[quote=flyer]Going forward, regardless of what jobs they take, it will be very interesting to see the stats on what percentage of young people make enough money to support themselves–especially those who were raised in CA–and aspire to continue the lifestyle their parents have provided.
As I mentioned before–my kids were lucky–but, from what we’ve seen and heard from friends–it’s not a pretty picture out there for kids trying to make the “big bucks,” AND live where they want to live.[/quote]
Obviously, people have to live where they can afford to. If that means 5+ miles from the beach, so be it. If it means buying a <1500 sf house to be as close to parents as possible or live closer to the coast, so be it. I've brought up on this forum dozens of times, that, for the most part, Gen Y housing "expectations" are thru the roof! I have no doubt that their expectations for everything else are also extremely, unrealistically high.
Even though I am a staunch low or no-growth advocate, I realize we have the Mello-Roos Community Facilities Act (1982) to thank for keeping our young people in the state (or causing them to return after attending college elsewhere).
Government money in CA for new infrastructure in new subdivisions ran out decades ago. If it wasn't for MR, there would have been very little building since 1987 in SD County and ALL (yes, ALL) of the properties already built at that time would be so much more expensive today. The only building that would have occurred would have been been infill and on smaller parcels adjacent to and between long-developed areas, as well as the individual spec or custom homes scattered throughout the county.
I have come to the conclusion that if all SD Co had was higher-priced older homes (like SV), Gen Y (and likely a good portion of Gen X) would have left the county, never to return. Even if they could qualify to buy a smaller, older home, they don’t want it. The only reasons they buy them in SV are because the daily commute across bridges is brutal and they make a lot more money working there (as opposed to here). Given the choice, 95%+ of Gen Y want ~newer or ~new construction over a more desirable location for the same or lesser price. MR allows them to have those choices.
