Though the craze seems to have died down to some extent, I still see a lot of people talking about real estate only going up..May be it does and I am an idiot to think otherwise. I rent since I do not find it acceptable to pay close to 2.5 times my rent as mortage. Buying can severly hurt by cash flow and will prevent me making investments for my retirement. May be I should assume that my home is my retirement investment - looks like that is how most people are looking at it, since I cannot imagine everyone making enough to buy a 600K home and invest for retirement. Is it the changed economy that is causing this shift in mentality? What has really changed? Where are we headed a few decade down the road?
I am sure the banks and realtors want to prices to go up forever, else it can impact their business/livelihood. I wonder what the future generations will do? Will it cause migration of people from the expensive places (West coast) to the middle of the country? Will it cause shades of blue to appear in red country? Who knows what the future is going to look like, it is fascinating to imagine it though. In my imagination, there is going to massive shift in population from the coasts to the middle of the country (and it makes sense economically i guess) and a shift from a global economy to a national economy (since moving jobs to the middle of the country can significantly cut the costs) in the next few decades. What about people adjusting to the weather you ask? I say econimic survival will trump the hesitation to live in not so friendnly weather.
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