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Non-Tech : Investing in Real Estate - Creative Opportunities
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To: John Vosilla who wrote (1296)2/5/2013 12:40:31 PM
From: tejek  Read Replies (1) of 2722
 
The benefits of highly skilled regions accrue mainly to knowledge, professional, and creative workers. While less-skilled blue-collar and service workers also earn more in these places, more expensive housing costs eat away those gains. There is a rising tide of sorts, but it only lifts about the most advantaged third of the workforce, leaving the other 66 percent much further behind.


My guess is that if the other 66% has any chance of keeping up and avoiding debt slavery it might be that someone in their immediate family bought a nice chunk of local RE many decades ago when values were very reasonable. Also very important that they didn't throw away all the equity gains either by over consumption over the decades.... Always love reading RF's work..

What I also find is that some blue collar workers slave for their children.........particularly Latino families.........with the expectation that their children will become successful and be able to survive a more affluent culture. In other words, the affluence does raise all boats........eventually.

In addition there are always areas of the most expensive metros where housing is cheaper. In the Bay area its parts of Oakland and suburban east bay; in LA its East LA and its eastern suburbs; in Seattle, its South Seattle and the southern suburbs. People manage one way or the other.........not that the living is easy.
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