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The flipside is that while you’re “taking” a house in Colorado, you’re also “freeing up” a house in California. You’re only looking at the displaced resident b
by dcolkitt 6y ago
The flipside is that while you’re “taking” a house in Colorado, you’re also “freeing up” a house in California.
You’re only looking at the displaced resident being priced out. But there are many people who desperately want to move to coastal California and currently can’t because of housing costs. The migration is balanced by someone new being “priced in” to San Francisco or Los Angeles. Maybe even someone who wants to get out of their small Rocky Mountain town.
- almost_usual 6y agoCoastal California prices have gone up 20-30% in the past few months. These are people who were priced out of home buying there and renting, mountain towns are cheaper. Every IPO and stock vest causes home prices to go higher in the Bay Area, there’s been a lot lately.
- dcolkitt 6y agoMy understanding is that rents in San Francisco are down 20%+. LA is not as large a drop, but still down. While the cost of home ownership may be up (most likely as you identify due to the wealth effect of equity grants), the actual cost to live in coastal California is sharply down.
- almost_usual 6y agoYeah this is true, it’s a good time to lock in rent control if you don’t want to own.