Housing prices are the highest they've been. How come lower cost Rust Belt cities aren't benefiting? (sale, rental)
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Wasn't really sure which forum to put this in so please move if necessary.
Anyway, my question is simple. Everyone's seen the reports about how housing prices are the highest they've been. Both sale prices and rental prices. How come lower COL Rust Belt cities haven't really seen more population growth? I would have thought that people would be moving to cities like these to escape the high prices. Is it the weather and relative lack of jobs that keep people from moving to these cities in droves like they move to southern and western cities?
I'd think people would flock to the midwest especially like Cleveland and Toledo where houses are dirt cheap. Same sort of thing to a lesser extent in upstate NY.
You need population growth for high housing prices. That or be a big vacation destination (like Cape Cod) where population loss is offset by second home buying.
Partially because those areas also have a stigma to overcome, real or perceived. I say that because there are actually some jobs available in some of those areas for those with the appropriate skills and/or education. So, it may also be a matter of knowledge and interest.
Wasn't really sure which forum to put this in so please move if necessary.
Anyway, my question is simple. Everyone's seen the reports about how housing prices are the highest they've been. Both sale prices and rental prices. How come lower COL Rust Belt cities haven't really seen more population growth? I would have thought that people would be moving to cities like these to escape the high prices. Is it the weather and relative lack of jobs that keep people from moving to these cities in droves like they move to southern and western cities?
I'd think people would flock to the midwest especially like Cleveland and Toledo where houses are dirt cheap. Same sort of thing to a lesser extent in upstate NY.
Would you move to Toledo to buy a dirt cheap house? Remember, everything is cyclical, and southern and western cities won't always be the destination. It might also not be Toledo, but I don't think that's ever been a big draw. Your slap at these cities, is noted, though.
You need population growth for high housing prices. That or be a big vacation destination (like Cape Cod) where population loss is offset by second home buying.
No I'm not saying "why are Rust Belt cities not seeing home prices increase at the same rate as other parts of the country?" I'm asking why aren't people flocking to these affordable Rust Belt cities. Especially since everyone wants to live in walkable areas and more people are working from home via the internet. See what I mean?
Would you move to Toledo to buy a dirt cheap house? Remember, everything is cyclical, and southern and western cities won't always be the destination. It might also not be Toledo, but I don't think that's ever been a big draw. Your slap at these cities, is noted, though.
I'm not slapping any city lol. I am making a reasonable point. I have nothing against the midwest or northeast.
People are spending $300-$400K on single family homes where I live in Raleigh, NC. For that price, you could get a cheap fixer upper in numerous Rust Belt cities and renovate it to make it your own. Add a pool, do whatever you want. And you'd still have money left over. That's what I'm getting at here.
The culture is not attractive to many young people. They want liberal environments with legal cannabis, gay acceptance, progressive schools, Wi-Fi everywhere, low tobacco use, natural food options, ethnic diversity, etc.
and advanced manufacturing programs at community colleges like this one: http://iam.clinton.edu
In order for people to be properly trained for the available jobs in some of these areas. So, there are things in place in order for people to get the skills and education for jobs available.
This doesn’t even get into the possibility of buying a duplex and renting out the other unit, in order to help pay for that property. So, it also comes down to what type of plans people have in terms of buying a property as well.
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