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When people who support all the migrants who will "fill jobs nobody wants" they point out to lower birth rates among American citizens. Well, gee, I wonder why:
New York. Vaginal birth with insurance costs $8,462.84, while one without insurance costs $16,057.74. A C-section in New York costs $12,114.11 with insurance and $22,059.22 without insurance.
Meantime, you can swim across the Rio Grande and have a free delivery. We're doing something wrong.
New birth babies, & illegals don't pay the tax bills. New York City is in steep decline.
Employers are fleeing too, so there goes the jobs...to Florida...the "WAll Street of the South"
The exodus to Florida is over, nobody is going to sell their NY home with a 3% mortgage and switch to an 8% one to move to Florida. Many real estate companies are waiting for NYC commercial RE prices to bottom before they come in and buy. Middle class homes are going for $850,000 in NYC suburbs and many homeowners work in Manhattan. NYC ain't dead yet.
BTW, JP Morgan Chase is building a brand new skyscraper in NYC, it was in the local papers today.
It's just odd to me with all of these people supposedly fleeing NY you'd think there would be more of a buyers market for residential real estate. But it's been extremely tough and competitive for buyers (delayed negotiations, bidding wars, homes selling $100,000 over asking, etc.) If there's truly a mass exodus it's sure not reflected in the real estate market.
Unless folks can afford to sell then pay cash, I don't see why anyone would sell right now. The interest rates are too high to justify selling, hence why inventory is tight. My mortgage is at 2.5% fixed. Will be paid off soon. I foresee the 30 yr. going to 9% by the end of the year, maybe 10% next year and into 2025.
Read last week where escrow for many folks is skyrocketing. Homeowners' ins. and taxes are rising across the U.S.
Last edited by HowardRoarke; 10-23-2023 at 07:04 PM..
....For the first time..I have started giving consideration to selling most of my acreage, farm buildings, home...and moving to a rural area in north/central Pa.
Hunt there once per year, in fact going soon. I swear deer out-populate humans, anymore. It's turning into life after people, but if that's what you're after...
The exodus to Florida is over, nobody is going to sell their NY home with a 3% mortgage and switch to an 8% one to move to Florida. Many real estate companies are waiting for NYC commercial RE prices to bottom before they come in and buy. Middle class homes are going for $850,000 in NYC suburbs and many homeowners work in Manhattan. NYC ain't dead yet.
BTW, JP Morgan Chase is building a brand new skyscraper in NYC, it was in the local papers today.
Unless folks can afford to sell then pay cash, I don't see why anyone would sell right now. The interest rates are too high to justify selling, hence why inventory is tight.
^ This rings true. Inventory is indeed very tight. People seem to be staying put as you describe. Which again contradicts the mass exodus narrative.
I don't see how such a roaring sellers market could coincide with the population dramatically decreasing. My hunch is that NY's total population figure is remaining stable.
^ This rings true. Inventory is indeed very tight. People seem to be staying put as you describe. Which again contradicts the mass exodus narrative.
I don't see how such a roaring sellers market could coincide with the population dramatically decreasing. My hunch is that NY's total population figure is remaining stable.
That was the old days. Thousands leaving, thousands coming in.
It evened out.
For the first time in a long time NY has experienced a net loss. More left than came in.
And the NY government are pooping their pants because of the revenue loss.
There’s tons of articles out there discussing this.
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