Where are all the people coming from?

[cornfedkiller]

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...

 

[CorbLand]

Well you see, when a mommy and daddy love each other very much…

 

[cornfedkiller]

Well you see, when a mommy and daddy love each other very much…

unfortunately, those aren't the people that seem to have a pile of kids these days....

 

[Fireman03]

South border

 

[just.mark]

I can't speak for every where but I live in Washington and here there is a housing shortage. There aren't enough homes. I'm over a hour and a half from Seattle and that's now commuting distance because that's where people can afford to live.

In 2018 when I bought my last home I was reading about how its only going to get worse because the planned growth over 5 years wasn't expected to keep up with the amount of population increase.

 

[Ten Bears]

ever since men could start being pregnant I have noticed a solid uptick in people.

 

[WeiserBucks]

If you believe the .GOV numbers, there's approximately 4,384 people crossing the southern border into the USA daily, 1.6 million annually.

South border

 

[EastHumboldt]

If you believe the .GOV numbers, there's approximately 4,384 people crossing the southern border into the USA daily, 1.6 million annually.

You think all those migrants are crossing the border with a knapsack and a water jug and then buying a 700K home?

 

[ammonnhonduras]

Some really good answers here. But also know how much inventory is bought up by investors or investor companies. There are some companies run by the likes of money that Walmart has that have many many investors that all own a small % of the pie. They buy hundreds and hundreds of houses in different cities, thus making them owners of thousands and thousands of houses all over, and they turn around and rent them out. Where I live in the south, over 50% of the buying in Q1 was from cash buyers. So when you hear of big entities buying farm land, they are also buying up houses to then rent out. I just learned of a development that will be an entire 500 house neighborhood and every house will be a rental. A rental neighborhood if you will. Crazy.

 

[WeiserBucks]

You think all those migrants are crossing the border with a knapsack and a water jug and then buying a 700K home?

With all the free aid and migrant startup programs out there, wouldn't surprise me. They're not buying a home, you're buying it for them.

 

[ozyclint]

If you believe the .GOV numbers, there's approximately 4,384 people crossing the southern border into the USA daily, 1.6 million annually.

I don't believe government numbers. It's at least 2.6 million.

 

[def90]

Yeah, a lot of corporate buyers out there.

 

[cornfedkiller]

Yeah, a lot of corporate buyers out there.

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

 

[Button]

Just finished building our house and moving in. Immediately received a letter in the mail from an investor wanting to buy the house.

 

[trazerr]

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

I read they aren't turning around and selling them. They are renting them out. Yes, they get filled either way, but this then makes one less house on the market for a family to purchase.

 

[cornfedkiller]

I read they aren't turning around and selling them. They are renting them out. Yes, they get filled either way, but this then makes one less house on the market for a family to purchase.

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).

I'm told we have a smaller population of working age people, and the death rate in the US was the highest its been in 100 years the last couple years..

 

[Dos Perros]

Some really good answers here. But also know how much inventory is bought up by investors or investor companies.

Bingo!

The Kansas City market is something like 40% of single family homes are being bought by companies.

 

[Azone]

You think all those migrants are crossing the border with a knapsack and a water jug and then buying a 700K home?

They just turn single family homes into a mini apartment building. Multiple families splitting the mortgage or rent at the end of the month. Each family gets one room for everyone to sleep in.

 

[Tyson]

Some really good answers here. But also know how much inventory is bought up by investors or investor companies. There are some companies run by the likes of money that Walmart has that have many many investors that all own a small % of the pie. They buy hundreds and hundreds of houses

I would argue this is the primary issue. The number of homes being bought by investors is now up to an average of 25% around the country, at least that’s what I heard on the radio the other day. And that number is only likely to go up, hard for families to compete with investor companies. Even when you look on Airbnb the majority of the homes are owned by a vacation company, not by individuals

 

[5MilesBack]

You think all those migrants are crossing the border with a knapsack and a water jug and then buying a 700K home?

Well, not with their own money.....but that's what our government is for.......apparently.

Have you seen how many of these homes have been bought up by foreigners in general? Lots of Chinese investors as well as from all over the world.