Posted on 09/19/2017 7:29:23 AM PDT by Oldeconomybuyer
BERKELEY The Bay Areas brutal spikes in home prices have spurred more than half of its residents to dream of escaping from the expensive region, and the urge to flee is strongest among millennials, according to new poll results.
In July, the median price of a single-family home in the nine-county Bay Area was $804,000, up 10.1 percent from a year earlier.
The new Berkeley Institute of Governmental Studies Poll determined that 65 percent of the Bay Areas registered voters and 48 percent of voters in California describe the issue of housing affordability as an extremely serious problem.
The poll also found that 51 percent of Bay Area residents have considered moving out of the nine-county region, compared with 56 percent statewide who have considered relocating.
Young people, such as millennials, are more likely than older people to be seeking an escape from the region. The poll found that 65 percent of people aged 18 through 29 have considered a move out of their region of the state, while just 38 percent of people aged 65 or older had thought about leaving. About 69 percent of people aged 30 through 39 had considered a move out of their area, the survey determined.
The only folks who are cheering our regions astronomical housing costs are the folks at U-Haul who are helping residents move right out of the state, said Carl Guardino, president of the Silicon Valley Leadership Group. But this problem is eminently fixable with political courage. People with jobs need a place to go home to sleep at night.
(Excerpt) Read more at mercurynews.com ...
Please don’t bring your cancerous ideology with you.
Too late.
Import millions and millions of immigrants and illegals and housing gets scarce and expensive.
Who could have foreseen that?
Yeah, I know...I live in Colorado.
There has been much Californication of other States over the last few decades.
You know they will. They can’t help the old “That isn’t how we did it in Cali.” line. It’s kinda been instilled in them for so long. So, just don’t come here.
But this problem is eminently fixable with political courage. People with jobs need a place to go home to sleep at night.
The political courage needed isn’t there. Because the state is liberal, and the Bay Area is a very liberal area in a liberal state. To the extent that government, or political issues, are a cause of housing prices being high, that right there ensures that there will be no solutions. Exclusionary zoning is a big problem. That will not be changed by existing liberal zoning officials.
Time to ESCAPE from Liberal Land and take your jobs AWAY from the Progressive Socialists.
People moving out could be what helps this problem.
Housing costs are a function of supply and demand.
So, say 20% of the people in Bay Area moved away. Housing costs should decline about 20%, right? Because the demand side of the equation would have declined.
I’ve known some people who live in the Bay Area, and they like it. That’s another issue; that some people really enjoy that area. And that’s an intangible, if people want to be in an expensive area, and are willing the pay the price to live there, then housing stays expensive.
Yes. Libs please stay the F out of Idaho. You’re not welcome here.
Import millions and millions of immigrants and illegals and housing gets scarce and expensive.
Who could have foreseen that?
Wait until Californicator Land becomes the official illegal sanctuary for the west coast.
Play stupid games, win stupid prizes.
Slave state.
It only makes sense that younger people would be more eager to leave because they are much less likely to own a home already. I'm sure there are many working class senior citizens who bought a home there back in the 60's for one or two hundred thousand which are now worth well over a million dollars. Those same people couldn't afford to buy those houses now.
We visit friends who just bought a condo in SF for $1.7 million - a CONDO!! No elevator, walk-up. Beautiful views - but shared back yard.
Every time we visit SF husband wants to get out of there ASAP b/c we hemorrhage money,everything is very expensive. Crappy hotels are $350/night. Average restaurants cost $150 for four people.
The housing costs there are excessive in no small part due to foreign speculative money, so people moving out won’t necessarily change the situation. What will change the situation would be an economic crisis or crash in China that causes Chinese to divest their foreign real estate holdings. Unfortunately, that will crash real estate in areas where they’ve been prone to buy, such as California, Vancouver, New York City, etcetera.
Uh, that would be in the 80's. In the 60's, those homes were 30-40 thousand max.
The same homes now sell for roughly 2 million.
If 20% moved out, prices would likely drop more than 20% - maybe 40 or 50%, or higher, especially with panic selling and increased foreclosures. Most items do not have an elasticity of 1.
OK. But that reinforces my point.
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