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Old 10-22-2016, 04:46 PM
 
Location: Nebraska
3,258 posts, read 1,638,323 times
Reputation: 2897

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I was looking at some threads earlier from some California posters and it seems like a repeat performance from 10 years ago.

Same with the northeast with the property taxes.

To many people in coastal areas like Orange County $80,000 gross a year is a starter job which net is about $52,000 after tax in the state.

Yet, it seems like there is a belief should afford $400,000 on that salary.

It seems silly how one would save up for a decade for just a down-payment on a house in Orange County when they could buy a house outright in a good, solid city in the Heartland for the same price and have enough left over for yearly vacations to the coast.

In middle-America cities like Wichita, Omaha or Des Moines people in that same salary range would likely not even consider more then a $200,000 or home if that.

There is also a belief that people should save for years and years for a down payment to compete with the foreign investors.

It also seems like there is a mentality that a dual-income couple should be pulling in 200,000 plus a year in coastal California or the northeast.

In my opinion, it's just the biggest economic bubble of all-time on the coasts and the same thinking that people had in 2006 and 2007 when there were people buying small homes in California for $800,000+ anticipating cashing in every couple of years.

The zero-interest rate policy of Brooklyn Yellen and the massive amount of government debt have created a culture of detachment of reality on the coasts as opposed to the Heartland.

I had a relative who moved to New York City who works in student loans she said many people with graduate degrees have 100,000 or more in debt but she says that it doesn't matter as they can walk out of college into a six-figure consulting job.

It's just a massive coastal bubble in my opinion. Most of middle-America hasn't changed that much economically and the price of homes and apartments.
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Old 10-22-2016, 05:23 PM
BMI
 
Location: Ontario
7,266 posts, read 4,519,143 times
Reputation: 5631
Quote:
Originally Posted by lovecrowds View Post
I was looking at some threads earlier from some California posters and it seems like a repeat performance from 10 years ago.

Same with the northeast with the property taxes.

To many people in coastal areas like Orange County $80,000 gross a year is a starter job which net is about $52,000 after tax in the state.

Yet, it seems like there is a belief should afford $400,000 on that salary.

It seems silly how one would save up for a decade for just a down-payment on a house in Orange County when they could buy a house outright in a good, solid city in the Heartland for the same price and have enough left over for yearly vacations to the coast.

In middle-America cities like Wichita, Omaha or Des Moines people in that same salary range would likely not even consider more then a $200,000 or home if that.

There is also a belief that people should save for years and years for a down payment to compete with the foreign investors.

It also seems like there is a mentality that a dual-income couple should be pulling in 200,000 plus a year in coastal California or the northeast.

In my opinion, it's just the biggest economic bubble of all-time on the coasts and the same thinking that people had in 2006 and 2007 when there were people buying small homes in California for $800,000+ anticipating cashing in every couple of years.

The zero-interest rate policy of Brooklyn Yellen and the massive amount of government debt have created a culture of detachment of reality on the coasts as opposed to the Heartland.

I had a relative who moved to New York City who works in student loans she said many people with graduate degrees have 100,000 or more in debt but she says that it doesn't matter as they can walk out of college into a six-figure consulting job.

It's just a massive coastal bubble in my opinion. Most of middle-America hasn't changed that much economically and the price of homes and apartments.
Real estate is all about ...location, location, location

That is why the coast, particularly the west coast is so expensive.

Right here on C-D a poster, a couple years back, showed an aerial photo of
of a neighbourhood in San Diego near the ocean (not on the ocean just near)
where all the homes were in the $10 to 14 million range, not mansions,
only a bit nicer and larger than the average home.

I'm used to high property values where I live but that was an eye opener for me.
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Old 10-22-2016, 07:42 PM
 
Location: Northern United States
187 posts, read 158,510 times
Reputation: 259
Ok there are multiple issues with this post.

1. Real Estate is based on location and demand for the most part and much of middle America does not have the demand of the coasts.

2. A lot of people do buy relatively expensive homes in middle America in Des Moines and Omaha.

3. Wichita, Omaha, and Des Moines are different cities and too be honest, are not that similar(which is odd because they are of similar sizes in the same part of the country.

4. My biggest problem with this post is that it will only lead to bashing of regions and cities.

Now I will give credit though, because it is an interesting idea about a housing bubble forming on the coasts, whether this is true or not I do not know so I can't really comment on that.
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Old 10-22-2016, 10:00 PM
 
226 posts, read 168,193 times
Reputation: 409
Are people on the coasts "detached from reality"? No, of course not.

I grew up in NY. There's no bubble, it's been expensive my whole life. People live there mostly because that's where their families and jobs are, the same reason most people live in other places. They know other places are cheaper, if that's what "detached from reality" implies. Some leave, some stay, some move in. Just like any place else.
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Old 10-22-2016, 11:48 PM
 
Location: Bran's tree
11,092 posts, read 4,881,823 times
Reputation: 12436
Honestly, if you have bad seasonal allergies like my husband and I both do, living near the coast is a must. Everywhere else is pretty brutal as far as allergies go. The furthest I've lived from the coast is 30 miles inland (Pleasanton, CA) and allergies killed me there during the spring, and my husband during the autumn.
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Old 10-23-2016, 02:24 PM
 
Location: Tennessee
23,651 posts, read 17,623,979 times
Reputation: 27751
There are huge differences between coastal areas and flyover country.

I'm from TN and have lived in IA SC IN and VA. SC and VA, I was hours from the coast. I have a couple cousins in NYC who don't know who to drive and rarely go out of the city, if they do, it's on Amtrak. They live in small apartments. A pickup truck, mower, and a costco are alien concepts to them. The concept of wide open space in general is foreign to people in big coastal metros.

Most of us in flyover country make less and aren't as prosperous. Cost of living in cheaper, but the growth is generally in rich, liberal, coastal areas. A lot of us in flyover country feel like coastal liberalism and values are basically jammed down the rest of the nations throat.

Other than maybe coastal Florida, I have no desire to live on the coasts. I can't identify with the residents culturally at all.
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Old 10-23-2016, 05:31 PM
 
473 posts, read 360,070 times
Reputation: 1030
Most of the US population lives on the coasts. Why are we the ones "detached from reality?" Why are pickup trucks, Costco and mowers the standard for reality?

If you look at the way the rest of the world lives, I would say it's Middle America that's living in an alternate universe.
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Old 10-23-2016, 05:40 PM
 
Location: Downtown Phoenix, AZ
18,927 posts, read 6,897,970 times
Reputation: 5856
Quote:
Originally Posted by WanderingFar View Post
Most of the US population lives on the coasts. Why are we the ones "detached from reality?" Why are pickup trucks, Costco and mowers the standard for reality?

If you look at the way the rest of the world lives, I would say it's Middle America that's living in an alternate universe.
I agree with you
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Old 10-23-2016, 05:51 PM
 
Location: TOVCCA
8,452 posts, read 11,464,153 times
Reputation: 12309
I think if you asked most people where in the US they would live if they could, they wouldn't choose Wichita, Omaha or Des Moines.
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Old 10-23-2016, 05:57 PM
 
Location: Northern United States
187 posts, read 158,510 times
Reputation: 259
AND I predicted it, strange statements about the coasts and middle America and region bashing. Not everyone in the Middle America owns a large house or owns a pickup. People on the coasts are not detached from reality.

this is thread needs to be closed.
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