5 ms·
>Chicago, New York and Los Angeles, the three areas with a triple-digit daily exodus Yet those cities showed continuous rise in housing costs over the same per
by TomMckenny 8y ago
>Chicago, New York and Los Angeles, the three areas with a triple-digit daily exodus
Yet those cities showed continuous rise in housing costs over the same period. Example: LA housing costs rose roughly 7% in the period it lost roughly 100,000 residents
> Honolulu, San Jose, New York and Bridgeport, CT lost the highest shares of their residents to other parts of the country.
Yet San Jose housing costs have risen 16% in the last year.
And I note even Flint Michigan has had a 9% cost increase over the last year.
What could possibly explain this?
- rcpt 8y agoLand speculation, majority low income people leaving, interest rate adjustments
- smelendez 8y agoRelatedly, families with children being replaced by young professionals. Imagine a lower middle class family of five, two working parents and three kids, in a 3-bedroom place. They get priced out and are replaced by three upper middle class engineers with no kids, sharing an apartment.
- muzz 8y agoThe population loss is the domestic portion. There is a much larger population gain from international migration inwards (in general, this past year that wasn't the case in places like the Bay Area, but overall). Also, the composition of the domestic migration. In general, lower income workers move out to other states (these are more in number), and higher income workers move in from other states. Not the best article, but here is a recent one: https://www.latimes.com/business/la-fi-california-census-migration-20181221-story.html https://www.latimes.com/business/la-fi-california-census-mig...