Thursday, April 20, 2006
Housing Prices Force 211,014 New Yorkers to Leave
What happens when the average home price in your state skyrockets to $427,600? For many people you’ve got no choice but to live somewhere else.
Apparently this has been happening in some of the hottest areas of the country where housing prices have surged in the past few years.
So where do you go when you’re priced out of your hometown? Somewhere warm of course! Many of these people are relocating to areas such as Florida where the average home price is less than ½ of places like New York (approx $223,000).
With Interest Rates on the rise this trend is likely to get worse. Home prices in a lot of these high priced areas will simply make housing no longer affordable for average people.
If you want to find out more CNN Money has a great article talking about this alarming trend. Search for an article called ‘Housing prices put Americans on the move’. It’s a great read!
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