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In reply to the discussion: "Boomers seem very resistant to understanding that the living standards".... [View all]Sympthsical
(10,960 posts)Covid changed a lot of working patterns. Now, a lot of people who no longer have to live close to the city and commute to work are seeking out relatively affordable homes - where a lot of them rented most of their adult lives.
It isn't limited to California or the Bay Area, either. My brother lives in the Midwest, in an exburb of a major city. He said values are skyrocketing there as well. His development was corn fields ten years ago. Now, homes are going for half a million. He paid $220k in 2011. Guess what didn't go up 50% in the past ten years.
So housing where I am is up 30% in two years. Yeah, guess what hasn't gone up 30% in two years.
And this isn't even recent to Covid. Covid is simply aggravating it. Housing has been going up for a long time, making it out of reach for many Millennials.
The median house price in California is nearly $800k. Nice if you're in, say, tech. If not, oh well. Enjoy renting, peons!