As Unemployment Hits 25% Among Young People, Many Flee Out of Cities Back Home to the Suburbs
The novel coronavirus is hitting everyone hard in different ways; the elderly are more at risk, parents are being forced to homeschool their children, and young adults in their early 20s are losing jobs at a rapid pace. Unemployment is currently at nearly 25% across the country, and the vast majority of this is coming from young people, who are slightly above 25%.
The younger generation is fleeing the cities they were once living in after losing their jobs and returning home to the suburbs, usually with their parents, as they reconsider life in the city. All of its attractions, the nightlife and things to do, are gone–and without those and with a soaring cost of living, no employment, and significantly higher rates of transmission of the virus, packed city living is looking less and less appealing.
This financial strain is taking a hit on landlords in the city as well, as about a fifth of them have had tenants break leases or ask for permanent or temporary rent reductions. This again brings back the debate between buying and selling; millennials historically have been unable or unwilling to buy houses compared to their parents before them, and struggling to pay rent may make a cheaper mortgage in a cheaper city sound more appealing.
Additionally, the virus has pushed many companies into a work from home model, making it clear that many jobs that once required offices no longer actually need offices. If the work from home trend continues, which many people think it will, it will become less of a necessity to live in an expensive city when you can live anywhere.