Where are all the people coming from?

[BURTONboy]

Some of yall are missing the point the op is specifically asking about. He doesnt care who is buying what, hes curious why there are so many people needing a house all of a sudden. Which I know here in Texas the answer is theyre mainly from California. They have really driven the price of everything up in the real estate market the last few years.


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[CorbLand]

Some of yall are missing the point the op is specifically asking about. He doesnt care who is buying what, hes curious why there are so many people needing a house all of a sudden. Which I know here in Texas the answer is theyre mainly from California. They have really driven the price of everything up in the real estate market the last few years.


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Millennials are the largest generation to exist and they are hitting prime home purchasing age. Weirdly, the same thing happened when the baby boomers hit the same age ranges and housing did the exact same thing.

 

[amassi]

The ongoing "How are people affording these crazy home prices" thread has driven me to post this question that I've been wondering for a while.... where are all these home buyers and then subsequent buyers coming from?

People are moving out of California/NY/etc, but wherever they were living before is being bought/moved into 10 minutes later..

People decided now that they work from home, they need a bigger/better home so they upgrade and buy a new home.. but their old home gets filled immediately as well..

It doesn't sound to me like anywhere is sitting empty..

While at the same time, we have a labor shortage because I'm told that there just aren't as many people in the labor force now because the baby boomer generation is now retiring, and they just didn't have as many kids so there just isn't the same population of gen x, millennials, or gen z...

There's no labor shortage
There's a shortage of workers ready and willing to work unbenefitted part time jobs for minimum wage.
People with good jobs and disposable income decided to stop paying other peoples mortgages and get their own.

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[amassi]

But then they are filling those houses with people...

With renters- often times many will then sublet a room or rooms to offset the ridiculous cost of renting in some places.

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[amassi]

Millennials are the largest generation to exist and they are hitting prime home purchasing age. Weirdly, the same thing happened when the baby boomers hit the same age ranges and housing did the exact same thing.

Only boomers did it on one union income with maybe a high-school education.

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[FLATHEAD]

I'll sell mine but I'm going to charge an investor 3.5 times what I paid for it.

 

[Dos Perros]

There's no labor shortage
There's a shortage of workers ready and willing to work unbenefitted part time jobs for minimum wage.
People with good jobs and disposable income decided to stop paying other peoples mortgages and get their own.

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I won't comment on the hourly labor, but in my profession (engineers and other salaried types of folks) and my wife's field (accounting and other salaried types of folks) we are desperately trying to find and hire qualified candidates. My employer experienced 15% salary attrition last year, compared to a normal 5%, and I heard our metro area average was something like 16%. Sure, people leave one place and go to another, but many folks are retiring too, and we are trying to grow and are struggling just to survive the attrition. My wife's company is in the same spot. I see it as a legit shortage even of salaried workers.

 

[ammonnhonduras]

Many many jobs moving into the town where I live.

 

[ammonnhonduras]

And there are currently many many kids in college going to be looking for a job every year when they graduate. It only makes sense that they need a place. But yeah, the investors are turning everything into a rental market.

 

[roadrunner]

Millennials are the largest generation to exist and they are hitting prime home purchasing age. Weirdly, the same thing happened when the baby boomers hit the same age ranges and housing did the exact same thing.

It's the boomers that are (and have been) the largest generation ever, with millennials a close second.

 

[CorbLand]

I won't comment on the hourly labor, but in my profession (engineers and other salaried types of folks) and my wife's field (accounting and other salaried types of folks) we are desperately trying to find and hire qualified candidates. My employer experienced 15% salary attrition last year, compared to a normal 5%, and I heard our metro area average was something like 16%. Sure, people leave one place and go to another, but many folks are retiring too, and we are trying to grow and are struggling just to survive the attrition. My wife's company is in the same spot. I see it as a legit shortage even of salaried workers.

We see the same thing here. Its weird, we can post a job and get 5 applicants, then post another job and get 20. There is no rhyme or reason to it. One thing that we have found that seems to increase the number of applicants is posting the salary range.

I dont have numbers to back this in the slightest but it seems like the "middle management" positions seem to have the least issues. We are really struggling with entry level and more advanced positions.

 

[CorbLand]

It's the boomers that are (and have been) the largest generation ever, with millennials a close second.

Millennials surpassed boomers in 2019. Boomers were the largest generation but there are more millennials on earth today than there are boomers.

I meant that as its the largest generation to exist, as in living, I could have worded that better.

 

[Blowdowner]

Investment companies. Many of us participate in the funds that do this. And profit from it. The real question is are we/they undermining our country which is the only place on the planet with some freedom left.

Also will this real estate investment strategy tank?

 

[RS_Non-Res]

Anybody seen the property management side of this real estate investment strategy?
Most rental properties I've been through were minimally maintained. Will neighborhoods with owner-occupied homes be able to withstand that?

 

[Customweld]

Some of yall are missing the point the op is specifically asking about. He doesnt care who is buying what, hes curious why there are so many people needing a house all of a sudden. Which I know here in Texas the answer is theyre mainly from California. They have really driven the price of everything up in the real estate market the last few years.


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Agreed. You would think there would be a vacuum somewhere. If all of the Californians, Washingtonians, etc. are moving out of state, and their previous house/apartment are being immediately filled, where are those folks moving in from? There doesn't seem to be any vacancy anywhere.

 

[CorbLand]

Agreed. You would think there would be a vacuum somewhere. If all of the Californians, Washingtonians, etc. are moving out of state, and their previous house/apartment are being immediately filled, where are those folks moving in from? There doesn't seem to be any vacancy anywhere.

I did some research about 6 months ago. California's population is decreasing. Seemed like Californians were running to Washington and Washington was running to Texas and Utah. Lots of Californians running straight to Idaho and Texas as well.

If I had to guess, many are renting in California with multiple roommates. So, leaving is easy and if you have two roommates and one leaves, the apartment is still occupied but lost 50% of its occupants.

New Vintage 2021 Population Estimates Available for the Nation, States and Puerto Rico

According to estimates and components of change released today, the population of the United States grew in the past year by 392,665, or 0.1%.

www.census.gov

 

[CoStick]

Millennials and gen z are the largest living generations, people do grow up and move.

 

[ManyBullets]

Hedge funds get cheap money thanks to the gov't printing press and their club that we ain't in, then turn around and use that to buy up houses at prices that don't make sense for regular people. All part of your great reset - you'll own nothing and like it.

A lot of those iBuyer companies are getting hammered right now with a soft market so we'll see how long they last when their stock prices continue to tank. It all looks good when the market goes up, but Zillow already got smoked and had to quit buying.

 

[MuleyFever]

That's what I'm asking though.. why is there such a demand for housing all of a sudden? Either there are a lot of people that had been living in their parents basement that are suddenly moving out, or a bunch of houses/apartments now sitting empty somewhere (which I don't think is the case).

Every year millions of people turn 18 and become adults. They were living with mom and dad. Many of these will go rent so they take the place of the renters that went and bought homes. Then there are a lot of young adults living with their parents because the parents allow them to live there and save money. They eventually buy a home.

 

[amassi]

I won't comment on the hourly labor, but in my profession (engineers and other salaried types of folks) and my wife's field (accounting and other salaried types of folks) we are desperately trying to find and hire qualified candidates. My employer experienced 15% salary attrition last year, compared to a normal 5%, and I heard our metro area average was something like 16%. Sure, people leave one place and go to another, but many folks are retiring too, and we are trying to grow and are struggling just to survive the attrition. My wife's company is in the same spot. I see it as a legit shortage even of salaried workers.

Increase pay to outpace inflation and the jobs will fill. I've been looking around for a new field as I'm often bored/unchallenged at work and the jobs being posted in my field are not commensurate with the training and experience required to do them. I interviewed and negotiated with one of them and got close to what I'm making and felt terrible when the senior hr rep said there's noone in the dept making that kind of money. So they become a training ground for new grads willing to work 2 Years for the experience then we hire them for much more money, more time off and flexibility.

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