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If things continue they way they have been, I think most of the moves we may see are from large cities to smaller cities, like L.A. to Albuquerque or Dallas or NYC to Orlando, Miami. I don't know the reason, but real estate prices around Albuquerque are finally starting to climb again.
If things continue they way they have been, I think most of the moves we may see are from large cities to smaller cities, like L.A. to Albuquerque or Dallas or NYC to Orlando, Miami. I don't know the reason, but real estate prices around Albuquerque are finally starting to climb again.
Many in the large cities already owned vacation homes in the suburbs. Some had relatives and they moved in with their relatives. Here is a good article that appeared in the New York Post: https://nypost.com/2020/06/10/new-yo...rvivors-guilt/. I quote from that link:
"The nerve-racking — even identity-defining — debate about whether to stay or go is taking place online, too. A Facebook group called Into the Unknown launched in April as a forum for people “who have decided or are considering — willingly or otherwise — to join the exodus from NYC.” Its more than 4,500 members dissect the topic daily."
There is also one more piece of this puzzle; many jobs became 'work-at-home' jobs. My PA county was known for the longest commute in the Nation because we had so many that commuted to NYC every day. Now many of them can work from home and no longer have to go to the office. By doing so more of their money is staying in our County. While they could be taxed on their jobs over there, they are buying all their needs here. No more long commute, buying fuel, tolls, parking fees, lunches, or whatever over there.
Location: New Albany, Indiana (Greater Louisville)
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I hadn't thought about the effect of social media groups influencing people's decision to stay or move. Almost every place now has a Facebook group for local topics, in my experience a decent portion are people complaining about the direction of the place. If someone realizes many other people also want to leave does that make it more likely to happen?
I live in a Township in southern Indiana on under an acre, but almost all wooded. My house was built in the 1970's. The cost to build anything new here given labor, materials, is astronomical. I have township water and septic. However, many people don't like the fact that there is only electric and propane for heating if you don't use wood to supplement..
When I bought my land for $20,000 in 1986, there were Black Angus cows across the road, the natural gas pipe was 1/2 mile away (The gas company had no interest in extending it to my property; I wrote and asked), and I had well and septic. The farms turned into subdivisions, the gas line is across the street along with the cable line, and I have city sewer. In addition to the brine disposal well which was on my property when I bought it, and still pays royalties, I now also have 600 feet of the Rover Pipeline going through my back yard.
If my land had just kept up with inflation, it would be worth about $50,000. Instead, it is worth about $100,000. This sort of land value inflation seems to be going on throughout the country. The neighbors across the street bought multiple lots and built far back from the road, while the sides and back of the property are isolated. Yet, I am only 6 minutes from Wooster.
I have been thinking about staying here and adding on to the house, but have not yet gotten an estimate for what that would cost. Like you say, building costs have gone up a lot, too.
When I bought my land for $20,000 in 1986, there were Black Angus cows across the road, the natural gas pipe was 1/2 mile away (The gas company had no interest in extending it to my property; I wrote and asked), and I had well and septic. The farms turned into subdivisions, the gas line is across the street along with the cable line, and I have city sewer. In addition to the brine disposal well which was on my property when I bought it, and still pays royalties, I now also have 600 feet of the Rover Pipeline going through my back yard.
If my land had just kept up with inflation, it would be worth about $50,000. Instead, it is worth about $100,000. This sort of land value inflation seems to be going on throughout the country. The neighbors across the street bought multiple lots and built far back from the road, while the sides and back of the property are isolated. Yet, I am only 6 minutes from Wooster.
I have been thinking about staying here and adding on to the house, but have not yet gotten an estimate for what that would cost. Like you say, building costs have gone up a lot, too.
Oh, so the gas company never extended the line to your side of the road to connect to the property? Another item that seems to be more common in rural areas are incomplete developments, meaning you have a road with houses built on parcels, but then vacant parcels with no houses- yet people hold onto the parcel for some reason- they must look at it as an investment even though it might not be much in the way of acreage at all. This impacts property values occasionally because some buyers might not like the lack of any consistency or uniformity of the built environment. Just one of the considerations people have to look at when it comes to rural areas. Wooster and Wayne County is not necessarily that rural in terms of population density at the county level, I'm looking at more rural northern Lakes Region areas to move to down the road that have population densities at the county level of between 25-50 people per square mile. Prices tend to be higher as tax rates are low (high valuations due to lakefront properties), however, one can find better property bargains near lakes areas at much reduced prices. I like the Moultonboro, NH area, I can find a property of around $250K with taxes of $1,500 a year- a bargain given the natural amenities and level of services nearby.
Oh, so the gas company never extended the line to your side of the road to connect to the property? Another item that seems to be more common in rural areas are incomplete developments, meaning you have a road with houses built on parcels, but then vacant parcels with no houses- yet people hold onto the parcel for some reason- they must look at it as an investment even though it might not be much in the way of acreage at all. This impacts property values occasionally because some buyers might not like the lack of any consistency or uniformity of the built environment. Just one of the considerations people have to look at when it comes to rural areas. Wooster and Wayne County is not necessarily that rural in terms of population density at the county level, I'm looking at more rural northern Lakes Region areas to move to down the road that have population densities at the county level of between 25-50 people per square mile. Prices tend to be higher as tax rates are low (high valuations due to lakefront properties), however, one can find better property bargains near lakes areas at much reduced prices. I like the Moultonboro, NH area, I can find a property of around $250K with taxes of $1,500 a year- a bargain given the natural amenities and level of services nearby.
Also, don’t buy a parcel that has no legally documented easement for owner access AND utilities. We looked at one such parcel, which the original owner had provided such easement for. Unfortunately, she failed to get it recorded at the county. The next owner was stuck with a property that had an easement that allowed access but was (a) not wide enough to meet fire dept requirements and (b) did not provide written documentation for utilities to be brought in. Meanwhile, an adjacent landowner (the one whose property would be passed through) was not only aware of the situation but used it to repel the few potential buyers, basically holding the land hostage because they refused to name a price for the would-be owner to purchase an easement from them. It was obvious to me that they were driving off buyers and waiting for the out-of-state owner of the landlocked parcel to cave to a very low offer from THEM so one of their umpteen offspring could build on it.
And that is exactly what happened. We were not the only potential buyers who knew what the game was but could do nothing about it. Someone else we know was driven away from buying it...but like us, they ended up buying something much better, and without the grasping, nasty, neighbor who got their lowballed prize. Who I am pretty sure is in violation of human waste disposal laws as well as weed control requirements. We are very glad to NOT have them as a neighbor.
This is just one example of the pitfalls awaiting wannabe rural buyers who don’t know the “nonstandard” ways development happens. Regular RE agents might not be up to speed on this kind of stuff, even in the area.
Many in the large cities already owned vacation homes in the suburbs. Some had relatives and they moved in with their relatives. Here is a good article that appeared in the New York Post: https://nypost.com/2020/06/10/new-yo...rvivors-guilt/. I quote from that link:
Good article. I agree that many city dwellers have places outside the city. We've owned an urban home at Albuquerque for 25 years and we bought a small west Texas farm in the past ten years. However, it was not bought for vacations but more as a safe place to place some extra savings we had and a major retirement project for myself.
The recent growth experienced in central New Mexico could be somewhat related to COVID and the recent problems being experienced in larger city I suppose. However I tend to think the slow but steady growth during most of the time we have been there has been due to retiring boomers from all over the country moving to the State Essentially nearly everyone in Rio Rancho, NM (suburb of Albuquerque) is from New York. Just recently though there seems to have been a "spurt" in the growth of real estate prices in the area for some unknown reason(s). I guess we'll have a better idea of what is going on hopefully by next summer.
The effect of the low fertility rate would deter me from moving to a rural area.
In Japan, due to their low 1.2 fertility rate, rural towns are closing down, and they're fleeing to Tokyo for better services, specifically medical services. It's also happening in Spain and France, rural towns becoming ghost towns.
Most rural areas don't need police departments. The crime to begin with is low and gun ownership is widespread.
No,sir!
Property theft is very bad in rural areas. So is family/acquaintance violence. The gun prevalence tends to make the second more lethal, and it doesn't stop the first, as thieves in the country are gun owners too.
There's always been plenty of crime in the countryside. The least populous counties are also the most prone to the crimes because there aren't enough police.
The average stolen car has multiple ways of finding it once stolen, but a $250,000 tractor can be driven off a field in the middle of the night with nothing needed except the knowledge of how to start and drive it.
Tractors and other implements are driven off in the middle of the night, loaded onto flatbed semis, and are in another state before the sun comes up.
Same goes with livestock. Rustlers are still at it using modern methods.
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