Except the rapid real estate inflation started years before COVID. WFH may play a part but it’s hardly a major reason.
Comment on Why is the price of real estate rising so dramatically?
Asafum@feddit.nl 3 weeks ago
I get roasted for this every time I mention it because I think people on sites like this generally fit in this category and feel personally attacked, but I honestly believe a large part of it is from WFH becoming more widespread during COVID. People were able to leave the large cities where their jobs were all located and could move wherever they wanted to so that competition for housing drives prices way way up. The few friends I do have all work in software development and all moved during COVID away from their offices and into houses. They all had a similar story “the realtor told me any house that’s on the market for more than 5 days has a major issue, stay away from those.”
Tie that into the expansion of investment companies buying houses with the intent of renting them forever and the NIMBYism that keeps new construction from being made because “My PrOpErTy VaLuE!” and it’s just a recipe for disaster…
I hate that I’m going to be stuck renting someone’s garage or basement and paying their mortgage in rent prices for the rest of my life…
athairmor@lemmy.world 3 weeks ago
spankmonkey@lemmy.world 3 weeks ago
Yes, people from cities moving to rural towns does impact housing prices which should be a net benefit for the town as it bring in income from outside. It could be a negative when the volume of outsiders is high enough to displace long term residents, but in a vacuum people moving into an area that isn’t overpopulated already should be a good thing.
Now outsiders moving in, then buying up homes to make into BnBs, plus companies buying up homes combined is probably going to cause problems for existing residents and maybe that is what people are pushing back on. Being one parr of a larger problem that wouldn’t be a problem if only their part was happening.
Asafum@feddit.nl 3 weeks ago
Yes, people from cities moving to rural towns does impact housing prices which should be a net benefit for the town as it bring in income from outside. It could be a negative when the volume of outsiders is high enough to displace long term residents, but in a vacuum people moving into an area that isn’t overpopulated already should be a good thing.
It’s absolutely a negative for those in the area. I’m literally priced out of the entirety of long Island now. There is literally nowhere I can afford that isn’t in an uninsurable flood zone and I’m too “worthless” to move. Anywhere with work for someone like me is just a shithole city so I just move from renting to renting in a worse environment. :/
spankmonkey@lemmy.world 3 weeks ago
TIL Long Island is a rural town.
Asafum@feddit.nl 3 weeks ago
The east end actually is considered rural, at least according to ups/postal deliveries lol
SkyeStarfall@lemmy.blahaj.zone 3 weeks ago
But apartments in the middle of cities are more expensive than ever
RamblingPanda@lemmynsfw.com 3 weeks ago
You get roasted because it’s at least not entirely making sense. Prices in cities went up a lot as well. That’s not due to people moving away. I’m staying in my apartment that’s too big for one person because I would have to pick one half the size to at least keep my rent at the same level. And I’m one of those software dudes.
burgersc12@mander.xyz 3 weeks ago
Yeah, it has more to do with huge corpos like Blackrock and Zillow buying up every piece of property they can physically get their hands on than the WFH crowd ever could drive the prices naturally.