HOW TO GET A DECENT PAYING JOB AND SAVE MONEY: >>>/prepare/40 | https:// archive.fo/vbkbW
https:// web.archive.org/web/20180906204050/https:// 8ch.net/prepare/res/40.html
As real estate prices in major U.S. cities continue to soar, some young buyers and renters have decided to take their business elsewhere. They're investing in homes in such states as Ohio, Michigan and Wisconsin, experts say, in search of more affordable living and new places to plant down roots.
For decades, the part of the U.S. otherwise known as the Rust Belt has been synonymous with hard times for decades, ever since manufacturing bases like Detroit began to suffer the effects of de-industrialization. Plants closed down, jobs disappeared, and once-vibrant cities became symbols of decay.
In recent years, however, the revitalized Rust Belt economy has brought in younger workers, and made the area's real estate an attractive investment bet. The overwhelming driver of the millennial shift to the region is affordability. However, Constantine Valhouli, Director of Research for the real estate research and analytics firm NeighborhoodX, said that there's more to it than that.
Rather than just home ownership, "it is about having roots and contributing to the revival of a place that needs businesses that create jobs and create value," he said.
And slowly but surely, formerly blighted towns and cities are coming back to life, with the help of a younger class of real estate buyers. According to Paul Boomsma, president and CEO of Leading Real Estate Companies of the World (LeadingRE), the latest influx of buyers see cities as financial opportunities and places to build something new – especially with prices far below prevailing prices in big cities.
"Millennials are swiping up properties for next-to-nothing prices near downtown city areas that have completely revitalized," Boomsma said. LendingRE has listed a three-bedroom Victorian home in Mansfield, Ohio, with an asking price of $39,900.
Compared that to what Zillow data show is the median home value of nearly $700,000 in New York City and a whopping $1.3 million in San Francisco, and there's little wonder why aspiring home owners are flocking to the Rust Belt.