Americans moving for affordable housing

The fastest growing cities in America are now the ones where housing is more affordable than average.

This is a change from the early part of the millennium where credit was easy and mortgages were easy to get.

Rising rents and the difficulty of securing a mortgage on the coasts have proved a boon to inland cities that offer the middle class a firmer footing and an easier life. In the eternal competition among urban centers, the shift has produced some new winners.

Oklahoma City, for example, has outpaced most other cities in growth since 2011, becoming the 12th-fastest-growing city last year. It has also won over a coveted demographic, young adults age 25 to 34, going from a net loss of millennials to a net gain. Other affordable cities that have jumped in the growth rankings include several in Texas, including El Paso and San Antonio, as well as Columbus, Ohio, and Little Rock, Ark.

Newcomers in Oklahoma City have traded traffic jams and preschool waiting lists for master suites the size of their old apartments. The sons of Lorin Olson, a stem cell biologist who moved here from New York’s Upper East Side, now ride bikes in their suburban neighborhood and go home to a four-bedroom house. Hector Lopez, a caricature artist, lives in a loft apartment here for less than he paid to stay in a garage near Los Angeles. Tony Trammell, one of a group of about a dozen friends to make the move from San Diego, paid $260,000 for his 3,300-square-foot home in a nearby suburb.

Read the full article in the NY Times.

If you’ve tried to hire someone from outside Vancouver for a position here, you may be aware of the challenge presented by expensive housing.

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CBC
CBC
6 years ago

Burnaby and coquitlam have greenbelts which may run into your property. If you blindly purchase a property based on a picture and description then discover 15ft of depth on the property cannot be touched because its government protected green space, you would have a few regrets.

CBC
CBC
6 years ago

@melba
Lot size is just a number. you still want to look at things such as slope, trees, property lines, neighbouring houses. You also go into the house to get a sense of the view from the front and back. Attending an open house lets you talk to the agent, gauge demand and pick up the property disclosure statement while you there.
Enough reasons?

Melba
Melba
6 years ago

…..Since this spring we’ve been shopping for a teardown in the killarney/fraserview area of eastvan. Frequenting open houses…..

Why does one ‘shopping for a teardown’ need to go to open houses?

CBC
CBC
6 years ago

@93
yes i guess $100 would be rock bottom. I was taking in account decent ss appliances, kitchen and hrv or a/c which almost come standard now a days

Son of Ponzi
Son of Ponzi
6 years ago

I wish Paul B. could break down his stats more.
Like Who’s buying Where.

bert
bert
6 years ago

@ 91 more like $100 per sq ft

Son of Ponzi
Son of Ponzi
6 years ago

I think Tedeastside is right.
Vancouver is a pathetic backwater.
Just watching the MLS Allstars againts Bayern Munich in Portland.
Vancouver has the huge B.C. place, but can’t fill it 20% for a soccer game.
Same for the Lions, pathetic.
But does not suprise me.
HAM does not do sports, only Real Estate.

CBC
CBC
6 years ago

@plumber
The lot was approx 6000sq ft. a standard lot is usually in the 4000sq ft range. I guess it would depend on the size of the build. rs1 zoning would give u maximum of 70%, so a 4200 sq ft house would be asking in the 2.2mil range (add 200k if it has a laneway house). A 3500 sq ft house would price at a bargain 2mil lol. This is under the presumption the developer is using rock bottom labour ($125 per sq ft finished)

paulb
6 years ago

New Listings 196
Price Changes 88
Sold Listings 162
TI:16485

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CBC
CBC
6 years ago

@plumber
The lot was approx 6000sq ft. a standard lot is usually in the 4000sq ft range. I guess it would depend on the size of the build. rs1 zoning would give u maximum of 70%, so a 4200 sq ft house would be asking in the 2.2mil range (add 200k if it has a laneway house). A 3500 sq ft house would price at a bargain 2mil lol

William
William
6 years ago

Hi were the four sfh purchases above or below asking price?

fitzrovia
fitzrovia
6 years ago

patriotz and Garth

4 SFH were sold today in West van between $2.5 to $4.8 M and all four were bought by HAM IMVHO.

So stick that in your denial hole and smoke it!

tedeastside
tedeastside
6 years ago

$1.2 million gets u a decent place in World famous killarney Fraserview
u can cruise the world famous 49th avenue.

for the same or less you can get a better house in Santa Monica, and cruise Sunset Boulevard , but who wants to do that……i’d rather cruise 49th ave to Sunset Community center and play badminton instead of cruising Sunset Boulevard and going to Hollywood or watching Jay leno or the Dodgers

plumber
plumber
6 years ago

CBC, when you say good size lot, how big was it? And what would a new build on that size lot sell for in Fraserview?

Westside Realtor
Westside Realtor
6 years ago

Enjoyed reading your post CBC, thank you.

I am seeing similar bifurcation in my area of focus.

To my mind, this market is showing serious (albeit early) signs of stress.

Oracle/etc may disagree, but he is moving away anyways, so I’m not sure why he even cares. That said, he is flat out wrong, and I believe time will bear out my thesis.

CBC
CBC
6 years ago

oops double post

CBC
CBC
6 years ago

Just wanted to share some of my experiences in the van/burnaby detached market. For context, i’ll say up front that me and my wife are both chinese born in canada. Since this spring we’ve been shopping for a teardown in the killarney/fraserview area of eastvan. Frequenting open houses i’ve noted my fellow shoppers being majority ham. i have nothing quantative, just observation of the people and names of the sign up sheet so take it for what ever you like. The vehicle of choice seems to be benz, usually ML or GL SUV and mostly mandarin speaking but some cantonese too (hong kong accent). When i speak to the agent in english, other open housers do a double take. Anyways, we made a 1.195 mil offer on 60yr old leaky roof (as is where is)number with a good size lot… Read more »

cbc
cbc
6 years ago

Just wanted to share some of my experiences in the van/burnaby detached market. For context, i’ll say up front that me and my wife are both chinese born in canada. Since this spring we’ve been shopping for a teardown in the killarney/fraserview area of eastvan. Frequenting open houses i’ve noted my fellow shoppers being majority ham. i have nothing quantative, just observation of the people and names of the sign up sheet so take it for what ever you like. The vehicle of choice seems to be benz, usually ML or GL SUV and mostly mandarin speaking but some cantonese too (hong kong accent). When i speak to the agent in english, other open housers do a double take. Anyways, we made a 1.195 mil offer on 60yr old leaky roof (as is where is)number with a good size lot… Read more »

tedeastside
tedeastside
6 years ago

the personality of vancouverites is a strange one, its hard to describe, its like an aggressive insularity,

passive vicious, cocky yet gutless

bad data
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6 years ago

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