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>The American Dream may no longer be about buying a home, but renting one There should be a stipulation that if you see this line or one like it, you append "i
by jdhn 5y ago
>The American Dream may no longer be about buying a home, but renting one
There should be a stipulation that if you see this line or one like it, you append "in high value areas where there are lots of high paying jobs". If the American Dream is defined as owning a home (and nothing more), then there are multiple affordable areas outside of the traditional hotbed areas like LA, DC, and NYC.
- heavyset_go 5y agoThen you're buying property outside of areas where you can commute to where the jobs are. You can't pay a mortgage on a Walmart stocker's wages, nor can you afford health insurance for a family working for a small business in the sticks.
- jdhn 5y agoThere are lots of jobs outside of DC, LA, and NYC where housing is significantly cheaper than the housing in those cities without being in "the sticks".
- symlinkk 5y agoWhere?
- heavyset_go 5y agoWhere? Because in my experience, the well-paying jobs are either in cities, or in the areas that are within commuting distances of the cities. What will those places look like in 30 years? Because my experience is that while there might be one or two well-paying employers in such areas, they're bleeding talent and seem to be on the downturn compared to their heydays and competitors. I don't see a lot of those companies existing in a decade, much less 3.
- true_religion 5y agoWithin commuting distance of DC is a huge area that covers two states. If you dare live 30 minutes outside of DC in Maryland, you are literally in the middle of no where with farms to the east and forest to the west. Virginia is more pricey and populated near DC. Housing in Arlington is in the 600s. But if you just live 40 minutes away in Prince Williams, you pay 400s. Now this is all relative because hey even 600s is cheap compared to NYC and San Fran.
- throwaway6734 5y agoYou can easily find houses in Baltimore city for around 200k and there's plenty of work
- symlinkk 5y agoBaltimore has one of the worst crime rates in the country
- throwaway6734 5y agoIt's almost entirely neighborhood dependent
- silicon2401 5y agoThere are no walls dividing neighborhoods. Even the safest neighborhoods in Baltimore see crime rates well above most other places in the country.
- whimsicalism 5y agoI'm unconvinced that DC has been a "traditional hotbed area" unless you mean post-2010.
- SeanLuke 5y ago??? DC is extremely strong and has been for decades. It's also very stable in this regard.
- whimsicalism 5y agoThe median sale price for a detached single-family home in Sept 2011 was $390,000. The median sale price for a detached single-family home in June 2021 was $1,300,000.
- true_religion 5y agoIf I had predicted that, I would have bought ten houses. Why did the price spike so hard? DC traditionally has a stable work environment where many people work for the government, or via a contractor but it’s not like it became a tech capital. NYC has a hotter tech market.
- SeanLuke 5y ago> but it’s not like it became a tech capital What? Let's put aside the massive government contractor industry. Even without it, DC's internet history includes MAE-East, UUNet, AOL, Equinix, Network Solutions, and Microstrategy. The Dulles Technology corridor is one of the largest single tech regions in the country. Nearly all the significant genomics and bioinformatics companies are here, as well as all financial regulation groups. FINRA is in DC. So is Capital One. Amazon is opening in DC, and not in New York: and Amazon Web Services has long been in DC. And all this has fueled three highest income counties in the country, all here in DC.
- true_religion 5y ago