I hate that my generation has no realistic chance of success 🥲
this post was submitted on 02 Jul 2023
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I don't believe this will last. AirBnBs are crashing in non-tourist towns because people don't have money. I firmly believe the remote revolution will push people out from cities and build up small towns so that work that has to be done in a physical location can thrive too. Small towns have the opposite problem of city centers where they have too much housing.
I picked up a house in one of these areas. It was I'm the 3rd ring of a metro and thus too rural for most. I bought right when the first Starbucks got finished and now they have expensive "luxury" apartments like crazy. I'm pleading with my sister to take a house one more ring out because she has a chance to get a house before they're too expensive. I got my house for 200K, but it's worth over double that and it's only been 2 years crazy.
To say I'm within an hour's drive of a big city I rarely go's because this city was a small town first not a suburb, so it has all you need really and they build responsibility knowing that most of the population has no taste for going more than the next small town over.
I feel like movement back to these small towns is the future. The internet will let us keep jobs there.
I genuinely hope you're correct! I have considered this, and am currently wondering where I would actually like to save and invest in a property just as you described. My dream has always been rural but within driving distance of a metro area. The only struggle I have run into is actually being able to effectively save money, but I'm trying my damnedest!
I'm glad to hear that you made a great choice with your home :)
It's hard. I took out a loan against my 401K to do it when rates were rock bottom. I'm glad I did because at the time I considered just waiting until the pandemic was over, but that would have priced me put of this town if I did that.