Are wealthy people really leaving cities?

I read a lot about wealthy people leaving cities and blowing up prices in suburbs near NYC ,  San Francisco,   etc.  Is this true in your experience.  What are real estate prices looking like in you city?  Are the burbs blowing up yet?  I see a lot of articles of rich guys buying farms but I have no idea If this is really happening.

Yes, it is happening. You won't see it in the stats because they represent an extraordinarily small percentage of the population. The problem is that they represent a disproportionately large percentage of the tax base. Chicago is probably neutral on population loss vs growth. However, one college grad making 60k and living in an apartment does not financially replace an established homeowners making 350k with a family. 

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Well they probably still work there. Only the ultra-rich could afford a comparable life s t y l e in Manhattan to someone who was just "doing ok" that had an hr+ commute into NYC from Jersey or Long Island. 

I'm not wealthy, but am planning my exit in the next 5yrs.

I heard a guy saying that taxation and freedom are like concentric circles around cities.  The further you more away from the city the lower your taxes are and the higher your freedom.  10 miles might make a huge difference.

 

I think things have been set in motion and mayors of these cities don't care because they will be gone when the chickens come home to roost

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Tim Duncan - 

I heard a guy saying that taxation and freedom are like concentric circles around cities.  The further you more away from the city the lower your taxes are and the higher your freedom.  10 miles might make a huge difference.


 


I think things have been set in motion and mayors of these cities don't care because they will be gone when the chickens come home to roost


I like this analogy. I also believe it is accurate.

I pay far less for far more, than anyone in any big city.

The taxes in suburbs are often much higher than the city.  Certainly the case in Dallas, Chicago, NYC and Denver.

Usually you have to get to a rural area before you see them really drop.

EFM -

The taxes in suburbs are often much higher than the city.  Certainly the case in Dallas, Chicago, NYC and Denver.


Usually you have to get to a rural area before you see them really drop.

You have to drive a little further out.  Add a 10 minute drive and you might half your taxes

With the way people have learned to work remotely, I suspect we'll see people moving out of the city more.

 

It's not just the wealthy leaving cities. The middle has been fleeing California for years 

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I live in a small town in Delaware.  U have a rental property in the town limits. 2 years ago it might of been worth $115k. I put about 15k into it and I'm selling it now for almost $200k.  Real estate has really jumped up in value recently here. but I can't say for sure except that its always been a desirable town to live in and there hasn't been much new construction and the inventory of houses for sale is really slim.

leave the WALKING DISTANCE to WORLD CLASS PARKS, Cafes, Restaurants, Shopping Markets life so that I have to drive the FATmobile 20minutes....30minutes....1hour every time I want to get out of the endless maze of cookie-cutter houses just so I can experience life......no thanks, I'm staying right where I am!


I'm not CHICKEN of some ANTIFAS or BLMs and if they start NONSENSE in my area then I am going to DEMAND my TAX dollars deploy the 2nd Amendment National Guard Militia to restore order!


and if some LOWborn deplorables MAGAtards try to storm into my UPSCALE community to stir up some trouble they will get their GUN$ taken when I phone the BIG GOV OFFICIALS to remind them how my UPSCALE Property TAXES are Paying for their PERKS and they need to uphold the 2nd Amendment Militia and use the National Guard to REMOVE the deplorables RiffRaff!

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Simple anecdotal observation.....

Mrs. Moccaco and I have been looking for a summer home on the north shore of Minnesota. Before the riots, I must have had a half-dozen places saved on zillow. The majority of them were on the market for 200-plus days. So, I'm of course procrastinating and thinking that time is on my side. Within the last few weeks, all of them have been sold or are pending.

Since I'm addicted to real estate porn, I check out Zillow every day and have notice that the viewed and saved numbers are going up exponentially than before the riots. Could be a complete coincidence or people have decided to get out of Dodge City.

If the "new normal" is working from home, I can see why people might just want to bail out and head up north to live a far more relaxing lifestyle without all of the skulduggery.

moccaco - Simple anecdotal observation.....

Mrs. Moccaco and I have been looking for a summer home on the north shore of Minnesota. Before the riots, I must have had a half-dozen places saved on zillow. The majority of them were on the market for 200-plus days. So, I'm of course procrastinating and thinking that time is on my side. Within the last few weeks, all of them have been sold or are pending.

Since I'm addicted to real estate porn, I check out Zillow every day and have notice that the viewed and saved numbers are going up exponentially than before the riots. Could be a complete coincidence or people have decided to get out of Dodge City.

If the "new normal" is working from home, I can see why people might just want to bail out and head up north to live a far more relaxing lifestyle without all of the skulduggery.

Could also be seasonal as people put summer homes up for sale after the summer, but new buyers aren't anxious to buy a place that they won't really use for 6+ months

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I’m looking to move to rural - I work from home anyway, so don’t need proximity to a large urban Center (already live an hour from Toronto- 2 hours would be fine) - we’re looking for PEI for ocean front and maybe Lake Erie for lake front

Teamprimal1 -

I live in a small town in Delaware.  U have a rental property in the town limits. 2 years ago it might of been worth $115k. I put about 15k into it and I'm selling it now for almost $200k.  Real estate has really jumped up in value recently here. but I can't say for sure except that its always been a desirable town to live in and there hasn't been much new construction and the inventory of houses for sale is really slim.

You got into it while it was low. People shit on Delaware but 10 yrs ago you could of still got a nice piece of property for dirt cheap change that would now run well over $300-200k. Ive been looking at property in slower lower for the last 2 years. Kicking myself in the ass for not investing more money into properties in the area when they were dirt cheap. 

I would imagine with the flexibility for most people to work from home now that you will see more and more of this. 

If you were a person who was intelligent would you live in a city that has DiBlassio as a mayor?  

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Teamprimal1 - 

I live in a small town in Delaware.  U have a rental property in the town limits. 2 years ago it might of been worth $115k. I put about 15k into it and I'm selling it now for almost $200k.  Real estate has really jumped up in value recently here. but I can't say for sure except that its always been a desirable town to live in and there hasn't been much new construction and the inventory of houses for sale is really slim.


 A lot rich homos want to spend time with you down at Rehoboth Beach! 

I don’t see it yet, I’m 15 min away from NYC. 
 

I expected a surge but nothing yet. Maybe in to close still?