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For sure. Austin approaching DC and Boston levels? You can’t help but laugh at that.
Money follows the people. If housing prices in Austin seem like everyone is moving there, it's almost certainly because everyone is in fact moving there. It is crazy to see a Texas city approach Boston real estate costs, but I think everyone is prepared for a future in which sun belt cities dominate American urban life relative to older northern cities. We're seeing that future being created literally right now.
Appreciate you putting in the work. Of course square footage and number of room doesn’t seem to be factored in. Dallas is not huge in land area compared to Austin. And as per your info, Dallas has a pretty pricey suburbs
I am really surprised that Minneapolis is so low. Unless you're really into a large, dense urban core Minneapolis is clearly a safer, classier, more prosperous place than either Chicago or Philly, so it does make sense that a real estate price point this low would fuel the growth the Twin Cities is experiencing relative to Chicago/Philly.
Also, one thing this list doesn't take into account is property taxes.
if you purchase a $300k home in Chicago, you are looking at over $6k a year in property taxes, or over $500 a month, in addition to the rest of your mortgage and other housing expenses.
For Minneapolis, at that same price, you're looking at $320 a month in property taxes, which isn't great, but still cheaper than Chicago.
Money follows the people. If housing prices in Austin seem like everyone is moving there, it's almost certainly because everyone is in fact moving there. It is crazy to see a Texas city approach Boston real estate costs, but I think everyone is prepared for a future in which sun belt cities dominate American urban life relative to older northern cities. We're seeing that future being created literally right now.
Yes indeed.
Austin has put themselves in the awkward situation of having to retroactively drum up hype and frantically acquire amenities to meet existing prices.
Never in my life had I heard of "Texas Hill Country" until last year. Now it gets name dropped as if its as recognizable a setting as the Swiss Alps, PCH, or French Riviera.
Money follows the people. If housing prices in Austin seem like everyone is moving there, it's almost certainly because everyone is in fact moving there. It is crazy to see a Texas city approach Boston real estate costs, but I think everyone is prepared for a future in which sun belt cities dominate American urban life relative to older northern cities. We're seeing that future being created literally right now.
Based on the data presented, nearby San Antonio has less than half the typical house price of Austin. Obviously their economy is very different, but San Antonio is a similar sized city with plenty of jobs and amenities - and a lot less hype. It is probably already drawing many people who have difficulty affording a house in Austin and want to stay in central Texas.
The high California home prices were created by decades of (bad) policies and laws that made new home construction very difficult despite significant population gains. The idea that laws should be used to increase the home values of people already there by keeping people out was very intentional. We have a great economy so it's expected that home prices in California will be higher, but this level of difference was what we voted for.
True.
Quote:
Originally Posted by Losfrisco
For good reason.
You can take any of the most hated, butt of jokes CA cities and still have-
-Year round warm weather
-Scenery that is beating most of the rest of the country
-Beach and mountain access less than two hours
-Rail connection with frequent departures to major coast cities
Quote:
Originally Posted by Losfrisco
San Bernardino is one such place-
-70 degree weather in February
-30 miles to multiple ski resorts
-75 miles to Santa Monica beaches
-Metrolink train service to Downtown Los Angeles seven days a week, 15+ departures daily
Based off of just that, its not hard for me to understand why San Bernardino home prices exceed Nashville or Raleigh, it wouldn't occur to me to consider public policy as a factor.
Here's the thing: years ago, California wasn't as disproportionately expensive to the rest of the country as it is now.
Years ago, California was a nicer, safer, cleaner, more desirable place with good public schools and a reasonable government. Not utopia, but a model state that people from differing political stances could agree was a pretty nice place.
Years ago, it wasn't unthinkable for a middle class family to contemplate moving to California, even to the coastal cities. No, they probably couldn't get a cottage overlooking the ocean, but a basic house a little bit inland wasn't out of the realm of possibility.
Prices haven't shot up at such a higher rate because the mountains became taller or the beaches sandier.
Bad policy created the pariah that California has become today.
I can't even fathom how to afford living out there in any place that would be halfway as good as I have it in the midwest.
Trailer park, van life, tent on a sidewalk? Yeah, that'd be a lot of us if we tried to move out there these days. Actually, the lot rent in trailer parks in Cal can be higher than what we pay for a 1400 sqft condo with a two car garage here. Seriously though...
I could sacrifice safety and schools to still pay double or triple what I'd pay here in the middle, but mountains, oceans, and boring weather aren't that special.
San Bernadino? Ain't no way at those prices.
As for that list, I see a few cities toward the bottom that actually seem the most appealing anyway.
If this by metro area Atlanta, Nashville, Raleigh and Phoenix have both become very overpriced but if it's city limits which I think it is, the core of all those cities is somewhat booming right now for the most part so that explains why they are higher than some cities you wouldn't expect.
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