By Kate McClaskey (New York City)

The debate over city life versus suburb life has been raging for years and will more than likely rage on for years to come. In the last U.S. census, almost two-thirds (64%) of college-educated 25- to 34-year-olds said they looked for a job after they chose the city where they wanted to live.

But it’s not just recent college grads who thinking hard about where to live. As more women enter the career force as professionals, the issue of work/life fit is becoming more important -and where you live can play a big role. There are pros and cons to both but the key is to find which works best for you.

The City

Pros

Shorter Commute: Shorter distances to work, restaurants, and stores all decrease the time spent in a car commuting to jobs or getting groceries. And when you’re lucky enough to live in a neighborhood where everything is walking distance anyway, then the need for a car is even smaller.

Actually, new research in Preventive Medicine shows that people living in more urban communities reap health benefits because they tend to walk more. And why not walk when there are so many things to do nearby like museums, parks, theaters and much more.

Close to Kids During the Day: If you live in the city, your children will most likely go to school in the city as well. From sick days to school assemblies, a shorter distance between work and school makes it a lot easier to round up a busy family.

Entertainment: One thing is for certain, city life is never slow. There are always new things to do, new shows to see, new restaurants to try, new stores to visit. Kids have children’s museums to public parks, while adults have nearby bars and cafes.

Public Transportation: Forget driving, there’s a multitude of ways to get around in big cities. From subways to trains to buses to simply walking, public transportation defines the city. This eliminates the need for car sometimes, which includes car insurance. So even though having to pay for train passes or metro cards may seem like a burden, its still less expensive than bills to the insurance company and the upkeep a car requires.

Cons

Expense: From food to apartments, things are usually are more expensive in the city than they are in the suburbs. What could normally cost five dollars outside a city can cost twice as much in it. Finding the right budget to live in the city can prove difficult.

Schools: Should parents wish to put their child in a private school in the city, their cost of living will rise dramatically.

Smaller Space: Apartments come in all shapes and sizes but they can never offer the amount of space a house can. And with adjoining walls and a plethora of neighbors, there will always be people around. This can prove problematic for growing families who may not have the convenience of extra closet space and larger rooms.

The Suburbs

Pros

Space: There will always be more space outside the city. With less buildings and less traffic, this also means there is more space for backyards. Instead of apartments and crowded sidewalks, the suburbs can offer lawns and houses. For many with children, the opportunity to have a backyard that they can call their own far outweighs the public parks that are offered in the city.

Quietness: With this increase of space also comes another benefit, which is less noise. Without car horns, sirens, people and a myriad of other noises, the suburbs can offer one thing cities never can: silence.

Transportation: And although things may be farther away, getting there and back may actually be quicker. Instead of wading through crowds and subways, one can simply get in their car and drive the distance without the wait. It may be a little farther, but it could be much simpler.

Cons

Commute: Studies from the American Journal of Public Health and the American Journal of Health Promotion have linked suburban sprawl to rising obesity rates. Instead of walking to work or the store, people are getting in their cars and driving there, cutting down on the amount of exercise they are receiving. Additionally, a hard commute can have a negative effect on your mood, increasing negative health effects.

Expense: A recent article by the New York Times found that certain variables can cause living in the suburbs to actually be more expensive than living in the city. With owning and insuring a car, property taxes, as well as utilities and train passes, living in the suburbs can actually outdo the expenses of living in the city in the long run. Owning and maintaining a home takes a lot more money than owning or renting an apartment in the city does.

The list of pro and cons for city life or suburb life can go on and on. But we all have different priorities. Hopefully the list above can help you decide which is best for you.

Contributed by Beth Collinge of CTG – a division of ILX Group plc.

British banks produced encouraging Q2 results, mainly due to a reduction in impairment charges and booming retail and commercial business. The Bank of England and the European Central Bank left benchmark interest rates unchanged. THe ECB president announced eurozone economic recovery “surpasses expectations”. In the US, non-farm payroll figures raise the prospect that the Fed will reinstate a quantitative easing programme to stimulate growth. And Chinese manufacturing output grew at a slower rate in Q2 and predictions for Q3 are for further slowing.

Economic Backdrop

• The global economic recovery was again shown to be fragile with news of slowing expansion in Chinese manufacturing adding to disappointing growth in the US. The Chinese purchasing managers’ index for July sank to its lowest level since February 2009: the economy has been restrained by Chinese government attempts to curb real estate speculation.
• In the US, although the unemployment rate held steady at 9.5 percent, US businesses created jobs at a slower pace than earlier in the year and barely fast enough to keep up with population growth. Private payrolls increased by 71,000 jobs, compared with a forecast of 90,000. Overall, the US economy shed 131,000 jobs in July, and a revised 221,000 jobs in June, but that decline was the result of the end of temporary government jobs for the 2010 census.
• The euro has rallied 11 percent since reaching a four-year low versus the dollar on June 7, as investors gained confidence that government austerity measures will help the region weather its sovereign-debt crisis. A report last week showed business confidence in Germany unexpectedly climbed to a three- year high and monthly purchasing managers’ indices for Europe said growth in services and manufacturing industries accelerated in July.
• The ECB and the Bank of England left interest rates unchanged at their monthly meetings.
• The COMEX December gold futures contract closed up Friday at $1205.30. People were also buying gold on the longer-term view that the dollar may weaken further and inflation may rise if a stuttering economic recovery causes the U.S. to inject more money into the system. In addition, China announced a series of measures to liberalise its local gold market, which will increase liquidity and spur development of gold financial products.

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