NewGeography.com blogs

Housing Affordability in the Major Russian Metropolitan Areas, 3rd Quarter 2020

The Institute for Urban Economics presents the research on Housing Affordability in the major Russian metro area (as of the 3rd quarter 2020).

Despite economic distress and incomes drop housing prices displayed a strong positive trend in 16 out of 17 major metro markets in Russia.

Actually in the pandemic crisis housing markets are getting more influenced by the overall financial situation as well as by fundamental economic factors.

The price growth was encouraged among other reasons by the state program on the provision of subsidies for the mortgage interest rates accompanied by decline of savings yields.

Read/download the report here

Compare Electricity Rates by State

Compare energy costs in your area with a tool from SaveOnEnergy®. Energy rates vary depending on where you live. The U.S. Energy Information Administration (EIA) tracks electricity prices by state. The most recent reports from the EIA show the average residential electricity rate in the U.S. is 12.80 cents per kilowatt hour (kWh).

SaveOnEnergy® provides customers with competitive energy plans from top providers, focusing specifically on the Texas deregulated energy market. They've developed a comparison tool that is updated monthly on electricity rates by state: https://www.saveonenergy.com/electricity-rates/

The Way You Move: Author Joel Kotkin on Migration Trends and the Future of CIties

Joel Kotkin joins Spencer Levy on The Weekly Take to discuss current migration trends and the future of cities.

Listen on Spotify

Listen on Apple Podcasts

Related:

The Death of the American City

Why More Americans Should Leave Home and Move to Other States

The Future of Remote Work and What it Means for Houston

This week I want to focus on a single CSM story, because it's the most insightful I've seen on what post-pandemic work might look like: Remote work is here to stay – and it’s changing our lives. There are so many great nuggets, insights, and excerpts in it, which I'll follow with what I think it all means for Houston:

“What the pandemic made blazingly obvious,” says a Manhattan entertainment lawyer, “is that there is no need for a physical office.” Only a complete lack of imagination, he says, kept the realization from dawning sooner. “Before the pandemic, we wouldn’t have taken the question [of going virtual] seriously. It wouldn’t have seemed possible.” ...

Wrote one top manager in an email posted by economist Tyler Cowen: “Speaking from personal experience as a white-collar Exec, the productivity gains for our highest value workers has been immense. The typical time-sucks and distractions of in-office work have been eliminated.... Mental focus on productive efforts is near constant. Perhaps most importantly, work travel is not happening.” ...

“Even before the pandemic,” he says, “big cities like New York, Los Angeles, and Chicago were losing population to suburbs, lower-cost metro areas, and less expensive states in what Zillow called ‘a great reshuffling.’”

The market research firm Forrester predicts a 60-30-10 split among organizations: post-pandemic, 60% will be hybrid, 30% will be all-in-the-office, and 10% will be all-remote. ...

If the expert consensus proves right, Americans won’t go back, either.

“As life at work [when remote] will be less social, people will have to get more of their socializing from elsewhere. So people will choose where they live more based on family, friends, leisure activities, and non-work social connections. Churches, clubs, and shared interest socializing will increase in importance. People will also pick where to live more based on climate, price, and views. Beach towns will boom, and the largest cities will lose.”

Might the center of gravity shift at least somewhat from the office to the neighborhood – back, in a sense, to something closer to a pre-industrial model? What might it mean for our culture if the human contact that offices used to provide is replaced by closer-to-home human connections? And how might that affect the health of local communities and even levels of societal trust? ...

Here Mr. Kotkin quotes Lenin: “There are decades when nothing happens; and there are weeks when decades happen.”

Read the rest of this piece at Houston Strategies.


Tory Gattis is a Founding Senior Fellow with the Center for Opportunity Urbanism and co-authored the original study with noted urbanist Joel Kotkin and others, creating a city philosophy around upward social mobility for all citizens as an alternative to the popular smart growth, new urbanism, and creative class movements. He is also an editor of the Houston Strategies blog.

Housing Affordability Stinks!

Walk the World, hosted by Martin North, discusses the latest Demographia report on housing affordability. Why are prices relative to incomes so high?

Watch the video: