Friday, May 1, 2009

Define Success

So what characterizes success? I believe that long term sustainability requires a productive use of all property and housing values that increase at roughly the inflation rate. This probably goes hand in hand with quality of life variables that are continually trending upward. But this is a tall order.

I have already mentioned that the number one issue with the Midopolis is a depreciated housing stock. Unless a city's amenities can outweigh that downside, housing values will necessarily fall. At the same time, the decreasing housing values are attracting a wave of migration from the city. This increase in diversity may be seen as a plus to some, but often this provides further impetus for households to move to the outer-ring.

However, for inner-ring suburbs located between central cities and new and rapidly growing suburbs, the number of jobs within a 25 minute commute (the average commute in most cities) is greatest in the inner ring -- surpassing even central city locations. And beyond that, inner-ring suburbs are closer to central city cultural amenities than outer-ring suburbs.

For inner-ring suburbs located on the side of a central city that is not growing, access to the central city is the biggest factor in their favor.

All this taken together seems to suggest that inner-ring suburbs need to not only embrace their increasing diversity and at the same time play up their locational benefits to those that care more about location then having the largest, most up to date, housing and the highest possible quality schools. So who might that be?

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