[quote=mixxalot]How come nobody wants to sell their San Diego home, cash in and retire out of state? Thats what I’d do if I was sitting on a gold mine of equity.[/quote]
mixxalot, are you single or married with kids? I think until you have kids or are married, it’s really hard to think like anyone else who is married and with kids so it’s pretty much impossible to put yourself in that mindset or situation. I’d guess the number 1 reason people buy is when they start a family/wife wants to nest/have her own place, etc…
I’d assume a lot of parents are mostly just doing and living/working their best they can to mostly just provide for their kids as best they can. Their needs/wants takes a back seat, especially during the early years. Retiring in some far off cheap place just overall, sounds lame.
We probably have > 50% equity already, but if you sell, you still have to live somewhere and with kids, you need to want to go to that school district and general area.
Also, as an Asian dude, I like to be around other Asian stuff (food) or Asian people so that eliminates pretty much 45 other states in America.
Places in near anywhere else will be cheaper, but with 1.3 billion people in China and another billion in India (tons of Indians in all the areas I’d consider living in), I just find it near impossible that certain areas mentioned (LA, SF, bay area, etc…coastal tech hubs) will be going down in price anytime home.
Also, if you understand Asian culture, some poorer folks pool money together and actually live with uncles/family to try to get their kids ahead so their goal will still be to buy in the CV or LJ of the world just so they can all go to Cathedral Catholic or whichever is the top 10 school in CA…
Stuff like this just can’t be explained to regular American guy I think.
I can certainly see “white flight” since all these damn Asians taking over everything is probably annoying.
