This is so true that housing affordability level is so low it caused many potential buyers to either simply move to a completely new area or further away from their place of work.
According to USA Today in search of affordable homes forced young people to move away from the hip and trendy urban cities to the burbs or to the less glamourous cities.
Young, single people usually love the excitement of big cities, from the vibrant nightlife to the noisiness and frenzied pace of urban existence. They love it so much they're willing to pay a stiff price for cramped quarters and communal living.
The affordability also caused population shifts. People moved away from the coastal states, like California and New York to other cities in the West or South. The population shifts will definitely have an impact on congressional races and policy.
Some other important data from USA Today:
- NY lost people for the first time since 1980.
- If the pattern continues, Florida will overtake NY as the third most populous state by 2010.
- California is not the top state's gainer.
- Virginia is the beneficiary of the population shifts. It gained more 86,000+ people than the nine Northeastern states combined (59,000+).
If Virginia gained more people than the other nine Northeastern states combined, wonder why are we concern so much about market bubble then.
* More of the Young and Hip Fight Urban Urge [USA Today]
* People Fleeing Costly Coastal States for South, West [USA Today]
* In Search of Affordable Housing People are Fleeing the Coast [Matrix]
* Housing Affordability Hits 14-Year Low [Real Estate Journal]
* In the City Center where the Action is [CoolTown Studios]
