Posted on 11/18/2004 7:52:21 AM PST by SmithL
More than 50 percent of California residents said in a survey being released today that they are very concerned that fast-rising home prices will lock out younger generations from the housing market.
That trend already appears under way for those ages 18 to 34, with 31 percent saying high housing costs are forcing them to ponder a move from their region or out of the state, according to the study by San Francisco's Public Policy Institute of California.
Researchers at the nonpartisan think tank say an exodus of young workers could undermine state's economy, especially in the Bay Area, which relies on a skilled, mobile labor pool to drive its dominant technology industry.
"If the younger adults are thinking about moving out of a metro area like the Bay Area, the question is, where do you get the workforce?" said Mark Baldassare, the institute's director of research. "Who's going to come in and replace the skilled workers that we're going to need for our economy?"
(Excerpt) Read more at sfgate.com ...
The worst part is that a new doublewide would be three times the size and far better looking than that house for more than half a million. It makes all those mobile home jokes not sound so funny.
"Also the weather paterns in FL and the Eastern seaboard are making the retirees look harder at CA and AZ.
Also, they are already starting to lay the new foundation for an entire new city NE of Palm Springs. Should be done and ready for the retirees in about 13-15 years."
What does the new city intend to use for water?
Too hot down there.
I have two places in mind where I'm planning to go.
And the best part is I'll be making a big city income in a small town in a beautiful area where no one wants to go because there's no jobs and the weather stinks.
But it's purest nature, so I don't mind the weather.
Life will be good.
And I'll be laughing at all the city dwellers: hey, keep crowding yourselves with immigrants, and then continue to wonder where your freedom went! LOL
Palo Alto? Is that near Stanford? I don't feel so bad here in Irvine now. Thanks.
K4
I'm 33-year-old East Bay Area resident, just divorced. My lousy, lazy ex-husband doesn't want to have a decent job, so he makes little money, so he kept our little condo in compensation. I figured out that the only way to have some wealth in the future was by owning a house and bought one with 2 interest only loans. A 1064 sq ft, 2 bedroom, 1 and 1/2 bathroom, with no backyard and built in 1971 in San Ramon: $382,000. Oh man!. I have no idea how I will pay for it. I am the only financial responsible for my 2 year old boy.
The problem I saw when I was looking for a house is that MOST houses around are almost luxury homes. I just wanted something that covered my needs. But of course everything comes with swimming pool, and trails, and social room, and blablabla. If it's not luxury, you go to not very desirable neighborhoods (I wouldn't do that to my kid).
So, the old small houses, which are cheaper, are the only ones most people can afford, but because of the high demand, the prices for them are almost reaching the prices of new homes.
I think there should be options for other people other than married couples with 2 kids and a dog and 2 salaries over $100,000 each.
But they still expect a big, big immigration into California in the next 10 years.
Yeah it sucks. I'm hoping that the outragoues housing market is just seeing an artificial high and will soon implode upon itself. But until then my new wife and I will be moving back in with my parents in order to hopefully save up enough and someday own our own little dream home.
Texas.
Nope not a joke.
Pffttt!!! You found a bargain there man! That is a rare price for a nice home in that neighborhood.
I miss Texas, am stuck in UT for awhile (until hubby retires), then we'll go on to Idaho, which is one of the nice states to live in if you can stay out of Sun Valley (where the locals can't really afford to live any more, but where are the rich going to get their service people from?) but I am still trying to steer him (no pun intended) towards west Texas, where my Dad lives in Jeff Davis County...I'd actually like to move back to East Texas, but that might be pushing my luck...
I've chosen not to buy in the Bay Area at this time - it seems like a misallocation of resources.
"Out of staters are ruining Florida. They destroyed their Yankee townships back home and are quickly doing the same down here. Miami and Tampa are leading the pack with Orlando and Jax not far behind."
The worst part is that a lot of them decided to stop halfway and ruin So. Carolina. They sit in Myrtle Beach with a sour expression and tell anyone who will listen how great everything is up north, I wonder why they don't go back.
Thanks, I have a place in Desoto county.
"When the average American can only afford to own property barely bigger than an SUV, I would not call that prosperity, no matter how many SUV's or electronic gizmos one may own."
Careful, you are starting to sound like RipSawyer. Everytime I question the idea that living standards are now higher than they have ever been a lot of wet behind the ears young folks tell me how stupid I am. I consider America today to be mostly "pacified" by electronic entertainment. Take away the televisions, computers, internet and so forth and people would wake up to what is really going on.
The city itself is very liberal. I live in a suburb of Salt Lake. You just have to watch our for the local government. It's very liberal and the ACLU runs amok. But when you consider the rest of Utah, nobody votes for Bush like we do.
"Too hot down there." Yeah, it gets hot in the Summer and early Fall, but I weigh 350lbs, and it doesn't bother me much, as everything is air conditioned and you get used to it. Right now it's about 75 degrees. The "dress code" here is very casual, for the most part, and utilities don't cost an arm & a leg. Property taxes aren't high, either. As for homes, figure on paying about $40-75 per square foot +/-. There are quite a few Federal jobs here, as well as hospitality, gaming, shipbuilding, aerospace, chemicals, retailing, education, medical, etc. 7% sales tax. Military retirees & veterans will like this area (Keesler AFB, Seabee Base in Gulfport, two VA hospitals, etc...)
http://www.millenniummortgagemississippi.lenderhost.com
Hehe, there are good reasons for that. I've been to Texas several times. The heat and humidity were totally oppresive. I kid you not, we didn't even want to go outside. I'm glad you have cheap housing in Texas, but like I said, there's a damn good reason for that.
Orange County CA $599k 3 Bed 2 Bath 2,000 Sq. Ft.
With a knock out views to Catalina Island, city lights, mountains....
http://www.realtor.com/FindHome/PhotoGallery.asp?frm=byxmls&xlid=1039542354&fh=on&poe=realtor&lnksrc=00045&photonum=4
That's a nice home in your pic, but man, it's in the wrong place! Been to cold weather, never *ever* again! As the population gets older, bet the rent, nasty cold weather states, and states with brutal heat and humidity, will become less and less desireable.
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