There was a story in our local paper about people fleeing Westchester because the of the ridiculous housing prices. You can't buy S$%^ for less than 600k.
I recently bought a small co-op apartment for 48K recently. About a year ago. I put about 10K into it, the same unit across the yard just closed at 139K. Its insane!!!!!!!!!
Young people can't afford to live anywhere anymore where they are most likely to find jobs.
I am as conservative as anyone, but peole on this Board and people like Rush are really out of touch sometimes about what young people are facing when trying to find housing and raise a family. Rush's comment's to people on this issue really make him sound silly.
"Young people can't afford to live anywhere anymore where they are most likely to find jobs."
What, you think that the rest of America is unemployed except for LA?! There are jobs all over, you just don't want to live anywhere else (and that's OK; it's a free country, after all).
And a lot of people agree with you, and are willing to compete with your wallet for where they all live.
The West Coast *is* a great place to live. Heck, it's got resort weather and vistas.
So it shouldn't surprise you that it's got resort housing prices and stratified living between the people who can afford to live large in resort areas from those who work to serve them.
Same thing happened to Cancun, too.
I took my state and federal tax refunds (total $9200) and used that as my total cash out of pocket to purchase a 3 br, 1 ba 2068 sq ft house on 1/4 acre for $82,900. I didn't use all of my tax refund either. Some of it will cover replacing 9 windows with new low-E vinyl framed windows. Total cost of windows is $2658 installed. The house is an investment that will rent for $750/month. It will be cash flow positive next year.
I have the spare $$$ to do this because I paid off my 3900 sq ft house on a 1/3 acre. I just have to pay property taxes each year. That's the benefit of ditching San Diego in favor of Pocatello, Idaho. I don't have to put up with endless anti-gun laws either. Just renewed my CCW for another 5 years.