Urban vs Suburban Living: What's the Ideal Environment for Family Life?

Pondering the optimal locale to nurture a family introduces a variety of factors to consider, namely the lifestyle you envision, the community you'd like to interact with, and the amenities and resources that are key to your family's wellbeing. Though demographic data tends to favor city living, it does not automatically mean urban life is a better fit for you or your family. In weighing the merits of suburban and urban living, we shall delineate three compelling reasons for each option.

The Advantages of Suburban Living Over Urban Dwelling

Suburban life is more economical. On balance, urban families incur approximately $9,000 or more on essential housing and childcare expenses. Moreover, suburban homes generally provide more value for money as they are typically less expensive and larger than city dwellings. This price disparity and space advantage might explain the increasing inclination of millennials towards suburban living for a cost-effective lifestyle. Furthermore, if tax savings are a priority, suburbs may provide an edge as some cities impose higher taxes for amenities such as street maintenance and business districts.

Suburban living equates to more living space. Picture an additional 300 square feet of living area. In a suburban setting, it's easier to leverage this extra space to accommodate guest rooms, home offices, or home theaters. More space is also linked with improved mental health and a balanced mindset. Additionally, quieter streets and better access to schools are other suburban perks. Though city schools can be exceptional, suburban schools often have superior teacher-to-student ratios and less congestion.

Safety is a significant benefit of suburban living. Safety statistics indicate that suburban areas typically have lower rates of property crime, burglary, theft, and violence compared to major city hubs. Moreover, neighborhood camaraderie in suburban areas facilitates easier bonding amongst kids and fosters a safer community.

Urban Living vs Suburban Life: Advantages

Urban living means cheaper and easier transportation. If you're based in the suburbs and commute to a city job, fuel expenses can escalate swiftly, compounded by rush hour stress. Additionally, parking and other commuting costs can be burdensome. Children and teenagers without driver's licenses become dependent on their parents for commuting. In contrast, cities offer public transportation and commuter rail passes, easing the movement and cutting back on car insurance and gasoline costs. With such convenience, urban living may negate the necessity of vehicle ownership and maintenance.

More job opportunities abound in the city. While millennials are exploring the suburbs for affordable housing, urban areas still offer an abundance of employment opportunities with competitive salaries, as per the U.S. Bureau of Labor Statistics. Indeed, 32% of U.S. employment is found in the suburbs of large metropolitan areas. Experts suggest that although population growth may be quicker in suburbs, urban areas are seeing an increase in higher-income households.

A wealth of entertainment options is an urban advantage. Living in the city can be dynamic and enjoyable, especially if your workplace is also there. In larger cities, entertainment options such as theaters, museums, galleries, and festivals are conveniently within reach. Additionally, cities provide diverse social opportunities and the chance to engage with people from various backgrounds.

Country Living: A Viable Option? Urban, suburban, and rural living each offer distinct experiences, none definitively superior to the others. However, country living offers unique advantages such as abundant outdoor activities, access to fresh, locally-sourced food, and spacious room for animals. Regardless of whether you're drawn to the city's hustle, the suburb's convenience, or the country's expansive freedom, thorough research is paramount to align with your lifestyle and long-term financial objectives.

So, What's the Ideal Place to Raise a Family? There is no universal answer to this as family-friendly communities exist both in suburbs and cities. The choice between the two is largely subjective and depends on various factors, including employment opportunities, housing preferences, real estate value projections, proximity to amenities or nature, climate considerations, quality of schools, and accessibility to healthcare facilities and airports.

In your quest for the perfect family haven, whether you're leaning towards suburban tranquility or the vibrant city life, the timing has never been better. Engage with your local Mortgage Advisor at CrossCountry Mortgage or delve into our blog for more insightful resources.