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Old 04-22-2015, 09:09 AM
nei nei won $500 in our forum's Most Engaging Poster Contest - Thirteenth Edition (Jan-Feb 2015). 

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Location: Long Island / NYC
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Originally Posted by Linda_d View Post
It's the cost of housing in general that makes duplexes/triplexes more acceptable to potential owner occupier landlords in some cities. In cities where housing is cheaper, like Buffalo or Cleveland, most are of these homes are bought by investors, frequently out of towners, who simply milk profits from then and then abandon them.
Around here, they tend to be cheaper rentals. But rent is high enough that they're rarely abandoned or left to decay. The ones in Boston do seem to get better upkeep because of higher home values. I've seen really nice triple-deckers in and around Boston. Originally, they weren't always owner + rent, but housed an entire extended family. These days in many areas each floor is a rental for younger people with roommates or a childless couple. They stay cooler than you'd expect with cross-ventaliation, better than row houses would.

I've seen a few postings in the NYC forum of "look how expensive this home is!" without realizing they're looking at a multifamily home.
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Old 05-12-2015, 11:57 PM
 
Location: Duluth, Minnesota, USA
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Another thing to consider is the changing face of migration. It used to be that most immigrants, at least from certain nationalities, used to migrate firs to the cities. Now there's a lot of suburban-first migration.
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Old 05-13-2015, 08:22 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
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Originally Posted by tvdxer View Post
Another thing to consider is the changing face of migration. It used to be that most immigrants, at least from certain nationalities, used to migrate firs to the cities. Now there's a lot of suburban-first migration.
Yes, and our small suburban city of 50,000 is a good example. As recently as 2000, we were 88% white, now 75% with Asians increasing from 8% to 19% in that time. New homes are being built with two masters to accommodate their extended families.
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Old 05-13-2015, 08:27 AM
nei nei won $500 in our forum's Most Engaging Poster Contest - Thirteenth Edition (Jan-Feb 2015). 

Over $104,000 in prizes has already been given out to active posters on our forum and additional contests are planned
 
Location: Long Island / NYC
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Originally Posted by Hemlock140 View Post
Yes, and our small suburban city of 50,000 is a good example. As recently as 2000, we were 88% white, now 75% with Asians increasing from 8% to 19% in that time. New homes are being built with two masters to accommodate their extended families.
Were those Asians coming directly from Asia, another suburban city or from Seattle? The suburb I grew up in had a similar change in non-white and immigrant population, but most of them moved from the city rather than directly from another country. Asians were actually more likely to have been movers from the city than hispanics [though can't be sure on that].
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Old 05-13-2015, 11:20 AM
 
Location: Jamestown, NY
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Quote:
Originally Posted by tvdxer View Post
Another thing to consider is the changing face of migration. It used to be that most immigrants, at least from certain nationalities, used to migrate firs to the cities. Now there's a lot of suburban-first migration.
This is probably because so many more immigrants today have much more money than immigrants in the past. When my grandparents from Italy landed at Ellis Island in July, 1909, my grandfather had $10, hardly a princely stake even before WW I!
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Old 05-19-2015, 01:14 AM
 
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This trend shouldn't really surprise anyone, because exurban development doesn't have the same economic, social and logistical hurdles to clear to get done that you find in built out large urban cores.

Urban areas are incredibly desirable. Anyone saying otherwise needs to brush up on economics. If they weren't desirable, they wouldn't be so expensive. There is a lot of pent up demand, but meeting that demand is challenging.

If you just dropped a ton of new development into a city, it would get consumed, but it would pull the price down to suburban levels, leaving all of the people who bought at higher prices in a heap of mortgage trouble. Then there is the issue of what you do with the people you're pushing out to build these nice areas up to push more volume that would stabilize the pricing disparity. And land assemblage too.

Exurban development doesn't have this issue. If you want to drop 10,000 housing units out in a suburban area, it doesn't displace anyone. Land assemblage is easy. It doesn't really alter the price of quality suburban housing stock elsewhere that much because there is so much of it to begin with. Using the following as an example:

1,000,000 total housing units. 800,000 suburban and 200,000 urban core. 50% of suburban is "desirable" (400K units) and about 1/3 of all urban core is "desirable" (67K units). If you build 10K new desirable units in a fringe suburban area, that doesn't upset the apple cart very much (only a 2.5% increase in desirable suburban housing). The same volume would be a 15% increase in the supply of urban desirable housing. That's a lot to absorb and prices would need to fall a bit back toward suburban levels to make that happen, which hurts pre-existing urban homeowners. That's kind of the cycle areas are stuck with, unless they are huge talent magnets for incoming professionals. Those metros can secure their talent from elsewhere so it isn't as much of a zero sum game.

To me, the telling issue isn't that exurban areas are growing faster. They're growing from a smaller base and they should. The telling issue is that cores continue to slowly increase the number of desirable housing options...which leads to better neighborhoods, schools, retention of existing residents when they have kids, etc.
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Old 05-19-2015, 08:34 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
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Originally Posted by nei View Post
Were those Asians coming directly from Asia, another suburban city or from Seattle? The suburb I grew up in had a similar change in non-white and immigrant population, but most of them moved from the city rather than directly from another country. Asians were actually more likely to have been movers from the city than hispanics [though can't be sure on that].
They are coming over from Asia for tech jobs, as are other immigrants from Europe and even South America. Microsoft, Amazon, and Costco mostly. The local elementary schools (very highly rated) are doing a lot of testing for ELL (English Language Learning) qualification because so many speak another language at home, but most of the kids do already speak good English.
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