Tuesday, November 20, 2007

Cost of living driving regional relocations

High costs of living in coastal areas are helping to fuel growth in more affordable regions. From Julia Spezia, Executive Director of Housing California:

"An alarming trend is appearing in California's communities: We are losing our young adults (age 20 to 34). It's not surprising that when young couples decide to start a family and create a home, they look outside the state for an affordable place to live and work."

4 comments:

urbanReviewSTL said...

Yes, but everywhere else in the country is affordable compared to California. Young people are still looking for fun and interesting places to live, not just a cheap home.

Rick Bonasch said...

The high cost areas are many besides California. The mountain west. The northeast. Chicago. Austin. Plenty.

As far as fun and interesting, St. Louis certainly rates well in those categories.

Forbes Magazine rated St. Louis 4th most affordable city to *live well*.

For all those young families looking for a new home, that is some good news.

On the flip side, the efforts to produce affordable housing in high cost areas are so far behind the demand that relocations show no sign of letting up.

That will be one factor working to the advantage of STL for years to come.

Anonymous said...

Penny wise, Pound foolish. Having lived in St Louis for many years, I moved to Los Angeles and more than tripled my income. Having just built a $1.5 million new home overlooking the ocean and living next to hundresds of places that we walk to, people in St Louis have no idea what they're missing. Although our home in Webster Groves was inexpensive, life and business opportunities were very limited.
My wife, family and I believe it was the best decision we ever made. I feel sorry for the few who remain and have no idea what they're missing.
Richard

Rick Bonasch said...

Anonymous,

Thanks for your post and congratulations on your situation. What do you mean when you say "penny wise and pound foolish"?

As the articles show, your situation is not representative of most younger people in high cost areas.

With incomes as they are, most households in their 20s and 30s are not buying $1,000,000+ homes overlooking the ocean in California.