Who is paying cash for these half a million dollar homes. My friends house went two days after market. It is really a 160,000 home. Almost no land and only 2 bathrooms with a tiny kitchen.
This has got to be corporate money.
I know this is just an anecdote, but two of my kids’ friends moved back to MA from CA. They both worked for one of the big tech companies, and had been for several years.
By moving from Silicon Valley to Central and Western MA, their cost of living dropped like a rock. Their work from home salaries were adjusted by about 15%. So, the guy working for X was making $400,000 a year took a slight pay cut…but his net income soared.
In both cases, these 30 something’s cashed out options and paid cash for their new homes.
The salaries for some of these tech folks is just astounding. If you do it for a few years your stock options make you a multimillionaire.