mk1power t1_jef1b7a wrote on March 31, 2023 at 3:19 PM

Reply to comment by PracticableSolution in These NJ counties saw the largest population drop as residents migrate to other areas by madrid987

Frankly, most of the people that left were priced out.

They were priced out because demand is way higher than supply.

Them leaving probably had an extremely minuscule impact on the excessively high demand by potential buyers.

It’s an interesting metric, but one that’s probably driven by the housing market as opposed to driving the housing market.

Unless full remote becomes a reality for most Americans (and even then…), I doubt we will see a long term change in metro NYC housing.

PracticableSolution t1_jef3aps wrote on March 31, 2023 at 3:32 PM

Good point and I misspoke; “if the population is going down, where is the housing stock?” is what I should have said.

BriarKnave t1_jefdcmh wrote on March 31, 2023 at 4:37 PM

Being bought out by all consuming rental companies and investment funds.

jeandlion9 t1_jefi9iz wrote on March 31, 2023 at 5:08 PM

That’s made up according to some here lol but I’m assuming they were rich lol

[deleted] t1_jefqx8m wrote on March 31, 2023 at 6:05 PM

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breakplans t1_jefrwd1 wrote on March 31, 2023 at 6:12 PM

People with more money, and also willing to go into more debt (I’ve heard about some insane mortgages - you’re not supposed to buy as high as possible!), or who have families with money willing to buy them a house. My husband and I talk about this a lot - why do people have bigger houses and nicer cars than we do? But the answer is, they’re more comfortable with debt than we are.

[deleted] t1_jefst9m wrote on March 31, 2023 at 6:18 PM

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schwatto t1_jegkftr wrote on March 31, 2023 at 9:23 PM

Actually we’ve pretty consistently gotten outbid by flippers and investors who are renting out. Not companies but just people with deep pockets. We need a rule where everyone who wants gets a plate before you can get seconds.