Home Is Where the Art Is

A guest post from Double X intern Polly Rosenwaike:

Last week Emily Bazelon wrote about people relocating in the recession. Some are moving to ply their trades in a more economically hospitable country, some to take advantage of their parents’ hospitality, some to escape expensive big cities. In the first quarter of 2009, only 21 percent of New York City area homes were affordable to a family making $64,000 to $69,000 a year—compare that to the more than 90 percent of homes affordable for families in the same income bracket in smaller cities like Indianapolis, Akron, and Grand Rapids.

But Emily also noted that more people are staying put in this recession than have during previous downturns. Homes in Akron may be affordable, but not if you can’t sell the house you have, or have to sell it for dramatically less than you paid for it. And it’s hard these days to find a new job anywhere, near or far.

What’s surprising is that New York, Los Angeles, and several other cities with populations well over a million—and very high costs of living—are among the places holding onto their residents in higher numbers than in recent years. Lane Wallace at the Atlantic suggests it might be psychologically easier to be unemployed in certain places: “Being laid off in New York or L.A. or Silicon Valley just means you've joined a well-populated club with a long and cherished tradition. Even if you don't want to stay in that club forever, you don't have to be embarrassed to be a part of it.”

It’s an interesting idea, but starving artist solidarity doesn’t explain the population retention and growth in Atlanta, Houston, and Dallas—not storied stomping grounds of the creative unemployed. How are people there managing to stick around? Is it just that things look pretty bad everywhere else, too? Or is there a unique shared heritage in these places—one just as strong as New York’s artistic community—that residents there are equally unwilling to give up?

Tags: Emily Bazelon, home buying, home sales, Lane Wallace, relocating for the recession, unemployment, young artists

Recession Briefing 5.28

At a time when consumers are in a serious saving mode, why are sales of $100 yoga mats soaring? (Time)

Retailers and service technicians have long advised that it often makes sense to buy a new product rather than repair a broken one. But repairmen say many consumers are rejecting this suggestion and trying to spend as little as possible. (New York Times)

Nouriel Roubini, the famously glum economist who predicted the financial crisis, said that while the recession in the United States may well be over at the end of the year, another dip was still possible next year. (Reuters)

A government program designed to rid banks of bad loans, part of a broader effort once viewed as central to tackling the financial crisis, is stalling and may soon be put on hold. (Wall Street Journal)

Are some people hard-wired to make bad choices? A new study looks at the neurological reasons so many consumers may have fallen into risky financial traps like adjustable mortgages. (Newsweek)

With household budgets getting tighter, more Americans are cutting their cable television service. (Wall Street Journal)

Recession budgeting could put a damper on the summer plans of affluent teens, as families that might once have readily paid for service-travel, precollege courses or sleep-away camps reconsider their options. (New York Times)

As the recession bears down, children are grappling with more stress at home, and low-income families, already highly mobile, are being forced to pull up stakes and move more often. (Associated Press)

The number of homes sold is on the rise, but prices across the country keep dropping, according to new figures. (Washington Post)

Once-sacrosanct veterans’ programs are no longer safe from the knife as tax revenues continue sliding in the recession. (Associated Press)

Tags: budgets, Dr. Doom, economy, loans, real estate, yoga

Dear Double Xers,

A couple of weeks ago we introduced our new initiative, in partnership with the Center for Work-Life Policy, to take a close look at what companies are actually like to work for. And we need your input. Our ambition is to come up with data from our readers about the reality of their workplace. Many companies say they've got great flextime policies—but when push comes to shove, that promise goes out the door. And the recession is reshaping work and life in all sorts of ways.

So we hope you'll fill out this questionnaire. And pass it to your friends. You're welcome to answer just one question, but we hope you'll answer many. The main thing is that we want you to participate. We'll consider your comments publishable unless you state otherwise. (We'll take care to keep you anonymous if you request, though.)  Over the next few months, we'll begin reporting on what we discover.

So: How does your workplace measure up? Take the survey and join the conversation.

Tags: best companies; work life balance; CWLP; survey