As development and regeneration continue to transform urban areas, many young people are being priced out of the neighbourhoods they grew up in. For generations, young adults have been able to leave their childhood homes and find affordable apartments in desirable areas.
However, as housing costs have skyrocketed in recent years, this has become increasingly difficult. In some cases, rents have doubled or even tripled in a single decade. As a result, many young people are being forced to move to cheaper areas on the outskirts of town.
Lack of affordable housing
According to a recent study, the lack of affordable housing is causing young people to move away from their preferred areas. The report found that the average rent for a one-bedroom apartment in a major city has increased by nearly 20 per cent over the past five years, while wages have remained relatively stagnant. As a result, many young people are finding it difficult to make ends meet, let alone save for a down payment on a home. In response, some are choosing to move to cheaper areas, where they can live more affordably and still have access to good jobs.
While this may be a good solution for some, it is not without its challenges. This can lead to longer commutes, less access to job opportunities, and social isolation. It also means that many young people are being denied the chance to experience all that their city has to offer. Ultimately, this trend is pricing younger generations out of the urban life they desire.
Bad for the economy and the community
If young people are priced out of areas, this is bad for the economy and the community. When young people are forced to move to cheaper areas, they often have to take jobs that are lower paying and have fewer opportunities for advancement. This can lead to a brain drain in the community, where the best and brightest are forced to leave in search of better opportunities.
In addition, when young people are priced out of an area, they often cannot afford to start businesses or buy homes. This can lead to a decline in the local economy and a decrease in the overall quality of life in the community.
Housing has been on the rise in recent years, making it difficult for many young people to afford a place of their own.
Building for the future
In response to this problem, some cities have begun to build affordable housing developments specifically for the younger generation. These homes are usually smaller and more basic than traditional homes, but they are much more affordable. In addition, these developments typically include a variety of amenities that appeal to young people, such as communal space, bike storage, and on-site laundry facilities.
By offering young people an affordable place to live, these developments can help to ease the housing crisis and ensure that the next generation has a place to call home.