I've been seeing that housing supply / demand and pricing is complicated by many other factors beyond population. It can less or more obvious depending on location.
I've watched one of my favorite cities housing go crazy because of many factors including investors buying up properties for airbnb, developers focusing on catering to the coming influx of higher paid amazon / oracle people, and so many betting on those future increases that everything else goes up.
Adding to that, becoming a popular place for people to buy a second (or third / fourth home) - whether it's for a temporary move, to shelter their kids going to college who have chosen here instead of Chicago, trying a lower tax place to move with remote work being easier post 2020, etc..
Good point about new construction costing more, and that in itself has many factors. and depending on exactly when things were purchased making big differences.
With the limited supply of builders, most are choosing to build more expensive places.
Sadly even if we made this place less attractive for people to move to, many of the properties wouldn't go on the market, many would just hold on to the property as a stable investment.
So population numbers are not the primary weight in the supply / demand equation in many places is something I have been learning.
I've watched one of my favorite cities housing go crazy because of many factors including investors buying up properties for airbnb, developers focusing on catering to the coming influx of higher paid amazon / oracle people, and so many betting on those future increases that everything else goes up.
Adding to that, becoming a popular place for people to buy a second (or third / fourth home) - whether it's for a temporary move, to shelter their kids going to college who have chosen here instead of Chicago, trying a lower tax place to move with remote work being easier post 2020, etc..
Good point about new construction costing more, and that in itself has many factors. and depending on exactly when things were purchased making big differences.
With the limited supply of builders, most are choosing to build more expensive places.
Sadly even if we made this place less attractive for people to move to, many of the properties wouldn't go on the market, many would just hold on to the property as a stable investment.
So population numbers are not the primary weight in the supply / demand equation in many places is something I have been learning.