I attended an alumni family outing for Yale graduates the other day. As is generally the case with these types of gatherings, it is a time to catch up on the new jobs and/or career moves of fellow alumni. For several of those job changers, new jobs or careers meant relocating to a different area in the Tri-State area (NY/NJ/CT). It surprised me to learn that none of the job changers – all of whom had young children – intended to buy a house in the new area, rather they intended to rent. Since the jobs that they had been lured to were all high-end, well-paying jobs within professions that appeared to offer relative job security, I wondered why these young parents (with two-income households) possessing first-hand experience with the value of good schools would not want to BUY homes in the new area; i.e., to settle down in good communities with good school systems. My reasoning was that they would want to give their children firm roots in solid communities. I expressed this view and -- to a person-- the job changers told me that at most one should expect to remain at the same job for a period of 3-5 years and given the volatile housing market, that it would be foolish to invest in a home for this short period. In other words, one might have to sell in a weak housing market and that weighed heavier as a decision-making factor than the fact that one can find some real bargains on homes in upscale neighborhoods at the present time. Will this phenomenon of “portable” families have a negative impact on the children that are raised in this environment of “Have Talent, Will Travel”? Isn’t there something inherently wrong with letting economics be the overriding consideration in what values one will impart to one’s children and whether these children will have a sense of stability while growing up?

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