Thanks, Millennials: L.A.'s Population Tops 4 Million for the First Time (Los Angeles: sale, house)

[jm1982]

Originally Posted by NyWriterdude

Not really.

A single family house in Venice isn't going to drop in price because more condos get built downtown.

If anything development of the entire city can long term cause everyone's prices go up as the city as a whole is made a lot more desirable.

I meant more development in the same area.
If there is more housing available , it means your house is less 'rare'.
More houses in the same area means more competition.
Houses in L.A are so expensive because there are so few of them on the market versus demand.

This is why prices of condos in Vegas and Miami went down so much during the crash, there was too much supply and not enough demand.

Even though we see some development going on in L.A it is still not enough to meet demand. If we saw overdevelopment it would be great for homebuyers since prices would come down. There would probably be less bidding wars too.

[REITS4life]

Originally Posted by jm1982

I meant more development in the same area.
If there is more housing available , it means your house is less 'rare'.
More houses in the same area means more competition.
Houses in L.A are so expensive because there are so few of them on the market versus demand.

This is why prices of condos in Vegas and Miami went down so much during the crash, there was too much supply and not enough demand.

Even though we see some development going on in L.A it is still not enough to meet demand. If we saw overdevelopment it would be great for homebuyers since prices would come down. There would probably be less bidding wars too.

You are simplifying this way too much.

First off, the supply of SFRs in the LA basin is basically fixed. There's no more land.

This implies the only way to increase housing supply is through multifamily. How much do you think an increase of say 20% of ALL the multifamily housing stock in LA (which would be an astronomical boom of construction spanning over a decade) is going to have on SFR home prices? Pretty much zilch.

Bottom line, homes are not fungible goods. Location, school districts, style, etc. all are important.

[adr3naline]

Millennial DINK here.

Apologies for contributing to the transplant problem. But we both came in peace, educated, and with a healthy six figure household income.

When it comes to housing and living environments, I would be careful slapping a single label on the generation. "Millennial" is a blanket term for a very wide population. I wouldn't say we're different than the generations prior in that we seek city/urban environments in our 20's and then transition into traditional SFRs as we "settle down" or look to have kids. Maybe our generation's trend of having kids later in life (mid 30's) brings an extended influx of apartment demand, but it's hard to say. Personally we're in our late 20's and still prefer community-style dense housing developments located the thick of things. This makes it easier for us to gain new experiences on an expedited time table--which is a trait we definitely share with the large group branded Millennials.

Just my $0.02.

[NyWriterdude]

Originally Posted by adr3naline

Millennial DINK here.

Apologies for contributing to the transplant problem. But we both came in peace, educated, and with a healthy six figure household income.

When it comes to housing and living environments, I would be careful slapping a single label on the generation. "Millennial" is a blanket term for a very wide population. I wouldn't say we're different than the generations prior in that we seek city/urban environments in our 20's and then transition into traditional SFRs as we "settle down" or look to have kids. Maybe our generation's trend of having kids later in life (mid 30's) brings an extended influx of apartment demand, but it's hard to say. Personally we're in our late 20's and still prefer community-style dense housing developments located the thick of things. This makes it easier for us to gain new experiences on an expedited time table--which is a trait we definitely share with the large group branded Millennials.

Just my $0.02.

Many of the transplants who arrive in Los Angeles, SF, NYC, or other big cities are years, if not decades away from being able to afford to buy a house in these markets. A large percentage will never be able to in these areas and ends up moving out. In fact getting their own apartment is an ambitious goal for much of this bunch.

This is not a knock against you, but let's be serious the majority of new transplant arrivals can barely afford a ROOM.

[adr3naline]

Originally Posted by NyWriterdude

Many of the transplants who arrive in Los Angeles, SF, NYC, or other big cities are years, if not decades away from being able to afford to buy a house in these markets. A large percentage will never be able to in these areas and ends up moving out. In fact getting their own apartment is an ambitious goal for much of this bunch.

This is not a knock against you, but let's be serious the majority of new transplant arrivals can barely afford a ROOM.

Agreed and no offense taken. I'm currently selling my beautiful brand new upscale on-the-river-downtown condo in Milwaukee for less than the purchase price of a 400sqft studio in LA. Talk about a sacrifice. We'll be renters until we can add another 40k to our income...which is realistically ~5 years out. The choice to relocate really came down "now or never".

[simbared]

Originally Posted by MordinSolus

Almost every article about what the Millennials are going to do in the future is entirely bogus, purely fictional. Data has to be manipulated to suit a predetermined agenda, baseless projections have to be made, and sweeping generalizations have to be accepted as fact. The baby boomers and Gen-Xers are obsessed with telling the Millennials who they are, what they want and what they will do. Theyre also obsessed with telling Millennials that they're the "worst generation ever," which is something old people have been saying about young people since at least the time of Socrates. It's extreme narcissism and the inevitable fear of young people causing these fuddy-duddies to act like buffoons.

OK, but aren't you also making sweeping generalizations about baby boomers and Gen-Xers in your statement?

[MordinSolus]

Originally Posted by simbared

OK, but aren't you also making sweeping generalizations about baby boomers and Gen-Xers in your statement?

Sure. But not really. It's an observable fact. More writing is done by those generations about Millennials than their own generations. There's a really disconcerting trend in these older generations of treating the Millennials like undeserving, apathetic layabouts when it was the baby boomers and Gen-Xers that made that caricature part of American culture. The aimless hippy who does nothing but smoke weed and listen to records. The lazy, starving artist who works 8 hours a week at a coffee shop and lives with 5 other artists in a studio apartment. These older generations, in the media and popular culture obviously, are trying to erase the "bad" parts of their culture and ascribe it to young people because they're getting old, and the old fear the young.

"These Millennials are so lazy and think everything should be easy. Why don't they just get a college education for $10,000 and then fall ass-backward into a well-paying job like we did?"

There's a clear lack of insight and common sense in these complaints. Millennials are working more and harder for less pay than previous generations but somehow they're the worst generation ever because they're not happy to eat $hit with a smile.

[SpaceMonkyPunks]

Originally Posted by MordinSolus

"These Millennials are so lazy and think everything should be easy. Why don't they just get a college education for $10,000 and then fall ass-backward into a well-paying job like we did?"

There's a clear lack of insight and common sense in these complaints. Millennials are working more and harder for less pay than previous generations but somehow they're the worst generation ever because they're not happy to eat $hit with a smile.

This comment deserves a Pulitzer.

After all, it's not like you boomers' handed us a ticking time bomb comprised of debt, corruption, and environmental catastrophe. Oh wait.

Anyway, like most others, spouse and I came to LA for jobs. Better prospects here, even with the cost of living.

[disgruntled la native]

Originally Posted by adr3naline

Millennial DINK here.

Apologies for contributing to the transplant problem. But we both came in peace, educated, and with a healthy six figure household income.

When it comes to housing and living environments, I would be careful slapping a single label on the generation. "Millennial" is a blanket term for a very wide population. I wouldn't say we're different than the generations prior in that we seek city/urban environments in our 20's and then transition into traditional SFRs as we "settle down" or look to have kids. Maybe our generation's trend of having kids later in life (mid 30's) brings an extended influx of apartment demand, but it's hard to say. Personally we're in our late 20's and still prefer community-style dense housing developments located the thick of things. This makes it easier for us to gain new experiences on an expedited time table--which is a trait we definitely share with the large group branded Millennials.

Just my $0.02.

Of course all this conversation is about wealthy technie millenials, ignoring the silent majority that are stuck in low wage jobs with no job advancement

The millions Hispanic youth who live with their families for life

[PDR2015]

Originally Posted by disgruntled la native

Of course all this conversation is about wealthy technie millenials, ignoring the silent majority that are stuck in low wage jobs with no job advancement

The millions Hispanic youth who live with their families for life

you know... you're touching on a sensitive subject here bringing up ethnicity into the conversation.