Ought to San Diego’s latest faculty graduates contemplate shifting to New York?
A recent statement from Bloomberg said falling rents in New York City – due to COVID-19 – represented a golden opportunity for young professionals looking to start their careers.
Writer Conor Sen argued that people in their twenties could get off to a good start in a location with many jobs, rather than fighting it in areas with fewer opportunities and rising rents.
As of that month, rents in New York for one bedroom fell 22 percent a year, Zumper said. Meanwhile, rents in San Diego have increased 3 percent annually.
Q: Should the recent college graduates in San Diego consider moving to New York?
Ray Major, SANDAG
YES: Recent graduates should consider all factors and opportunities when applying for their first job outside of college, but not because rents in New York have come down due to COVID-19. For certain majors like finance or media, New York offers some of the best employment opportunities. Areas like Austin might be a better choice for someone pursuing a career in high tech. San Diego shouldn’t be fired immediately. We enjoy a lifestyle that is second to none.
Reginald Jones, Jacobs Center for Neighborhood Innovation
JA: You might try New York – but getting a good job is a requirement. San Diego ranks well if salaries aren’t based largely on rent. Otherwise, the data suggests that graduates should look for markets where rents for residents aged 25 and older with a bachelor’s degree average about 25 percent of median income. You should also consider the percentage of the population at or about the same age, intellectual and cultural elements, and the opportunity for fun.
Lynn Reaser, Point Loma Nazarene University
NO: While you should consider New York City, especially if you are heading into an investment banker career, you should know the cons. Rents are 30 percent above San Diego levels and temperatures are now 50 percent lower. With an unemployment rate of 8.4 percent, jobs are scarce and even higher than San Diego’s 8 percent. The “office atmosphere” will be missing as most companies postpone the return of offices until September or mid-2023. You could work from a smaller, more expensive, and isolated apartment.
Kelly Cunningham, San Diego Institute for Economic Research
JA: If you have the wish, new college graduates could get such real training. “It is better to see something once than to hear about it a thousand times.” The opportunity to work and experience in the country’s financial hub may not be available at any other time or under such circumstances. Attributed to Mark Twain: “In twenty years you will be more disappointed in the things you have not done than in the things you did.”
Gary London, Moeder advisor in London
N / A: It depends. You can always find a way to live cheaply anywhere. Far more important is the suitability of the region for your career opportunities. Now, when choosing a college, you should choose one that is located where you ultimately want to settle. If you want to be a part of it, New York is a country with many possibilities. If you can do it there, you can do it anywhere.
Phil Blair, manpower
NO: It is a decision about the quality of life. We all hear about cheap housing almost everywhere east of San Diego. But if you want great weather and beaches, San Diego is the place. It’s no fun to have a huge house on a large piece of land, but not to be able to leave it for half a year because of the stifling heat or the cold cold. Yes, we have salaries by sunshine and the same sunshine that you can’t spread on your toast. But when you have to go, you know in your heart that you want to come back.
Alan Gin, University of San Diego
JA: It’s good for young people to broaden their horizons, and New York City would be quite a contrast to San Diego. For those interested in a career in finance, it is still the country’s financial hub, although it has lost some of its luster. There are also opportunities in media, technology, healthcare, and many business areas including real estate. The drop in rents could be a great opportunity for those looking to try the New York lifestyle.
Bob Rauch, RA Rauch & Associates
NO: If you haven’t decided to stay here you should of course explore and yes, rents are temporarily cheaper there. The key is still to get where the jobs are, or will be, and not just where you can save money for six months. Even in New York, there is no networking during a short stay in a lower rent area. It requires joining organizations in your industry, even if they are currently on Zoom.
Austin Neudecker, web growth
YES: Sure, consider locations that have abundant quality employment opportunities in your area of interest. I’m biased as my wife and I lived in and around New York City after graduating and really enjoyed it. But NYC at a discount is still expensive. Similarly, San Diego is great for graduates with an emerging tech scene and leading biotechnology / genomics / silicon. The remote working trend slightly balances prices between expensive cities and the next tier.
James Hamilton, UC San Diego
NO: The pandemic has forced a lot of work and professional interaction online. However, these changes are also part of a longer-term trend that has just been accelerated by the pandemic. While there are still many professional benefits to being in the same physical location as others in your field, those benefits aren’t as great as they used to be. And if you love the outdoors and are the outdoors, New York is not the place for you.
Chris Van Gorder, Scripps Health
NO: I would move to New York to get the best job opportunity, but not because of the rents. While average rents in New York are currently comparable to, or even slightly lower than, San Diego’s, this has not historically been the case. I suspect New York rents will rise and San Diego rents will rise again as we get past this pandemic and the economics and perception of safety returns.
Norm Miller, University of San Diego
NO: Despite lower rents, I don’t see this as an economic decision, but as a lifestyle issue. If you like crowds and queues that will one day return, and like high-rise life or long walks, then you should definitely consider New York with its gusty cold winters. There are some great business opportunities for investment bankers, brokers, and lawyers that can make you big bucks. If you save enough, you might one day escape and live in San Diego or just never leave.
Jamie Moraga, IntelliSolutions
YES: College graduates should consider all of the options that make the most sense to them, including those in New York. The decision to move somewhere, however, depends on several factors other than just rent alone. Employment opportunities, expected salary and benefits, cost of living, growth opportunities, quality of life and other return on investment (ROI) factors all play a role in a decision to move. The ROI is not just monetary and the whole picture needs to be considered before taking a step.
David Ely, San Diego State University
YES: Recent career-oriented graduates should consider moving to a variety of cities, including New York City. The decline in rents in NYC makes moving there relatively more attractive. However, life in NYC is still expensive and the recent improvements in affordability are likely to be short-lived. Rents are sure to go up once the pandemic ends when people return to the city. Individual employment opportunities and lifestyle preferences should outweigh any short-term decline in rents.
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