Millennials simply can't afford to live in OC (Long Beach, Santa Ana: crime rates, school district)

[RG1981]

Originally Posted by waltchan

Chinese investors, today, are also involved in depleting the home supplies, and raising up home prices, not just Baby Boomers alone. And, it's really bad. Orange County in California is the worst place in the whole United States to buy homes at a fair price.

China was a poor country back then when Baby Boomers could afford the home with good supply, so zero demand 30 years ago. Now today is global competition buying up all the available homes, so higher demand, higher price, less supply. Look at Irvine today, most of the owners are Chinese investors, and they don't live inside them.

We have global competition in everything that the Boomers didn't have. The factory jobs that they got in the Midwest that paid a great wage in the 60's and 70's are long gone. Not even an option for us.

Half of the jobs they had are now done by computers and robots.

I honestly can't speak to the influence of overseas investors on real estate prices because I really don't know enough about it, but I doubt it's done anything to lower prices.

Also, banks today have ridiculous amounts of money in real estate that they didn't have in the Boomers' time. This is another factor that causes the prices to rise to absurd degrees across the entire country, even accounting for inflation the prices are thousands and thousands of percent higher than they would have been for buyers in the 70's and 80's, everywhere in America, not just expensive places like here.

[waltchan]

Originally Posted by RG1981

I honestly can't speak to the influence of overseas investors on real estate prices because I really don't know enough about it, but I doubt it's done anything to lower prices.

Also, banks today have ridiculous amounts of money in real estate that they didn't have in the Boomers' time. This is another factor that causes the prices to rise to absurd degrees across the entire country, even accounting for inflation the prices are thousands and thousands of percent higher than they would have been for buyers in the 70's and 80's, everywhere in America, not just expensive places like here.

I can assure you that today, there are 5 times more number of real estate investors (including Chinese) today driving up all the home prices and reduce home supply than in the 1990s with Baby Boomers. They rent the homes out to people, and they do their best to make sure there won't be anymore homes left out there for sale in the whole USA country.

By year 2050, I would say 80% of the entire USA housing stock will be operated and managed by an Asian firm. There will be more homeless people on the streets than ever before, because they were outbid by the Chinese "want to be" homeowner.

More USA banks (regardless if more profitable or not) will be bailed out and taken over by foreign Asian banks in the long-run, and this process is just getting started.

[apple92680]

Originally Posted by RG1981

Reading through this thread and wow...a lot of strong opinions. I personally blame Boomers for most of this. They’re the ones who own the homes and set the wages right now for the most part. They enjoyed the greatest time of affordability and quality of life in the history of America between the 60’s-80’s and then turn around and REFUSE to pass those same benefits on to the next generation.

Boomers are the most greedy and entitled generation this country has ever seen, contrary to popular opinion. They had the perfect combination of affordable housing and good-paying jobs, but once they got established they decided that the next generations didn’t deserve those benefits and that their houses are a worth a million dollars and they won’t raise wages so anyone else can afford to live like they got to.

Granted there are other factors at play here, mostly banks having all their money in real estate now, but still, the greed of the Boomer generation is the main reason millennials and Gen Z can’t get a grip.

Absolutely! This Gen Xer agrees with you!

[apple92680]

Originally Posted by amokk

There are 49 other states out there you can move to. Most of them have real estate that costs a fraction of what it is here. If all you're going to do is blame others why you can't get ahead in life, you are doomed to failure.

49 other states...but you (conveniently?) forgot to mention that in those states, wages drop, jobs are scarce and the same living conditions prevail.

[apple92680]

Originally Posted by waltchan

I can assure you that today, there are 5 times more number of real estate investors (including Chinese) today driving up all the home prices and reduce home supply than in the 1990s with Baby Boomers. They rent the homes out to people, and they do their best to make sure there won't be anymore homes left out there for sale in the whole USA country.

By year 2050, I would say 80% of the entire USA housing stock will be operated and managed by an Asian firm. There will be more homeless people on the streets than ever before, because they were outbid by the Chinese "want to be" homeowner.

More USA banks (regardless if more profitable or not) will be bailed out and taken over by foreign Asian banks in the long-run, and this process is just getting started.

And you seem gleeful about this because?

The Baby Boomers are the ones who have written the laws for the last 50 years and have allowed the current level of foreign investment to happen in the first place. Why? ...Well, because -- again -- it allowed them to make the most money, their kids and grandkids be damned.

[amokk]

Originally Posted by apple92680

49 other states...but you (conveniently?) forgot to mention that in those states, wages drop, jobs are scarce and the same living conditions prevail.

lmao you have no clue what you're talking about. Los Angeles metro area (of which OC is a part of) has one of the worst Home Price to Income ratios in the country. You think that California has the highest job growth and all the other states "jobs are scarce"? You're completely delusion. Cities like Denver, Nashville, Dallas, Raleigh/Durham, Vegas, Phoenix are way more attractive to the vast majority of Millenials who actually want to get ahead financially. But sure, keep living in CA and bitching about how your 50K a year job isn't high enough to buy a house in Orange County.

https://listwithclever.com/research/...torical-study/

[amokk]

Originally Posted by RG1981

We have global competition in everything that the Boomers didn't have. The factory jobs that they got in the Midwest that paid a great wage in the 60's and 70's are long gone. Not even an option for us.

Half of the jobs they had are now done by computers and robots.

I honestly can't speak to the influence of overseas investors on real estate prices because I really don't know enough about it, but I doubt it's done anything to lower prices.

Also, banks today have ridiculous amounts of money in real estate that they didn't have in the Boomers' time. This is another factor that causes the prices to rise to absurd degrees across the entire country, even accounting for inflation the prices are thousands and thousands of percent higher than they would have been for buyers in the 70's and 80's, everywhere in America, not just expensive places like here.

Banks have ridiculous money in real estate? What the hell is that even supposed to mean? Are you telling me that in the 80's when there was the S&L crisis, banks didn't have ridiculous money in real estate? You're just making yourself look ignorant.

[amokk]

Originally Posted by waltchan

I can assure you that today, there are 5 times more number of real estate investors (including Chinese) today driving up all the home prices and reduce home supply than in the 1990s with Baby Boomers. They rent the homes out to people, and they do their best to make sure there won't be anymore homes left out there for sale in the whole USA country.

By year 2050, I would say 80% of the entire USA housing stock will be operated and managed by an Asian firm. There will be more homeless people on the streets than ever before, because they were outbid by the Chinese "want to be" homeowner.

That's in less than 30 years. And the CCP has cracked down hard on their citizens moving their money out of the country. You're delusional and your fear mongering has no basis in the reality of what's actually happening.

[Vic Romano]

Originally Posted by RG1981

Reading through this thread and wow...a lot of strong opinions. I personally blame Boomers for most of this. They’re the ones who own the homes and set the wages right now for the most part. They enjoyed the greatest time of affordability and quality of life in the history of America between the 60’s-80’s and then turn around and REFUSE to pass those same benefits on to the next generation.

Boomers are the most greedy and entitled generation this country has ever seen, contrary to popular opinion. They had the perfect combination of affordable housing and good-paying jobs, but once they got established they decided that the next generations didn’t deserve those benefits and that their houses are a worth a million dollars and they won’t raise wages so anyone else can afford to live like they got to.

Granted there are other factors at play here, mostly banks having all their money in real estate now, but still, the greed of the Boomer generation is the main reason millennials and Gen Z can’t get a grip.

I guess its easier to find scapegoats than to develop a plan to be successful.

[CA4Now]

Originally Posted by apple92680

The Baby Boomers are the ones who have written the laws for the last 50 years

Prop 13, which probably does affect housing prices in California, was passed in 1978, by homeowners who were mostly part of the Silent Generation and the Greatest Generation, both of which preceded Boomers.