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What happens to housing prices when they die out and you are left with mostly the Millennials and others with lower purchasing power?
There will always be people with money. And a lot of people will still want to live here. My neighborhood has plenty of people under 35 with $400k+ homes.
Let's be fair and give credit where credit is due. Charleston has done a good job (or for whatever reason it's happened) over the last decade or so diversifying its economy. The only question I have really is how much of the Charleston economy (particularly the housing market) is being driven by baby boomer and other wealthy retirees moving to the area. What happens to housing prices when they die out and you are left with mostly the Millennials and others with lower purchasing power?
Odd posting ..." for whatever reason that happened " ... it happened because the city ,the tri county and the state officials worked together to sell the Charleston area on its corporate, cultural, geographical and human resources to potential investors...as well as its quality of life.
While there is no data on retirees per se .. using the 65 and over population as a proxy ... we are right at the national average percentage for folks over 65....the fastest growing segment of our population is the gen X group .. ie 35 to 45 year olds ... followed by the 25 to 35 year olds... has to be a reason why tri-county officials are currently building or are planning for 14 new schools to be built to relieve the already crowded system. While Im sure we have some pretty frisky 65 and overs ... I do doubt very many are enrolling 1st graders in the system at this point in their lives.
As far as being concerned about the boomers " dying out"... the way life works ..(even the millennials and gen xers get older and rise in their careers)...they will be replaced both from internal growth and ageing as well as making sure the metro stays appealing to transplants ( hopefully southern to maintain our culture ) who will want to move to the area.
Not really. Many American cities don't have tourist-dependent economies, low salaries or poor public transit.
Like most American cities have good public transit?
Poor wages of not, there seems to be no shortage of money being thrown around here.
If no tourist want to visit a city, it's not going to make a travel and leisure magazine list regardless of what utopia it's trying to sell itself as.
Like most American cities have good public transit?
Poor wages of not, there seems to be no shortage of money being thrown around here.
If no tourist want to visit a city, it's not going to make a travel and leisure magazine list regardless of what utopia it's trying to sell itself as.
Not really. Many American cities don't have tourist-dependent economies, low salaries or poor public transit.
1. Charleston's economy isn't "tourism dependent." We are not like old Detroit with autos or Pittsburg with steel, and to a lesser extent Houston with oil. It's pretty diverse already. If Charleston was so tourism dependent then the area would be a non-booming ghost town during the winter. And other sectors wouldn't have any attention being paid to them.
2. The median household income in Charleston County is $52,000. The average median household income in the US is $53,000. "Low salaries" is hyperbolic. It doesn't matter what person A is getting paid in Charleston versus person B in New York anyway, because theres a lot of variables that you have to account for, like taxes, stratosphere-level rent, and subway fares.
Charleston may not have a plethora of white collar 6 figure jobs, but relative to SC, and mid-size Southern cities in general the salaries and income are fine and Charleston's on the high end.
3. Outside of NY and maybe Chicago, pub trans sucks pretty much everywhere. I really don't know what people expect from Charleston, it is not big, dense, or funded enough to have NY-esque subways and high speed rail all over the place, which it seems everyone wants. MARTA is as close as the south has gotten to premiere pub trans and it's still used by only 7% of Atlanta's population.
Charleston is a car region, like pretty much 99% of the south. You have to live with that. We need more options, rail would be great, especially an express line from S-ville to downtown, but you have to be realistic, at least for now. Other than the downtown trolleys, you shouldn't even be hard pressed with trying to use pub trans here.
Shouldn't matter how poor it is. If you're out of downtown, you need your car. If you're in downtown, your legs and the trolleys, or your bike should do just fine.
Odd posting ..." for whatever reason that happened " ... it happened because the city ,the tri county and the state officials worked together to sell the Charleston area on its corporate, cultural, geographical and human resources to potential investors...as well as its quality of life.
While there is no data on retirees per se .. using the 65 and over population as a proxy ... we are right at the national average percentage for folks over 65....the fastest growing segment of our population is the gen X group .. ie 35 to 45 year olds ... followed by the 25 to 35 year olds... has to be a reason why tri-county officials are currently building or are planning for 14 new schools to be built to relieve the already crowded system. While Im sure we have some pretty frisky 65 and overs ... I do doubt very many are enrolling 1st graders in the system at this point in their lives.
As far as being concerned about the boomers " dying out"... the way life works ..(even the millennials and gen xers get older and rise in their careers)...they will be replaced both from internal growth and ageing as well as making sure the metro stays appealing to transplants ( hopefully southern to maintain our culture ) who will want to move to the area.
My only point with the "for whatever reason it happened" is I didn't know all
the inner workings of what went into bringing these larger companies to Charleston. In theory a company or companies don't even need to be recruited if they want to be somewhere bad enough. And by now surely most people have heard of Charleston and what it can offer but I understand it's beneficial to make regions compete for you as well if you're big enough or a big enough name. Anyway, it'll be interesting to see what happens. This is boom times for sure for the region. Something outside of the local jobs market is driving the Charleston housing market at least partly, so just curious to see how it holds up over the next decade or so.
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