Looking for the Housing Markets Most Likely to Outperform in 2020? Look South (place, populations)
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Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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6 months plus 1 day....not just Californians, plenty of NY'ers/tri-state.....Nevada had no appeal to me--the dry heat gives me dehydration headaches...some don't believe me when I tell them the summers in SoFla are much more tolerable/bordering on outright enjoyable (all but 5-10 days) if you live on or near the ocean or bay, which provides breezes (i.e. natural air conditioning). I could see where a person in Nevada (plus we all know about the seemingly large migration of Arizona people) who flee the desert heat for SoCal in their brutal summer months....as far as those fleeing CA, more spread out--Oregon, Nevada, Colorado, Texas. Northeasterners tend to favor Florida and, more recently, North Carolina.
Quote:
Originally Posted by TacoSoup
True, and we all know here on C-D you did by choice, but the few I know who fit that bill ($1M+ earners) that left still kept their homes in San Diego while setting up residency in Nevada. One is semi-retired always traveling, one is constantly in Asia on business, and one is on the PGA tour, so it’s relatively easy to satisfy the Franchise Tax Board requirements while still spending a good majority of their time here while not on the road.
'Household' income is too broad and covers every kind of household be they family, nonfamily, single person households, single parents etc.
I’m not sure “too broad” really is a thing in this discussion. But the fact remains that the California cities have houses harder to afford for its citizens than anywhere else in the country. In other words the housing market is outpacing income.
6 months plus 1 day....not just Californians, plenty of NY'ers/tri-state.....Nevada had no appeal to me--the dry heat gives me dehydration headaches...some don't believe me when I tell them the summers in SoFla are much more tolerable (all but 5-10 days) if you live on or near the ocean or bay, which provides breezes (i.e. natural air conditioning). I could see where a person in Nevada (plus we all know about the seemingly large migration of Arizona people) who flee the desert heat for SoCal in their brutal summer months.
They all chose Nevada because two can be back at their homes here in under 1 hour, and the other spends the ski season in Lake Tahoe.
I don't have the stats but when people talk about the huge percentage of people leaving NYC, SF, LA, DC, etc it should also be noted that these tend to be people on the lower end of the income spectrum. There's not a problem with that but as these areas become more expensive and less people can afford it, conventional wisdom tells us that they will move further south as people have done for decades now and replacing them are higher income folks.
And yet these cities still every year attract thousands of new residents due to jobs, its amenities, etc. I don't get why it's treated like such a novel idea now, this isn't really anything new.
I don’t know all the specifics for each city, but it would be a mistake to think it’s the rich replacing the poor in all these places. New York for instance is offsetting it’s domestic exodus with international immigrants. I know I saw that article the other day about Florida gaining $16 billion in income last year while NY lost $10 billion from those who moved out.
And San Francisco is going through an extreme version of economic inequality.
They all chose Nevada because two can be back at their homes here in under 1 hour, and the other spends the ski season in Lake Tahoe.
I have friends with a house on a golf course near Squaw and another they bought more recently on a golf course in Reno. The tax savings pay for the Reno house. They do a ton of business travel and overnight at the Reno house before and after trips.
I’m not sure “too broad” really is a thing in this discussion. But the fact remains that the California cities have houses harder to afford for its citizens than anywhere else in the country. In other words the housing market is outpacing income.
Yes CA is more expensive, but a single person household is a lot less likely to be in the market to buy a house than a family household with 2 earners and children, right?
That's what I mean by using the median hh income to determine housing affordability could be rather deceptive when talking about expensive areas.
Yes you will pay more in some cities over others, that's life. One solution is to find a partner or spouse.
2018 50 Largest US Cities by Median Income, 2-Earner Families:
$189,493 San Francisco, CA
$182,594 Washington, DC
$161,164 Seattle, WA
$160,121 San Jose, CA
$139,971 Oakland, CA
$134,996 Atlanta, GA
$123,725 Austin, TX
$121,415 Boston, MA
$120,240 San Diego, CA
$119,407 Portland, OR
$115,879 Denver, CO
$113,582 Minneapolis, MN
$108,167 Chicago, IL
$107,273 Raleigh, NC
$104,786 Virginia Beach, FL
$103,759 Charlotte, NC
$103,416 Tampa, FL
$103,188 New York, NY
$101,181 Sacramento, CA
$100,821 New Orleans, LA
$98,041 Baltimore, MD
$95,486 Kansas City, MO
$93,282 Philadelphia, PA
$92,638 Nashville, TN
$92,130 Long Beach, CA
$91,552 Omaha, NE
$91,077 Los Angeles, CA
$89,855 Las Vegas, NV
$88,894 Louisville, KY
$88,877 Fort Worth, TX
$88,264 Colorado Springs, CO
$88,032 Oklahoma City, OK
$87,847 Phoenix, AZ
$86,603 Arlington, TX
$85,839 Indianapolis, IN
$85,460 Jacksonville, FL
$85,027 Columbus, OH
$83,236 Dallas, TX
$83,134 Albuquerque, NM
$82,963 Mesa, AZ
$82,414 Tulsa, OK
$82,123 Houston, TX
$78,376 San Antonio, TX
$76,992 Fresno, CA
$75,606 Memphis, TN
$74,473 Milwaukee, WI
$70,160 Miami, FL
$68,575 Tucson, AZ
$65,767 El Paso, TX
$61,319 Detroit, MI
Thank you for posting this list again. I’m stealing this for another topic in another thread.
That's a gorgeous house and I totally agree, different strokes for different folks.
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