If you watched TV or went to the movies during the 1990s and 2000s, you were regularly treated to an unapologetically romantic view of New York City. Films and series such as Living Single, Sex and the City, The Devil Wears Prada, How to Make It in America, and even The Apprentice helped sell people from all over the world on the dream that they, too, could conquer their big-city professional dreams, share an elevator with a CEO, or start their own business.
But the discourse these days around big urban centers is not as upbeat as it once was, which could potentially deter eager young professionals, with their newly minted college degrees, zest for life (and probable student loan debt), from moving there. During the pandemic, for example, New York City residents of different backgrounds and ages confronted various challenges to their financial and material well-being, such as income loss and mental-health issues, which McKinsey senior partner André Dua and coauthors examined. Even with all the progress achieved during the city’s postpandemic recovery, it still contends with soaring housing costs, a rat infestation (leading to a newly appointed “rat czar”), and an increasing homeless population.
None of these problems are unique to NYC, though. They’ve become hot-button topics in some of the biggest cities both in the US and around the world: in Los Angeles, the homelessness rate is higher than New York City’s. In Paris, garbage worker strikes have led to an infestation de rats of its own (not in the fun, Ratatouille kind of way). And in Toronto, Canada’s largest city, the average rent is up 13 percent from a year ago, surpassing $3,000 a month for the first time.
While cities that were once go-to talent hubs are dealing with all sorts of problems, so-called second-tier cities have simultaneously grown more popular: Miami (aka New Yorkers’ pandemic getaway), Atlanta, and Austin, for example, have attracted tech talent, while across the Atlantic, once-overlooked Marseille has become a destination for creatives. Other US states—Minnesota and Tennessee among them—are becoming home to innovation hubs as well. In some cases, Gen Zers are moving to college towns—after graduation—to be among people close to their own age and to enjoy a bustling social scene that is also more affordable than the usual postgrad migration hubs.
The top three US cities for Gen Z, according to a recent study, are Atlanta, Minneapolis, and Boston, respectively, based on affordability, Gen Z population share, unemployment rate, internet speed, recreational and dining establishments, green commuting options, number of parks, and school enrollment.
If all these other places are popping up as talent hubs—at a fraction of the cost and with fewer rats—what’s the point of moving to a place like New York?
Consider the following pros:
• PRO: Some of the biggest global companies in finance, technology, fashion, the arts, and more are still headquartered in major cities, making in-person networking easier to do. And while those companies might have offices in smaller cities or allow for remote work, you might have to consider accepting a smaller, location-adjusted salary.
• PRO: There’s a growing mismatch between jobs and skill sets in major metro areas like New York, which offers an opportunity to people who have those in-demand skills to land a great job.
• PRO: For the Gen Zer who isn’t interested in getting their driver’s license, there’s the added bonus of getting around easily in urban centers by using bikes, public transportation, ride sharing, or walking.
• KIND OF A PRO? If you thought it would be cheaper to live in a smaller city, as was the case before the pandemic, think again. (To be fair, it’s still probably cheaper on an absolute basis to live in Tampa than in NYC, LA, or San Fran.)
• ERM … MAYBE NOT A PRO: A salary of $100,000 in New York City feels more like a salary of around $36,000, when accounting for the cost of living.
If saving lots of money early in your career is your number-one goal, then living in an expensive city is going to be more challenging (unless you work in a high-paying field).
But regardless of where you decide to move, it’s easier than ever to build an inclusive, supportive community anywhere—whether it’s virtually from your childhood bedroom or from your first “grown up” apartment. The question left for you to answer: Would you rather watch a TV series about life in a big city or experience your own version of it?
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