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I live in NY. Long Island. Home prices here are insane. Taxes are insane. Most young people here will tell you that family helps out. Young couples can live with parents until down payment is saved . the problem I see here is sacrifice. Madison ave has sold us on instant gratification. Sacrifice in your early 20s and you will have the funds to purchase in your early thirties . a house is a risky investment like anything else. Luxury . idk.
Sometimes places just do become too expensive, due to supply and demand. I can understand wanting to live someplace but not being able to, due the cost. I've been in that same position myself. But this is a huge country - there are lots of other places to settle in.
Off the top of my head I don't know, but it's usually cash buyers making up about 1/3 of all people buying a house.
It was 40-something percent a couple of years ago and has dropped down to below 25% as of last summer. I haven't seen any 2016 numbers but I'd bet the stock market correction and the China swoon has slowed it further. Trophy home housing starts are certainly way off.
Sometimes places just do become too expensive, due to supply and demand. I can understand wanting to live someplace but not being able to, due the cost. I've been in that same position myself. But this is a huge country - there are lots of other places to settle in.
Once again - extremes. There is a lot more to the US than the extremes of either 1) a huge metro area or 2) Alabama or Little Rock, Arkansas.
Except for the Bay Area, LA, NY, Seattle, Portland, and maybe a few cities in Texas the entire country, especially the heartland, is decaying.
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