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Of course they are not spending. They already have everything they need or want. This is why trickle down has never worked. A person who has everything saves because he can. When someone who has nothing comes into some money, it is immediately put back in the local economy because he has needs.
The two primary inputs into economic growth are Capital and Labor (along with improvements in technology).
Capital formation such as investments in plant & equipment primarily occurs as a result of savings. Within reason, the more savings, the more capital formation
Yep. A 1000 square foot older starter home on a postage stamp lot in Sunnyvale is $1.25 million at the moment. With the debacle of Bay Area transportation infrastructure, the tech workers will pay whatever it takes to get to work without spending 2 hours in a traffic jam each way.
Here's a nice typical house. Permabear had said normal people don't buy million dollar houses, but that is clearly untrue -- normal people buy homes like this every day of the week.
Here's a nice typical house. Permabear had said normal people don't buy million dollar houses, but that is clearly untrue -- normal people buy homes like this every day of the week.
Yep. A 1000 square foot older starter home on a postage stamp lot in Sunnyvale is $1.25 million at the moment. With the debacle of Bay Area transportation infrastructure, the tech workers will pay whatever it takes to get to work without spending 2 hours in a traffic jam each way.
I had a few job offers where that would have been my life.
If you chase the high paying jobs, then you go where ever they are located.
Average people don't make 350-450k (to qualify for the mortgage) and if you believe they do you're grossly misinformed.
People in these markets have often experienced strong appreciation in their starter homes and then use the equity to continue moving up in a house. In addition to that, you have 2 income families and those that have either saved over long periods of time and/or got help from relatives.
Prices like this are every day realities for those that live in high cost markets.
People in these markets have often experienced strong appreciation in their starter homes and then use the equity to continue moving up in a house. In addition to that, you have 2 income families and those that have either saved over long periods of time and/or got help from relatives.
Prices like this are every day realities for those that live in high cost markets.
I don't think you've lived in these places. Most people who live here just hang onto their house because if they leave they lose their prop 13 perks. Theyd need to save like 5-10k a month if they want to own a house before they're 50.
I don't think you've lived in these places. Most people who live here just hang onto their house because if they leave they lose their prop 13 perks. Theyd need to save like 5-10k a month if they want to own a house before they're 50.
And you would be wrong. I have lived most of my life in HCOL markets.
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