The Boston Globe has a story in the Real Estate section that says Massachusetts is fucked if we don't start building smaller more affordable houses.
It pretty much says exactly what I say
. Our economy in Massachusetts is going to choke on houses no one will be able to afford if we lose all our young families. I'm not kidding. When the 20 something set can't afford to live in a total shithole what makes anyone think they'll stick around here? They're certainly not going to stick around for that great waitressing career they've got. No big time CEO is going to want to relocate to a state where he'll have to downsize his mansion and double what he pays for his workforce. It doesn't matter how nice our beaches are or how great the restaurants are on Newbury Street. If the smart kids leave for where they can afford a nicer life the kids who don't or can't leave will be considered damaged goods. They'll either be one of two types of kids. Some will be the ones who can't move up because they have no skills or real options. In otherwords most of those left behind will be the unemployable. The other kids will be the ones who don't have to leave because rent on the room over dad's garage includes mom's cooking and laundry. They won't be the ideal employee the way a clock puncher with a real rent payment hanging over them is. No new businesses are going to be opening up shop in Massachusetts for a long time.
Sure some of the kids who stay behind might find a decent job doing the things an aging population needs doing. They'll charge a fortune. Enough so that an aging population might consider selling the house and moving somewhere cheaper to live. It's just too bad that aging population took all the equity out of their house for a 30 year fixed to buy an H2, granite kitchens and send their kids to college.
They are how many years left on the note? You're upside down? You're not going anywhere. Here's my estimate for what it's going to cost to carry 40 packs of tar shingles up a 2 story ladder. Don't want to pay it? Good luck re-roofing yourself. I'm the only handyman with a 20 year old back in town.