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Old 10-24-2016, 05:57 PM
 
Location: Downtown Phoenix, AZ
18,927 posts, read 6,889,772 times
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Quote:
Originally Posted by BajanYankee View Post
How would monetary policy result in an economic bubble on the coasts and the coasts alone?
Because people with the money to pay higher prices don't see any value in "Middle America", hence why prices stay reasonable in say Mississippi and Kansas for example
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Old 10-24-2016, 06:18 PM
 
2,015 posts, read 1,024,289 times
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Quote:
Originally Posted by FirebirdCamaro1220 View Post
Because people with the money to pay higher prices don't see any value in "Middle America", hence why prices stay reasonable in say Mississippi and Kansas for example
Well, you know your statement can be debunked, right? I can't take this seriously, as many people see the value in "Middle America." My children, for instance. Both are millionaires, and could live on either coast. One is self-made, and the other married into it. They choose to stay in "Middle America", as there is great value in it. This is where their millions were made. These are two that I know, and many, many more that I don't know. I wonder why you think you can say what you said. If you were right, there would be no millionaires in the middle of the country, and there are many, many, many. I go with the notion, that those who always ridicule something, feel inferior....sorry, but there's truth to that.
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Old 10-24-2016, 08:03 PM
 
970 posts, read 1,642,927 times
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I'm a detached north coaster.
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Old 10-24-2016, 09:33 PM
 
Location: Minneapolis, MN
6,066 posts, read 3,395,846 times
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Quote:
Originally Posted by Enean View Post
Well, you know your statement can be debunked, right? I can't take this seriously, as many people see the value in "Middle America." My children, for instance. Both are millionaires, and could live on either coast. One is self-made, and the other married into it. They choose to stay in "Middle America", as there is great value in it. This is where their millions were made. These are two that I know, and many, many more that I don't know. I wonder why you think you can say what you said. If you were right, there would be no millionaires in the middle of the country, and there are many, many, many. I go with the notion, that those who always ridicule something, feel inferior....sorry, but there's truth to that.
Warren Buffett has been living in what, the same small house in Omaha that he bought in the 50s?

Hell, my dad makes a lot of money and he lives in small studio apartments, cuz he's quite frugal lol. (He does live on the coast, though; Miami.)
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Old 10-24-2016, 09:59 PM
 
Location: Downtown & Brooklyn!
2,123 posts, read 1,312,643 times
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I don't think I would consider myself to be "detached from reality" but I do know that I could never not live near a beach (by which I mean ocean beach, I'm not a fan of lake beaches). If that makes me "detached from reality" then I'm ok with that!
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Old 10-25-2016, 03:47 AM
 
Location: Downtown Phoenix, AZ
18,927 posts, read 6,889,772 times
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Quote:
Originally Posted by Enean View Post
Well, you know your statement can be debunked, right? I can't take this seriously, as many people see the value in "Middle America." My children, for instance. Both are millionaires, and could live on either coast. One is self-made, and the other married into it. They choose to stay in "Middle America", as there is great value in it. This is where their millions were made. These are two that I know, and many, many more that I don't know. I wonder why you think you can say what you said. If you were right, there would be no millionaires in the middle of the country, and there are many, many, many. I go with the notion, that those who always ridicule something, feel inferior....sorry, but there's truth to that.
My point was that people are willing to pay $500+ per sq ft in "The Big 6" as I call them (Boston, NYC, Washington, LA, Bay Area and Seattle), but no one in any significant numbers would pay that price per sq ft in Chicago let alone Kansas City or Dallas

For reference, that would be $1,000,000+ for a 2,000 sq ft house
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Old 10-25-2016, 06:16 AM
 
2,015 posts, read 1,024,289 times
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Quote:
Originally Posted by FirebirdCamaro1220 View Post
My point was that people are willing to pay $500+ per sq ft in "The Big 6" as I call them (Boston, NYC, Washington, LA, Bay Area and Seattle), but no one in any significant numbers would pay that price per sq ft in Chicago let alone Kansas City or Dallas

For reference, that would be $1,000,000+ for a 2,000 sq ft house
It's a choice...if you can live somewhere you love, and have a 5,000 sq ft home for $1,000,000, that's a bonus. I don't know anyone planning a move east or west, but it's definitely a choice many could make, if they desired to.
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Old 10-25-2016, 06:34 AM
 
7,738 posts, read 4,581,276 times
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Quote:
Originally Posted by FirebirdCamaro1220 View Post
My point was that people are willing to pay $500+ per sq ft in "The Big 6" as I call them (Boston, NYC, Washington, LA, Bay Area and Seattle), but no one in any significant numbers would pay that price per sq ft in Chicago let alone Kansas City or Dallas

For reference, that would be $1,000,000+ for a 2,000 sq ft house
This is just silly, and is largely a product of high income industries being clustered in those cities, not their inherent diserability. If Boston, Seattle and DC had Kansas City's industry, far fewer people would be willing to pay those prices. If you want proof, look no further than Philadelphia.
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Old 10-25-2016, 07:13 AM
 
Location: Downtown Phoenix, AZ
18,927 posts, read 6,889,772 times
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Quote:
Originally Posted by gladhands View Post
This is just silly, and is largely a product of high income industries being clustered in those cities, not their inherent diserability. If Boston, Seattle and DC had Kansas City's industry, far fewer people would be willing to pay those prices. If you want proof, look no further than Philadelphia.
Not eveyone in those metro's work in the "high paying industries" though, even then, SF's highest paying sector is tech, where the avg salary is approx $125k/yr, but the avg house in the Bay Area costs over $1 million dollars, so not even affordable to a tech worker at 8x price to income (anything more than 5x is unaffordable). It is a result of demand, and the demand isn't in middle america
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Old 10-25-2016, 07:21 AM
 
7,738 posts, read 4,581,276 times
Reputation: 8445
Quote:
Originally Posted by FirebirdCamaro1220 View Post
Not eveyone in those metro's work in the "high paying industries" though, even then, SF's highest paying sector is tech, where the avg salary is approx $125k/yr, but the avg house in the Bay Area costs over $1 million dollars, so not even affordable to a tech worker at 8x price to income (anything more than 5x is unaffordable). It is a result of demand, and the demand isn't in middle america
It's not about medians, though. People in the middle aren't buying. It's about sheer volume of people in that 1%. There are, quite simply more people who can afford to spend a million dollars in cities like NY, LA, Boston and SF. I don't think one can say that Boston, DC or Seattle is objectively more desirable than Philly, but housing prices follow the money.
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