4 ms·
It has more to do with income and running expenses. That $1.8M that was bought in the 1960s for a few tens of thousands has appreciated, sure. But houses requir
by titzer 4y ago
It has more to do with income and running expenses. That $1.8M that was bought in the 1960s for a few tens of thousands has appreciated, sure. But houses require maintenance, upgrades, and taxes that are in today's prices. Someone that old that has retired and is living on fixed income maybe can't afford those anymore and opt to move to a lower cost of living area. Thus they are forced out by the general demand for everything--basically being outbid by the influx of new residents. Relative to the person earning a lot and paying a mortgage, yes, they are poor.
- jeffbee 4y agoRetired Americans are the only Americans who are categorically never on a fixed income.
- titzer 4y agoI mean technically Social Security benefits are tied to cost-of-living and thus inflation and are not "fixed income". But that's just technically. My mother's retired and her SS is not a lot. There are a lot of very low income older people in America that fall in this category.
- cma 4y agoCalifornia capped the tax increase to far below inflation.