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June 04, 1993 - Image 27

Resource type:
Text
Publication:
The Detroit Jewish News, 1993-06-04

Disclaimer: Computer generated plain text may have errors. Read more about this.

Chicago: The Promised
Land For Young Adults?

JENNIFER FINER SPECIAL TO THE JEWISH NEWS

Natalie Greenspan

I

t happens every year
around this time.
Recent college gradu-
ates pack their bags and
move to the big city of
Chicago in search of good
jobs and good times.
For many young people
graduating from Michi-
gan colleges, Chicago —
with a population of 2.8
million — is the land of
opportunity. But the
high cost of living and
several cases of home-
sickness often bring
Michigan transplants
back home.
"Many people think it
is the place to go," says
John Crusoe, executive
director of counseling
and placement at Wayne
State University. "They
think it is the Promised
Land. There are a lot of
opportunities and a lot of
jobs. But it is expensive.
And if you don't have the
right job, you will be
hurting."
Sometimes, even the
right job isn't enough to
keep a Michigan native
in Chicago forever.
"I think a lot of people
move here but plan on
eventually going back
home," explains dietitian
Natalie Greenspan, who
moved to Boston after
graduation from Michi-
gan State University in
1990 and followed
friends to Chicago a year
later. "My roots are not
really here and I don't
have any strong feelings
about staying. I don't
think people move here
with the intention of
staying forever, especial-
ly since the economy is
not the greatest."
Nine years ago, Lisa

Cohen, a University of
Michigan graduate, ac-
cepted a job at Chicago's
Veterans Administration
hospital. In Chicago, she
earned a master's de-
gree, and found a job as
a clinical nurse specialist
at the University of
Chicago.
A year ago, she started
thinking about her
future. She liked city liv-
ing, and her career was
flourishing. But her
monthly rent and park-
ing fees for a basic one-
bedroom apartment were
over $1,000. Even gro-
ceries were taxed at
Illinois' hefty 8 percent.
She had trouble saving
money, and she wanted
to buy a condominium or
a house. She found a job
as a clinical nurse spe-
cialist in Detroit, and
she moved into a two-
bedroom apartment in
Southfield at an estimat-
ed $300 monthly savings.
"I came back because it
was really expensive to
live there. I needed to
start thinking about the
future," she says.
"You can make your
fun here or there," says
Renee Cherrin Erhlich,
who moved home to
Farmington Hills just
over a year ago to marry
her high school sweet-
heart. "When I first
moved back to Michigan
it was really hard for me,
but my family . here
makes life a lot easier,
especially around holi-
days, which were hard in
Chicago."
When she moved there
in 1989, Ms. Cherrin
Erhlich landed a position
as a receptionist with a
real estate developer.
Shortly after she began,
she was promoted to
property manager, which
included an apartment in
a high-rise overlooking
Lake Michigan.
She misses the big-city
life. Now she is a partner
in a party planning busi-
ness, which she hopes to
eventually expand into
the Chicago market.
Property managers
and realtors have a name
for cities like Chicago,

Boston, New York, San
Antonio and Los Angeles,
that attract young people
in mass. They are called
runaway cities.
"A runaway city is
where people go when
they leave home for the
first time," says Alan
Hayman, a partner in
the Detroit-based Hay-
man Company, which
manages property
throughout the United
States, including Chicago.
- On the national scene,
Chicago has taken the
place of New York, once
a mecca for the young
college graduate, Mr.
Hayman says.
In a runaway city, Mr.
Hayman adds, the rental
market is saturated to
accommodate the large
numbers of transients.
"New York was once the
runaway city, but
Chicago has become a
safe alternative," he
says. "It has a
Midwestern mentality
but is cosmopolitan like
New York."
Many, like former
Detroit area residents
Leslie Radner and Tami
Stillman, like the big
city. But, they say, some-
day they may come
home.
Ms. Radner, who has
lived in Chicago for a
year, earns $28,000 as a
sales manager for Mrs.
Fields Cookies. Though
she can support herself
on the salary, Ms.
Radner acknowledges
the high cost of living.
Ms. Stillman feels the
hefty prices of city living.
Though she saves some
money on car payments
and insurance rates by
relying on public trans-
portation, she waitresses
a few nights a week for
extra cash.
During the day, she
works at an entry-level
job with an advertising
agency.
"You really don't get
paid very well with
entry-level jobs," she
says. "I could survive
without the second job,
but it's nice to have
extra money to go shop-
ping or out to dinner." ❑

ISRAEL DIGEST

Specially compiled by Jerusalem Post

— $1 EQUALS 2.749 NIS (shekels) - Close Price 5124193 —

Israel's Economic Activity Flat
During 1st Quarter

Economic activity in
Israel was flat during the
first quarter of the year
compared to the previous
quarter, according to a
survey issued last week
by the Federation of
Israeli Chambers of
Commerce.
It was down 10 per-
cent compared to the
first quarter of 1992,
reflecting the slowdown
in construction. As hous-
ing starts decreased.,
sales of housing acces-
sories took a nose-dive.
Sales of plumbing
goods dropped 20 per-
cent. The economy
slowed by an average of 5
percent when sectors
linked to construction
are excluded.
The survey notes,

however, that not all sec-
tors followed a downward
trend. Shoe and clothing
sales jumped 10 percent
each and cleaning mater-
ial sales grew 5 percent.
The survey also
reports that inventories
grew compared to the
first quarter of last year
by 5 percent as sales
dropped. The survey
reveals that the payment
record for goods has been
getting worse, as the vol-
ume of returned checks
grew by nearly 5 percent.
Another sign of the
Israeli economy's slow-
down is reflected in
reports by businesses
about their need to
extend credit for longer
periods to their cus-
tomers.

Stocks Fall As Tax Rumors Fly

Stocks on the Tel Aviv
Stock Exchange plunged
last week with the two-
sided index of major
stocks diving by 3.2 per-
cent to 200.4. It was the
biggest one-day drop
since mid-February,
when Bank of Israel
Governor Jacob Frenkel
referred to the Israeli
stock market as a "bub-
ble" and sent stocks tum-
bling.
Most major stocks fell
between 2 percent and 4
percent. Smaller stocks
traded on the Karam
market also fell, though
not quite as sharply. The
bond market suffered

only a moderate drop.
Observers struggled to
find a single reason for
the sharp drop, with
many noting that a num-
ber of worrisome issues
all surfaced on the same
day. Most market-
watchers pointed to the
persistent rumors —
repeated in the media
over the weekend — of
impending taxation of
stock market profits.
With the market slack of
late, investors may have
chosen to take profits --
possibly to reinvest sub-
sequently — before they
are subject to taxation.

El Al Profits Down 19 Percent In '92

EL AL has reported 1992
profits of $31.5 million,
down 19 percent from
$38.9 million the airline
earned in 1991.
General manager Rail
Har-Lev noted the air-
line was one of the few in
the world to report a
profit for last year, a
year in which the airline
industry's leaders had
accumulated losses of
approximately $5 billion.
El Al's revenue
increased by 7 percent to
$938 million, up from
$878 million in 1991.
The overall number of
passengers carried grew
by 11.6 percent to 1.96
million from 1.7 million

the year before.
Mr. Har-Lev said El
Al was able to meet its
goals by keeping down
costs and reacting to
changes in the market-
place with "real-time"
adjustments.
The state-owned air-
line reported that its on-
time performance
remained at 91 percent,
while in 1990 its on-time
performance was 88 per-
cent.
During the year, the
airline opened service to
three new destinations,
Beijing, Dallas and
Washington, D.C./
Baltimore.

C)
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27

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