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Old 04-03-2019, 05:47 PM
 
Location: Fairfield County CT
1,905 posts, read 992,431 times
Reputation: 959

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Quote:
Originally Posted by Mr_250 View Post
I am a millennial and I bought my house in 2011. I might be the outlier but I am looking for more land away from “urban” areas.

The traffic and noise are overwhelming. I am not picky. If we have a gas station, a DD and a grocery store relatively close, that’s all I need.

That is the good thing about CT. Even out in the sticks is not far from modern conveniences. It’s funny when I do work in eastern CT, I love the vibe of it.


I don't think your are an outlier. I keep saying it is all circular and everything comes around again. This commercial explains it well.


https://www.youtube.com/watch?v=8NqTY4k_9m8
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Old 04-04-2019, 07:40 AM
 
Location: Connecticut
25,949 posts, read 41,899,042 times
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Quote:
Originally Posted by CTartist View Post


I don't think your are an outlier. I keep saying it is all circular and everything comes around again. This commercial explains it well.


https://www.youtube.com/watch?v=8NqTY4k_9m8
I LOVE that commercial and you are correct. Studies are showing that Millenials are doing the exact same thing that their parents and grandparents did. The difference is that they are a little older and may be that they are less likely to buy homes in rural areas and are more willing to pay a premium to live in a walkable neighborhood but that could change as homes in those neighborhoods are priced beyond their reach. One Millenial I know wanted to buy in the Fairfield Beach neighborhood for its location and walkablity but ended up in a less walkable neighborhood because they just could not get a house they liked in their price range there. Jay
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Old 04-04-2019, 07:57 AM
 
1,390 posts, read 1,074,698 times
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It's also being said that millennials are moving to small towns in droves.

The point made upthread is a good one - basically a lot of us want access to a grocery store, a gas station, a decent cup of coffee, and nature.
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Old 04-04-2019, 08:35 AM
 
305 posts, read 303,171 times
Reputation: 155
Quote:
Originally Posted by esm1983 View Post
I'm close to SONO. 300,000 is a LOT of money even to a family making close to FFC median income of $100,593 ( following the 30% takehome rule).
With 20% down you would be financing just over 2X's gross. That is not a lot and you would still be able to fully fund retirement accounts and other activities.


Quote:
Originally Posted by Mr_250 View Post
I am a millennial and I bought my house in 2011. I might be the outlier but I am looking for more land away from “urban” areas.

The traffic and noise are overwhelming. I am not picky. If we have a gas station, a DD and a grocery store relatively close, that’s all I need.

That is the good thing about CT. Even out in the sticks is not far from modern conveniences. It’s funny when I do work in eastern CT, I love the vibe of it.
Same with my wife and I. We just listed our house on 0.5 acre for sale to "upgrade" to a much larger lot. We're not searching for a bigger or nicer house than we currently have just more land and privacy.
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Old 04-04-2019, 09:31 AM
 
50 posts, read 41,665 times
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Originally Posted by GeoffD View Post
This is the endless "Boomers, Millennials don't want to buy your house" headline. Birth rates among white collar professionals are way down. There's way less demand for large houses with lots of bedrooms. Millennials who can afford it are also well aware of the personal finance math of a DIY retirement where a big suburban house isn't the greatest way to build wealth.

GeoffD had nailed one of the most important components. Not only in CT but in most of Western Civilization natality rate is low. Western and Middle Europe are patching this issue by importing population from other countries and continents as their leading politicians are not willing to look into the cultural reasons and values that had led the local populus to stop extending the gift of life and slowly cause their nations to vaporize. In the mean time other cultures move in to territories with a name, yet if they adapt the similar lifestyle the same may happen to them. It is a pity for one flower to dispensary from the face of the earth and morose for one nation to go extinct after thousands of years with all of their collective experience. It seems that contemporary generation are more into worshiping materialistic (dead) features and that is what we get my turning inward. When getting becomes a higher virtue then the joy of giving, fear creeps in and pacifies.

This phenomenon is less expressed in the US, probably because of the notorious Bible Belt, people in US are more conservative in general, feel less protected and pampered by society and less on a modernist hype then Europeans are. Also the low natality rate of domicile population (3rd generation) is less noticeable because The US is used to constant influx of immigration that makes up a large portion of its population.

When I pass by Guilford, Madison I wonder what will happen to that beautiful area as it is primarily white collar = lowest natality rate and has very low immigration rate. When I say very low I mean not sufficient to supplement for mortality rate + all those kids who are going to collages in and starting careers, moving to Boston and NYC, South and SW. Some of them come back to raise children in almost optimal conditions for The US, (Guilford and Madison) but many will not come back. The highest immigration into the area may be from El Salvador and consist of mostly working class. Needless to say but I will, they usually do not buy into Guilford and Madison although many reside in Old Saybrook. Probably that is why the RE prices have not gone up much in Madison while in Dutchess County, NY they have went up by 50-75% in the past 3 yrs. Dutchess County by large is nowhere as sophisticated, elegant as Branford-Old Saybrook area. It is the same distance to NYC, Norther Dutchess being much further; does not have Long Island Sound, or access to an appealing downtown of a mid-size city for recreation cultural and educational resources New Haven has to offer. The closest city being Poughkeepsie , Newburgh ( or Danbury CT. Climate is harsher then Shoreline East, there is more snow to clean. Property Taxes are higher. The population is significantly less educated, but friendly Three years ago a modest starter home 3bdr, 2ba, around 1600-1800sqf on more then 0.5 acre was 175k-200 in Arlington School District (most reputable in Southern Dutchess, not on pair with Madison or Guilford). At this time the price is almost at 300k, 8k taxes, as it the modest starter homes are in Madison and Guilford, except that M-G taxes would be around 6k.
In addition the architectural designs are at a much higher level east of New Haven then they are in Dutchess C, both in quality of spatial distribution as in standard elements such as sun-rooms and family rooms.

I like New Haven County a lot and believe that it is probably the best bargain for the money in the North East along with some affluent towns around Philadelphia (such as Doylestown area being to the north of it and Main Line towns and few further, west of Philadelphia). New Haven C having access to the Sound and more sunny days on the shore, while Main Line having slightly higher temperature and more overcast in summer time. Let's leave the differences in mentality to preference.
I am sorry a bit when I notice that youth of Branford-Madison does not appreciate what they have before they leave and possibly not come back. I get the feel that they believe that life must be somewhere else, closer to NYC or Boston, while I frequent on weekends from NYC/Westchester to enjoy and admire features that New Haven County has to offer.
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Old 04-04-2019, 10:11 AM
 
50 posts, read 41,665 times
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Quote:
Originally Posted by esm1983 View Post
As a millennial with a decent salary and plenty of other friends in the same boat (mid to late 30's, DINK's) you bet your a** we aren't dumb enough to buy a big house in CT really far from job centers with a giant property tax bill. We all know how to look up property records and see the bloodbath that anyone who bought in these wooded suburbs in Fairfield county are in, IE if they bought between 2000 and 2009. It's quite sad when you really dig into the weeds and see the gigantic drops in equity in places like Easton, Weston, Monroe, Newtown, Brookfield etc. It's everywhere. Anything 600+ is toast and there is no going back. The walkable suburban trend is here to stay and that's where buyers want to live and will fight fiercely for this lifestyle even if the schools are soso. As my wealth grows, I am very cognizant of the albatross a giant highly taxed property is to your financial future, especially if the thing is neutral or depreciates in value.
From this paragraph I would extract the fact that the reversal of White Flight can be noticed in the past 20 yrs or so - cities are becoming more popular for upper middle class while safe, manageable towns with good education are left behind for the lure of the city lights, "possibilities," and hopes for better quality of interpersonal relationships and social life.
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Old 04-04-2019, 10:50 AM
 
13,484 posts, read 7,146,901 times
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Quote:
Originally Posted by MeaningIntheMeanwhile View Post
I like New Haven County a lot and believe that it is probably the best bargain for the money in the North East along with some affluent towns around Philadelphia (such as Doylestown area being to the north of it and Main Line towns and few further, west of Philadelphia). New Haven C having access to the Sound and more sunny days on the shore, while Main Line having slightly higher temperature and more overcast in summer time. Let's leave the differences in mentality to preference.

There are other coastal southern New England towns with that "too far from the jobs" influence on the housing prices to the east of New Haven County. Other than a few spots where vacation home buyers have jacked up prices, coastal southern New England is affordable all the way to the Cape Cod Canal.
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Old 04-04-2019, 12:25 PM
 
20 posts, read 19,312 times
Reputation: 48
Quote:
Originally Posted by MeaningIntheMeanwhile View Post
From this paragraph I would extract the fact that the reversal of White Flight can be noticed in the past 20 yrs or so - cities are becoming more popular for upper middle class while safe, manageable towns with good education are left behind for the lure of the city lights, "possibilities," and hopes for better quality of interpersonal relationships and social life.

Not necessarily just cities, just well planned larger towns that have a traditional walk-able center and dense housing surrounding that. There are a bunch of studies that show the rent and housing prices in both walk-able cities and walk-able dense burbs have a much higher premium compared to less centralized towns of the same population that are spread out strip malls and gas stations. This trend is accelerating. I will try and dig up the report but the data suggests as someone pointed out, smaller homes with smaller lots CLOSER to downtown are replacing the mcmansion in the woods in terms of appreciation faster.



Its easy to see this in the big decline of the Wilton/Redding and even Ridgefield housing market versus Westport and New Canaan, all with the same quality of schools but one not having any sort of planned city center. The distance factor from the train line is just a piece of the decline. Not driving all over the place to get to anything is also a big thing many of my generation do not want.


Speaking of Ridgefield, while the overall market is decent, 4 bedroom+ homes are down almost down 100k in median value over the last 5 years. Thats shocking.
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Old 04-04-2019, 02:13 PM
 
Location: Shoreline Connecticut
269 posts, read 169,165 times
Reputation: 107
Quote:
Originally Posted by GeoffD View Post
There are other coastal southern New England towns with that "too far from the jobs" influence on the housing prices to the east of New Haven County. Other than a few spots where vacation home buyers have jacked up prices, coastal southern New England is affordable all the way to the Cape Cod Canal.
Guilford and Madison are not "too far from job" another new England towns. Both have reasonable train ride to fairfield county, even possible to uptown or mid town Manhattan if the jobs allow couple of days remote. New Haven and Hartford county jobs are within 1 hour drive distance. Both should be better than most of cheap New England towns because of not too far away from jobs.
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Old 04-04-2019, 02:32 PM
 
Location: Shoreline Connecticut
269 posts, read 169,165 times
Reputation: 107
Guilford itself can be called high tech town of New Haven county. It is birth place of Ion Torrent NGS technology and thermofisher NGS R&D division is still in town. It is also headquarter to Butterfly Network , a new unicorn worth more than $1 billion dollar market cap in private VC mkt
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