They don't want just a house though. They want a house in a "cool" area. Look at median home prices in rust belt cities. Mortgages around $2k a month or so. Very doable for a lot of people but you never hear a drum beat about this. You never hear about people moving to these cities unless they have family there already to remind them that, hey, this is in fact a great deal.

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techblueberry 4 hours ago | parent | next [-]

A yes, the rust belt, where folks are famously living like fat cats.

	▲	throwaway173738 3 hours ago \| parent [-]
		Detroit used to suck, but it seems like enough millenials took that deal that it’s way better than ten years ago.

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beej71 4 hours ago | parent | prev | next [-]

Used to be you could buy a starter home in those cool places. I live in one today with a $1200 mortgage. Good luck buying that now, kids.

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lovich 4 hours ago | parent | prev [-]

Are there jobs in those cities who sit in an area named after their economic collapse?

Do student loan costs go down if you move to a low cost of living area?

We had some movement in the direction of people immigrating to low cost areas like that with the rise of remote work, but then execs decided they didn’t like not having control over their workers live and did RTO. To their offices in the cities with high rent and home prices.

You never heard about people taking that “great deal” because it’s not a great deal. Like really, you think there’s money left on the table like that and there’s not at least some low double digit percentage of the population that would have sought out the benefit? Or is it more likely the market evaluated the option and it’s not good

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cosmic_cheese 3 hours ago | parent [-]

Exactly. Do people want to live in desirable areas? Absolutely. The much bigger draw to expensive metros, however, are the vastly more robust job prospects that come with those areas.

In a city, you have both much better chances of finding employment suited to your skills specifically, better chances of being paid well for it, and better chances of upwards mobility. Plus, should it become necessary you're more likely to be able to find something to keep the bills paid with even if it's not what you'd like to be doing.

Low CoL areas by contrast come with scant employment that's generally poorly compensated and almost always has a low ceiling.

In some cases one can commute into the city for work and live in LCoL area, but then you're burning time — multiple hours each day, usually — that you'll never get back on your employer instead of yourself or with your family, plus the myriad expenses that come with driving that far and often.

	▲	nradov 31 minutes ago \| parent [-]
		Which skills do you mean? If you're talking about skills in software development or investment banking then that might be true. But skills in welding or nursing can be applied anywhere.