More and more Americans are moving to get away from overheated housing markets.
Many residents of high-priced housing markets around the country are cashing out and moving to more affordable areas.
‘Take this house and shove it’
Another article about the exodus of people out of high priced areas. When you think about it, bubble areas should theoretically be self limiting once you hit the affordability threshold that causes demand to significantly drop off. So why hasn’t this happened? Well, my opinion is that loose lending standards made it possible for people to buy regardless of affordability.
On Long Island, the once bucolic suburb but now heavily developed region next to New York City, about 70 percent of residents are at least somewhat concerned that high housing costs will drive their families from the region.
And this is not a far-off issue — 45 percent said it was at least somewhat likely that they would move out during the next five years.
Imagine that, 45% would just pick up and leave. Now, sure, I’m sure that number is a skewed a bit high when compared to how many will actually leave, but it’s still quite compelling.