Saturday, September 13, 2014

Just how much housing prices vary and their impact on family formation

Families just can't form in places where they can't afford to live.

Far more than politics, the interplay of economics and affordability tend to drive family migration. Take San Francisco-Oakland (33rd), which has had a robust economy over the past five years, but high housing prices have slowed the growth of families. Since 2000, the number of 5- to 14-year-olds in the metro area has dropped 2.7%. A recent real estate survey showed a million dollars would buy only 1,500 square feet in San Francisco, 2,000 in Boston, 2,198 in Washington and roughly 2,300 in either New York or Los Angeles. In contrast, that amount of money could purchase over 10,000 square feet in Houston and 8,850 in Raleigh.

Top ten family formation locations are in Red States or the redder parts of purple states.  Three in Texas, Two in North Carolina, one each in Tennessee, Florida, Arizona, Nevada, Georgia.  More here.

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