TruliaPosted on 04/28/2016 2:44:51 PM PDT by SeekAndFind
>High home prices are pushing three groups of people out of big, expensive cities: low-income workers, people in rural-based industries, and millennials.
Trulia data scientist Mark Uh examined how the affordability crisis is pricing out various income groups.
Using data from the 2014 five-year US Census American Community Survey, Uh looked into migration patterns away from the biggest — and often most expensive — cities.
He wrote in a post Thursday, "Millennials accounted for the largest share of out migration [by age group] at 51.1%, and they also had the highest move-away rate relative to expectation at +105.6%.
"Although Millennials moved out at a rate greater than expected for every single city studied, one thing to note is that San Jose and San Francisco, known to be booming tech hubs, saw lower move-away rates relative to expectation compared to the other top cities."
So some millennials can still afford, or are at least willing to pay, the lofty housing costs.
Here are the cities seeing the biggest outflow of millennials relative to expectations:Trulia
We have noted before that millennials may have reached peak urban living. Many young people flock to big cities for the big companies, nice-paying jobs, and fun social scenes.
They soon find the cost of living in these places unsustainable, however, especially if they plan to start families.
(Excerpt) Read more at businessinsider.com ...
Can someone put a pic of the simpsons boy saying “Ah Ha”, lol.
Six of the ten are in California.
Let me guess...they ended up on the streets in Colorado wherever weed is being sold
staten island isn’t. It takes an hour or so to get to work but you only need 35 percent of the salary you would need in manhattan to live the same.
townhouse can be gotten for 300k. But if you’re making 150 combined, that should be fine.
MAnhattan, a studio is 2000 a monh
It’s a pattern that’s been repeated for a long time. Move into a city when young and move out when it’s time to have a family.
I was glad I had the chance to live relatively cheaply with an apartment and roommates and save 50% of my post tax income in a large expensive city and then move out to a cheaper smaller city when I got married, bought a house, and had children.
In Dallas, they moved to ‘uptown’ to be close to the vibrant bar and nightlife scene. But since they now have jobs with regular hours, they are complaining about the noise from the bars that they wanted to live next to, and trying to get the city to restrict the hours and tighten noise ordinances.
It’s a repeat of what happened with Lower Greenville.
It’s rather amusing as a spectator sport.
Several of the California cities on the list have high prices because everyone wants to live there, the lifestyle is great. Including San Diego, where I live. Several are high because they are near Silicon Valley and a lot of rich people live there and don't want to commute from Oakland.
Two of the cities are Metro DC, and the others are NY and Chicago. Not much to glean from the list except that there are some cities where housing is too expensive for young people. Now if you want to talk murder rate and correlate it to Democrat mayors, I think there is a much better case to be made.
My grandparents bought their six bedroom house for $2,900.00
My parents bought their 3-bedroom split level for $48,000
My wife and I bought a 5 bedroom home for $380,000
Tell me housing isn’t out of control.
See the prices around you.
http://www.zillow.com
Agreed. I don’t know very many people who think Detroit is a better place to be than San Francisco, even though housing prices are obviously much better in Detroit. California home prices do get an extra boost because of strict zoning requirements and open space protections that prevent much new housing from getting built, but the vast majority of the people here (who are homeowners and as such benefit from the increase in property values) wouldn’t have it any other way.
When you turn on one of the house flipper programs featuring a home project in California, you gag at the price they pay for a crap box like this:
Are you the guy in the “I’ll never get married” commercial ? ;-)
“My grandparents bought their six bedroom house for $2,900.00
My parents bought their 3-bedroom split level for $48,000
My wife and I bought a 5 bedroom home for $380,000
Tell me housing isn’t out of control.”
It’s just an order of magnitude increase every generation. I wonder if that holds for other “durable goods”? It would seem to for cars prices, perhaps....
I got married at a later than average age but I probably see less than 1 hr of adult TV per month so I don’t know how to answer that question:)
RE: you gag at the price they pay for a crap box like this
Where is this house located and how much does it sell for?
It can be exacerbated, though, by government meddling that prevents an increase in supply. >>>> here in my hood in philly they have tax abatements for 10 years so the rich can buy newly constructed houses that the locals can’t afford.
IMO, that is among the best commercials on regular TV today.
I would imagine everything has tone up the same as housing except salaries.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.