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 ...
Well it can be good long term investment
If enough people move there, businesses will be built and the economy will return
It may take a generation or two, but in the long run, it can be rebuilt
nothing is forever
true :(
When was the last time you were there?
“I would imagine everything has gone up the same as housing except salaries.”
You are right there. But of course, salary is not a “durable good”...
I would guess that salaries have gone up 1/3 to 1/2 the same rate. At least, I am not making an order of magnitude more than my father, nor my grandfather, for that matter.
No they aren’t . . .
https://en.wikipedia.org/wiki/Combined_statistical_area#List_of_combined_statistical_areas
http://www.businessinsider.com/the-demographics-of-detroit-are-changing-rapidly-2015-5
http://www.detroitnews.com/story/business/2015/09/28/amazon-detroit/72963280/
http://www.blocaldetroit.com/six-new-businesses-have-moved-to-detroit/
https://www.youtube.com/watch?v=-dqfEyJyxNY
Btw I am there off and on quite a bit so I don’t really care what Wikipedia says. I know from personal experience what is happening in Detroit.
Aging parents in these high cost areas get mad at their kids for abandoning them but offer no help financially. I think it is unfair.
Believe what you want you want but according to those who are responsible for keeping these figure the rate of population growth in Detroit is zero. That’s not “flocking” by most definitions.
You need to adjust for inflation
I believe what I KNOW. In contrast to those living across the country who are clueless and have never been there.
“IMO, that is among the best commercials on regular TV today.”
I agree !
.
Don’t get me wrong, I have a soft spot for Detroit, my family went from Alabama sharecroppers to living the American Dream by moving there and working for Ford in the early 1900’s. I’m forever grateful that they had that opportunity. And I’m excited by everything happening there now, with young folks moving in and trying to revive the city and its industrial base. But the numbers are still drops in the bucket compared to the larger trends going on.
Never been
But I have been reading a lot about people moving to Detroit, to restart their lives. If this trend continues, and the welfare class “dies off” the city might come back.
Sure it could be a gamble, but it is a gable where the buy in isn’t out of reach. Read where a young chef quit a his job as a chef in New York, and started his own restaurant in Detroit. Creating high quality food at Detroit prices, sure he isn’t making Manhattan money, but his cost of living or his rent is no where near Manhattan costs either.
In Manhattan you are a small fish in a big pond, but in Detroit you could be the big fish in a small pond. The opportunities are there, the buy in is low.
Just my opinion
I won't, because it is indeed out of control. So is illegal immigration. Hmmn, there seems to be a correlation. Influx of millions of people with limited housing stock, supply and demand in action. The illegals are creating a problem for people who can't afford to live in the neighborhood their parents live in, by reducing supply of housing and thereby driving up the cost. When I look at cities, I see more people being crammed into smaller housing. Housing situation out of control all around.
I say the show on that one, I think the flippers bought it for $235,000 fixed it up (~$65,000) and sold it for ~$400,000.
If we could just find a way to keep them out of OUR neighborhoods...
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