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Originally Posted by Investing In Chicago
I disagree with that premise - I don't believe retirees leaving for Florida impact real estate prices in the city of chicago all that much. Real Estate is hyper local making generalizations across a region of 10M people is hard to do in real estate.
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Real estate prices vary within a metro for very localized reasons, but if you look across metros, you will find similar neighborhoods have completely different price points. The nicest neighborhoods in a rust-belt metro might have houses sell in the range of a "bad" neighborhood in the San Francisco bay area. This is clearly due to supply/demand issues.
Of course, people leave San Francisco and retire to Florida as well, however, the Bay Area never really built enough housing to begin with, and never dealt with periods of population stagnation/decline.