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Originally Posted by Hipster Duck
I think the cost of living in a big city is overestimated, and the cost of living in a small city is underestimated.
I think people are using things like home ownership, specifically of a house (i.e. something with a yard) as the default. This is taking a small town view of what is acceptable housing.
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I agree I don't think many will be exchanging big-city for small-city based on just renting, except for the rare case.
Home ownership definitely plays a part. The people I see moving in are people willing to give up big-city living to trade an expensive home for a cheaper one thus going mortgage free or freeing up cash.
The others are going from renting to owning, since the price delta is almost nonexistent.