I am in Chicago as I write this newsletter visiting my daughter and sister for a week celebrating Thanksgiving, my daughter’s birthday and a holiday party. And it is wintery, this week in Chicago its been sunny but in the mid-20s, with wind chills that make it feel more like just above 0. There's festive lights and holiday decorations adorning the trees, buildings, and medians along Michigan Ave.
My daughter owns a condo in the city, in a vibrant residential neighborhood with shops, restaurants, bars, grocery stores and bodegas all supported by the locals who live in apartments, condos and brownstones. When you live in the heart of a city like Chicago, many people do not own a car. They own a large variety of footwear, and their mode of transportation is walking, Uber/Lyft, taxis, or the “L” (Chicago’s rapid transit system). While wandering around Chicago I'm noticing an old fashioned, European concept that is re-emerging...you don’t have to live in a large home to live well and enjoy happy gatherings. Not unlike the Ian Schrager hotel concept of delivering a grand, welcoming experience in the lobby while staying in a small, minimalistic hotel room.
When you roam Chicago from Lincoln Park, Old Town, and Near North to the Gold Coast, River North and the Loop, most people live in compact spaces where the buildings are dense. But step outside and within a block or two from every residential building you will find the local neighborhood bar, coffee shop, enoteca, pizza or sandwich place. Like in Europe, this has the effect of forcing people out of their homes, even in freezing chilly weather, where they gather to interact, socialize, shop, and just spend time.
It makes me begin to wonder if some of the issue with home affordability in the U.S. may be more about the demand, or perceived demand, for homes that are bigger than what most people really need, stretching people beyond their budget or causing them to rent large instead of owning small. The current trend and ability to make smaller homes significantly more efficient via technology and creative design fuels hope for all.I was raised believing in home ownership and I still do believe that people should strive to own not rent.
I believe in the value of building equity, growing financial stability through an asset like a home. Maybe the 'dream' of a first home does not have to be a McMansion. Maybe it just needs to be a well-designed condo in a vibrant walkable neighborhood full of energizing public spots!
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