Americans and Europeans have a choice of places to prosper
We often talk about the housing affordability crisis and the associated economic challenges facing young adults as if they were the same in every developed western country. Insufficient housebuilding has sent rents and prices soaring, resulting in superheated housing markets that leave twenty and thirtysomethings forced to choose between a broken bank balance and broken dreams. On the surface, the situation in different countries does look similar.
In the UK, it’s increasingly London or bust and has only been growing more so. Just under half of Britain’s very highest paying jobs were located in London 30 years ago. Today that figure is almost 75 per cent. Top salaries are far less concentrated in the US, and are not growing any more so. In fact, the share of America’s skilled knowledge sector jobs that are to be found in New York and California has been declining in recent years.
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