not less — in the age of remote work. “When you Zoom to work, you miss the opportunity to watch the people who are older, to watch what they’ve done and to learn from them,” he told CNBC in an interview. But for renters, a return to increasingly expensive cities might seem like a raw deal, especially if they can do their jobs from home.

Researchers say remote work limits firms’ ability to train new workers. Data produced by Microsoft’s workforce suggests that it is more difficult to share in-depth information remotely, which can produce silos within companies’ rank and file. “A lot of these tech companies, they’re saying you can work remotely,” said Andra Ghent, a professor of finance at the University of Utah. “But, you know, in many cases, they’re also saying, like, we’re not going to pay you quite the same amount.”

Cover Preview: Monocle Magazine – February 2022

Issues - Magazine | Monocle

Tiny Home Design: A 484 SF, 3-Bedroom ‘SmartZendo’ Apartment In Hong Kong

Situated along the coast of Hong Kong, SmartZendo apartment was designed to bring Zen ideas into a small home. In redesigning the home, architect Patrick Lam converted a chaotic, awkward space into a mindful experience of modern living, using Zen’s focus to draw the scenery outside into the home.

Creating an open living area allowed the addition of a raised floor, containing additional storage hidden by hatches, as well as a raisable coffee table embedded in the floor. This also allowed the relocation of the kitchen from an irregularly shaped room into the living area, and the addition of a series of timber panels that can divide the living space into a sleeping area.

Smart hardware and appliances complete the home, reducing clutter and encouraging dual purpose use of furniture and cabinetry throughout.

Wisdom: Quotes By Ralph Waldo Emerson (Video)

Narrated by Shane Morris with Music by Solus by Life In Colour.

Quotes by Ralph Waldo Emerson

Ralph Waldo Emerson, who went by his middle name Waldo, was an American essayist, lecturer, philosopher, abolitionist and poet who led the transcendentalist movement of the mid-19th century.

Infographic: Top Ten ‘Happiest Countries’

Reviews: The 10 Best Places To Live In Japan (Video)

Japan is an island country in East Asia, located in the northwest Pacific Ocean. It is bordered on the west by the Sea of Japan, and extends from the Sea of Okhotsk in the north toward the East China Sea and Taiwan in the south.

Rankings: 1. Tokyo. (safe, many jobs) 2. Kyoto. (cheap, safe) 3. Hiroshima. (overall) 4. Okinawa. (overall) 5. Osaka. (cheap, jobs) 6. Yokohama. (overall) 7. Sendai. (jobs) 8. Fukuoka. (overall) 9. Kobe. (jobs) 10. Sapporo. (cheap, jobs)

Aging: ’80-Year Olds On Happiness In 2021′ (Video)

Does your grandparent hold the secret to a happier New Year? Because Americans over 80 years old report feeling happier than any other age group, we asked them to share their wisdom as 2021 begins during a time of challenge and uncertainty. These elders include cannabis comedian Tommy Chong, a psychologist, a transgender burlesque performer, and a 90-year-old nudist who lets it all hang out. Self-Evident: A PBS American Portrait Miniseries seeks to answer the question: what does it really mean to be an American today? Join our hosts — Dr. Ali Mattu, a licensed therapist and clinical psychologist and YouTuber behind “The Psych Show,” as well as Danielle Bainbridge, Ph.D., historian and the writer/creator of PBS’s “The Origin of Everything” — as they explore the lives of real Americans, living during this unprecedented moment in time.

Digital Life: ‘Is Immortality Possible?’ – Capturing Our Memories For Future Generations (WSJ Video)

Voicebots, Humanoids and Other Tools Capture Memories for Future Generations What happens after we die—digitally, that is? In this documentary, WSJ’s Joanna Stern explores how technology can tell our stories for generations to come. Old photos, letters and tapes. Tech has long allowed us to preserve memories of people long after they have died. But with new tools there are now interactive solutions, including memorialized online accounts, voice bots and even humanoid robots. WSJ’s Joanna Stern journeys across the world to test some of those for a young woman who is living on borrowed time.

Photo illustration: Adele Morgan/The Wall Street Journal