Quote:
Originally Posted by GoldenBoot
There has been a world-wide shortage of materials dating back to 2017 (and the pandemic has only worsened the situation).
Also, Austin is not going to "fall on its own sword," at least not in the mid-term. Even though most Austinites are in awe of the increase in property values, it is still far lower than either coast (let alone the overall cost of living). Currently, the risk of a housing bubble is still quite low.
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The cookie cutter suburban areas are cheaper than the East Coast, but the places that people actually want to be are pretty outlandishly and artificially expensive IMO. I'm sure many East Coasters would agree.
I'm not trying to be rude or upset anyone when I say this, I just see this becoming a problem in the not-too-distant future. It could be a bubble on the horizon or some kind of slowdown due to the expense. I think Nashville is in a similar situation, although Nashville actually has more scarcity of land due to topography than Austin does and potentially justifies its high housing costs.
I don't see many young New Yorkers moving to Austin to live in a cookie cutter suburb, but precisely to the overly expensive areas that we're talking about. I know quite a few people, including one of my best friends who turned down a transfer to Austin due to its COL, and they currently live in New York. I've also worked out that living in Austin would cost more per month than it would in New York for me, mainly due to the necessity of having a car, something I don't have right now. Rents are actually not much cheaper out there for something nice.
In any case, I wish Austin the best and hope it can solve its housing issue.