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You sure it's not the $100K a year jobs moving out and the $200K a year jobs moving in? How else is everyone affording these home prices? I love how everyone thinks a starter home should be $350K-$400K.
That has to do with many factors, in Northern NJ at least, it has a lot to do with folks who work and lived in Manhattan making beaucoup bucks moving to NJ. They are used to paying 1.2 mil for a tiny condo and now they are getting a McMansion and not having to fork out for private school in the city - so they think $700k is a steal.
NJ population 1990 - 7,730,188
NJ population 2000 - 8,414,350
NJ population 2006 - 8,724,560
"National economy" is pretty vague. It's always been about regional economies. Things have been pretty bad for Buffalo, Cleveland and Detroit for a long time. Denver defied the recession of the late 80s/early 90s. During the great depression California was the land of milk & honey.
It really depends on what industries drive a place (mineral wealth can be a big factor), where they are in their own economic cycles when a national downturn happens, and how their own housing markets are positioned.
That has to do with many factors, in Northern NJ at least, it has a lot to do with folks who work and lived in Manhattan making beaucoup bucks moving to NJ. They are used to paying 1.2 mil for a tiny condo and now they are getting a McMansion and not having to fork out for private school in the city - so they think $700k is a steal.
I agree with what you're saying but I was just talking about the $350K-$400K range, the so-called "starter homes".
That has to do with many factors, in Northern NJ at least, it has a lot to do with folks who work and lived in Manhattan making beaucoup bucks moving to NJ. They are used to paying 1.2 mil for a tiny condo and now they are getting a McMansion and not having to fork out for private school in the city - so they think $700k is a steal.
EEEPNJ - You're absolutely right about the influx of New Yorkers moving into NJ. They comprise the largest number of people from other states moving into NJ. This started right after 9/11. They do tend to buy more expensive homes than the average New Jerseyan too! But they are the only population to do so! There is a limited supply of them to be sure!
Go on the NYC board and read people complaining about getting priced out of neighborhoods and gentrification sweeping into Harlem and far corners of Brooklyn. Why would it be any different in North Jersey?
The people moving into your neighborhood have a lot more money than you do. You can stay where you are and deal with it or you can take their money and move on.
You can go to Philly or Charleston or Florida or the Catskills or the Lehigh Valley and you'll hear people complaining about "New York money".
If you go to Denver or Portland or Seattle or Phoenix you'll hear people complaining about "California money."
I look at this way, "what can you do to change it?" Nothing? So is it really worth all the pissing and moaning?
No one wants complain about unbridled capitalism when they're making money from it but when the house of cards come crashing down every 10 years or so or when they wind up on the losing end (not being able to afford to live in the place you grew up in) they're first in line to blame some unseen bureaucrat. Try the mirror first.
Go on the NYC board and read people complaining about getting priced out of neighborhoods and gentrification sweeping into Harlem and far corners of Brooklyn. Why would it be any different in North Jersey?
The people moving into your neighborhood have a lot more money than you do. You can stay where you are and deal with it or you can take their money and move on.
You can go to Philly or Charleston or Florida or the Catskills or the Lehigh Valley and you'll hear people complaining about "New York money".
If you go to Denver or Portland or Seattle or Phoenix you'll hear people complaining about "California money."
I look at this way, "what can you do to change it?" Nothing? So is it really worth all the pissing and moaning?
No one wants complain about unbridled capitalism when they're making money from it but when the house of cards come crashing down every 10 years or so or when they wind up on the losing end (not being able to afford to live in the place you grew up in) they're first in line to blame some unseen bureaucrat. Try the mirror first.
How very true especially your last paragraph. People think or thought stocks only go one way and now they are getting a reality check. Take my mom she is in her 70's and never owned one share of stock and is content making 3 or 4 percent a year in CD interest.
How very true especially your last paragraph. People think or thought stocks only go one way and now they are getting a reality check. Take my mom she is in her 70's and never owned one share of stock and is content making 3 or 4 percent a year in CD interest.
Ouch - that is not me, a few percent isn't my cup of tea.
Am I trading non-stop or banking on flipping my house? God no. Short-sighted investments are the problem. It was the problem with the .com boom, it was the problem in the 80's, its the problem with housing and the financial industry today.
Sure, you can go guaranteed with a CD or bonds, but if you can pick up 12% annually (on average, mind you) by looking to 5-10 year investment strategies, why wouldn't you?
Go on the NYC board and read people complaining about getting priced out of neighborhoods and gentrification sweeping into Harlem and far corners of Brooklyn. Why would it be any different in North Jersey?
The people moving into your neighborhood have a lot more money than you do. You can stay where you are and deal with it or you can take their money and move on.
You can go to Philly or Charleston or Florida or the Catskills or the Lehigh Valley and you'll hear people complaining about "New York money".
If you go to Denver or Portland or Seattle or Phoenix you'll hear people complaining about "California money."
I look at this way, "what can you do to change it?" Nothing? So is it really worth all the pissing and moaning?
No one wants complain about unbridled capitalism when they're making money from it but when the house of cards come crashing down every 10 years or so or when they wind up on the losing end (not being able to afford to live in the place you grew up in) they're first in line to blame some unseen bureaucrat. Try the mirror first.
On the contrary, I complain about unbridled capitalism ALL the time. I think it is evil!
Ouch - that is not me, a few percent isn't my cup of tea.
Am I trading non-stop or banking on flipping my house? God no. Short-sighted investments are the problem. It was the problem with the .com boom, it was the problem in the 80's, its the problem with housing and the financial industry today.
Sure, you can go guaranteed with a CD or bonds, but if you can pick up 12% annually (on average, mind you) by looking to 5-10 year investment strategies, why wouldn't you?
Of course age has something to do with it. If JM's Mom is in her 70s a stable investment is the way to go at this point. I don't think risky investments are good for older folks.
On the contrary, I complain about unbridled capitalism ALL the time. I think it is evil!
Do I have to link up the Gordon Gekko's Wall Street movie famous "Greed" speech up back up again?
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