Idaho Homes Most Overvalued in Nation, Study Finds (living, corporate)
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From Statesman article:
"While scoring well for employment, Idaho suffered because of its income and wage growth numbers, which rank among the worst in the nation.
Read more here: http://www.idahostatesman.com/news/business/real-estate-news/article85783627.html#storylink=cpy"
It is amazing to me people will claim relying on cash heavy out of state buyers discounts the study, but low wages and low wage growth should not. This is a problem in Idaho and no one wants to talk about it. There's a reason Millennials are leaving. If you think it is better to have a bunch of retirees coming in rather than bright young people staying...well, good luck!
The local paper had an article earlier this year about some local millennials moving out but last year per the same newspaper, the largest group of people moving into Idaho are millennials from California, age group 21-30.
The wages are a factor as is the fierce competition in Boise to get those good paying jobs which there are plenty of, but I get this feeling that some of the millennials who grew up in Boise want to spread their wings and live in a larger urban center, have a different life experience. Many of them will probably move back at some point.
Are those millennials moving here from California fetching up all of the jobs away from the local millennials?
"If you think it is better to have a bunch of retirees coming in rather than bright young people staying...well, good luck!"
Hmmm, this got me thinking.
And my thoughts are; I'd rather have a bunch of bright old retirees vs. a bunch of dim young millennials.
Dim millennials is all we will have when the bright ones leave.
The smartest kids will naturally go to places where they can move up as fast as they can. Moving up socially, economically, and in closer company to other bright kids their own age.
Idaho's beauty has never fed the bulldog and never will. Old home ties aren't what they once were, either, especially when a kid has high skills, ambition, and a desire to go as far as possible, as quickly as possible.
If Idaho's wages were better, more would stay. It's as simple as that. That's not to say the millennials would stay here forever, though, as that generation expects they must move around to move upward. They don't expect to work for one company their entire working lives.
And they're not real interested in buying homes as well. A home for most of them is much more a burden than a benefit. They also want to live in cities more than in the countryside, and are much less interested in owning a car and other expensive motorized toys.
The retired are about as different a bunch as can be imagined. But the one single thing about the retired is: they are aging, and are mostly past their prime years as contributors to growth. If enough keep coming in to replace those who die or leave due to advanced age, the best the retired folks do is stabilize the economy for as long as they're living on their own. The economy only grows when big numbers of retired folks move in and keep coming steadily.
States with warm climates, like Arizona and Florida, attract them for the climate, but millions of old people create massive problems for any state that millions of young people don't.
"But the one single thing about the retired is: they are aging, and are mostly past their prime years as contributors to growth."
"The economy only grows when big numbers of retired folks move in and keep coming steadily."
Kind of a contradiction, no?
"States with warm climates, like Arizona and Florida, attract them for the climate, but millions of old people create massive problems for any state that millions of young people don't."
I hate to be morbid, but there is nothing wrong with retirees moving here... It's kind of like the worlds' oldest person- it is a very short lived record to hold. There will always be new retirees to replace the ones that make the ultimate move...
Simple. House prices in NID are a function of the basic economic law of "supply and demand". More people are moving to NID than available housing for them. That's why you are seeing a lot of encroachment onto the prairie. The demand is there. Wouldn't be at all surprised to see the Post Falls, CdA, Hayden, Rathdrum 'triangle' one day resemble the Spokane area. Hopefully, not in my lifetime, or in yours.
Dim millennials is all we will have when the bright ones leave.
The smartest kids will naturally go to places where they can move up as fast as they can. Moving up socially, economically, and in closer company to other bright kids their own age.
Idaho's beauty has never fed the bulldog and never will. Old home ties aren't what they once were, either, especially when a kid has high skills, ambition, and a desire to go as far as possible, as quickly as possible.
If Idaho's wages were better, more would stay. It's as simple as that. That's not to say the millennials would stay here forever, though, as that generation expects they must move around to move upward. They don't expect to work for one company their entire working lives.
And they're not real interested in buying homes as well. A home for most of them is much more a burden than a benefit. They also want to live in cities more than in the countryside, and are much less interested in owning a car and other expensive motorized toys.
The retired are about as different a bunch as can be imagined. But the one single thing about the retired is: they are aging, and are mostly past their prime years as contributors to growth. If enough keep coming in to replace those who die or leave due to advanced age, the best the retired folks do is stabilize the economy for as long as they're living on their own. The economy only grows when big numbers of retired folks move in and keep coming steadily.
States with warm climates, like Arizona and Florida, attract them for the climate, but millions of old people create massive problems for any state that millions of young people don't.
One thing is true about everybody. We are all aging, and the older we get the more stability we want, along with a better & more laid back lifestyle. Millennials will only want the big city and the corporate ladder for a little while. Every generation goes through that.
Keep in mind that most millennials also have an even shorter attention span than prior generations. Corporate bliss is a lie the human soul can only take for so long. Eventually we all (well most of us) mature and crave what is real and has actual value - a life! Not just making a living! Idaho will continue to grow because of that, and the industry will develop.
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This is a problem in Idaho and no one wants to talk about it. There's a reason Millennials are leaving. If you think it is better to have a bunch of retirees coming in rather than bright young people staying...well, good luck!
