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I am wondering as prices in certain metro areas sky rocket will individuals start finding jobs in smaller and more affordable metro areas?
In areas like NYC metro, San Francisco Bay Area, San Jose Silicon Valley, and parts of So Cal if families will be decide to relocate into less crowded metros with a steady job market?
I heard many from the Bay Area and the Silicon Valley are moving into Sacramento. I heard many in Orange County are moving to cheaper parts of LA area or to the Riverside area.
Definitely this would apply to those who are renting or are trying to buy a home and not those with jobs and homes already.
You've got the horse by the wrong end here. Prices are high because people want to move to the cities. You may see an equilibrium eventually, but high prices themselves aren't going to start an outmigration because the trend would be self-limiting; as people moved out, prices would fall.
We are seeing moderate size cities becoming more attractive to people, but places that are the most expensive are still some of the most attractive places for people to move to, and that probably isn't changing any time soon.
I am wondering as prices in certain metro areas sky rocket will individuals start finding jobs in smaller and more affordable metro areas?
In areas like NYC metro, San Francisco Bay Area, San Jose Silicon Valley, and parts of So Cal if families will be decide to relocate into less crowded metros with a steady job market?
I heard many from the Bay Area and the Silicon Valley are moving into Sacramento. I heard many in Orange County are moving to cheaper parts of LA area or to the Riverside area.
Definitely this would apply to those who are renting or are trying to buy a home and not those with jobs and homes already.
I look forward to hearing everyone's responses,
the city
If I may just go by my own personal experience, I was a renter living in Portland OR for the past 36 years. I saw a steady increase of people who rented in the places where I rented move to Portland, stay as long as they could afford to live there for maybe a couple of years, and then finally give up and move because of the steadily increasing COL.
This also happened to friends of mine who had lived in Portland for a number of years. It happened to me as well. I finally threw in the towel and returned to the Midwest where I was from originally because I just couldn't justify paying the price of living in Portland.
Now I realize this is strictly anecdotal. I don't have any stats. Also not everyone moves as far as I did. Some people just move to a suburb that is less expensive or to another nearby city or state that is less expensive but just based on my own experience and others that I have observed, I would have to say that ever increasing prices can be a cause increasing migration from some cities where the increasing high cost of living seems to be having no end in sight.
It is, where my wife and I could afford in NYC put us at an hour to hour and a half commute each way. We realized it wasn't worth it and moved back to a city that was much cheaper, easier to commute in, and was more of a home for us.
Less glibly, it depends how doable development is. If building is allowed more people will come in, not fewer. If building is prevented, population will likely decline slightly as richer people - who are more likely to have an empty room and less likely to have multiple kids in one bedroom - replace people with a lower income.
Bottom line basically is there is only so much housing stock, unless you build more or let some decay, and that housing will have a certain vacancy rate and a certain number of people per room, and if prices are high citywide that usually walks hand-in-and with a low vacancy rate.
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