Millennials simply can't afford to live in OC (estate, land)

[silverkris]

Originally Posted by CLT4

There is cost in re-locating a business. Let's take Toyota for example. They didn't move their HQ to the Inland Empire from high cost Torrance, they moved it entirely out of state to Dallas, where 31.1% of residents have a bachelor degree or higher (compared to 19.5% in the IE), the cost of living is lower than the IE, the international airport is globally connected (vs. Ontario Airport), and the cost of doing business was lower. I doubt the IE was even on Toyota's radar when they were evaluating staying in Torrance vs. moving the North American HQ to another location.

If the employees are going to have to move anyhow and you are going to lose a significant amount of current employees in the relocation, it is better to move to an area with more educated workers than the Inland Empire where you can fill the vacancies with better qualified talent.

For large businesses the Inland Empire's value proposition isn't strong:
1.) Lowest % of college degrees amount the 50 largest metro areas
2.) Relatively cheaper cost of living for employees than LA/OC, but still higher cost of living than just moving to a metro outside of CA
3.) Still all the same business regulations of California that make it more challenging for a corporation, without the benefit of being near the most educated workforce within that highly regulated business enviornment
4.) Poor access to an international airport for senior management / leadership

The Inland Empire hasn't been able to land any major corporate relocations from LA/OC. If a business does decide to move out of LA/OC (the cost-benefit value prop of high cost LA/OC isn't working for their business), it has typically been to leapfrog over the IE to a metro area in another state.

When the Inland Empire's value proposition is only "it's relatively cheaper than LA/OC", you don't exactly win in recruiting business. Fresno and Bakersfield are cheaper too than LA/OC. You don't see large companies establishing HQ's there either.

Toyota moved their HQ for geographical and logistical reasons other than just cost. Concur that IE really wasn't an option for them.

Remember - Torrance made sense when the company was primarily an importer of vehicles (and near the Port of LA/Long Beach). Now that Toyota manufactures the bulk of its vehicles in North America for sale in North America, it is logical to move their HQ to the center of the country and by an airport that is a major hub (DFW).

[BB_210]

Seems that prices have flattened out or may be moving down slightly. Our $30k below asking offer is in consideration.

[LuvSouthOC]

Originally Posted by max210

Seems that prices have flattened out or may be moving down slightly. Our $30k below asking offer is in consideration.

Congratulations. I think it is extremely location specific. It seems many areas have extremely low inventory while others have homes that sit.

[Finper]

Originally Posted by max210

Seems that prices have flattened out or may be moving down slightly. Our $30k below asking offer is in consideration.

Good luck what city is this in?

[expatCA]

Originally Posted by max210

Seems that prices have flattened out or may be moving down slightly. Our $30k below asking offer is in consideration.

How much was the house listed for? I have seen a lot of homes go for 5% less for years.

[Electrician4you]

Originally Posted by payutenyodagimas

they expect those priced out in LA/OC to buy their house there

And they are. My house value went up about 80k from 1.5 years ago. I remember when I.E. housing was starting to go in the 700k ranges. Some houses are now in the 800-1 mil range.
I don't understand why people are so down on the IE. It's really the only place where it's still reasonable.

[LuvSouthOC]

Originally Posted by Electrician4you

And they are. My house value went up about 80k from 1.5 years ago. I remember when I.E. housing was starting to go in the 700k ranges. Some houses are now in the 800-1 mil range.
I don't understand why people are so down on the IE. It's really the only place where it's still reasonable.

I don't think most people are down on the I.E., it is just that it is a place associated with traffic and hot summers. I think everyone in coastal areas knows that the I.E. has some nice homes and some nicer areas.

The point is that more people, especially young millennials, would prefer to live in OC when given the choice but they find that they cannot unless they are willing to rent ad infinitum.

[BB_210]

Originally Posted by expatCA

How much was the house listed for? I have seen a lot of homes go for 5% less for years.

No offense to anyone, I'll give details later.

[Electrician4you]

Originally Posted by LuvSouthOC

I don't think most people are down on the I.E., it is just that it is a place associated with traffic and hot summers. I think everyone in coastal areas knows that the I.E. has some nice homes and some nicer areas.

The point is that more people, especially young millennials, would prefer to live in OC when given the choice but they find that they cannot unless they are willing to rent ad infinitum.

OC had just as hot AND humid summers as IE where I live. So I gets hot from about June to October. My average electrical bill is about 150 in the summer with AC usage) about 80 in winter. My average bill in OC was about 100. If I used the AC because of the humidity he t ran 350-400. So I didn't use the AC.

The drive difference is 10 miles and about 30 minutes. Sure once in a while I have a longer commute but in the mornings it didn't take me any longer than it does now.

[Finper]

Originally Posted by Electrician4you

OC had just as hot AND humid summers as IE where I live. So I gets hot from about June to October. My average electrical bill is about 150 in the summer with AC usage) about 80 in winter. My average bill in OC was about 100. If I used the AC because of the humidity he t ran 350-400. So I didn't use the AC.

The drive difference is 10 miles and about 30 minutes. Sure once in a while I have a longer commute but in the mornings it didn't take me any longer than it does now.

What part do you live in? I checked out some nice model homes near the Riverside Mission. Very reasonable too. I'd totally live there