this post was submitted on 02 Aug 2024
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It's the same story on the East Coast. Cape Cod homes are still going for $200k over asking price, cash in hand, just like they were during the COVID quarantines. Boston's CoL is around the same as LA, and they've basically run out of land to build on.
I grew up in a vacation town, and everybody I've ever talked to who also grew up in one has the same story. Up to 50% of businesses close down after the tourist season, so most of the town is closed (and the jobs are gone) for 8 months out of the year. Drugs and homelessness run rampant while locals can't afford a living, and the rich folks keep shutting down any publicly funded projects to keep the taxes down on their second home.
Yup we live in one of those New England beach towns. We’re here to take care of my elderly Father in law and will likely be selling our house when he’s gone.
But somehow the taxes are around half what my Mom is paying in a bigger town no where near the coast.
Our town is split between old money mansions, and new money vacation homes. Then there’s a cluster of us full timers with kids who are usually scraping by.