Epic Real Estate Investing - 7 Cities That Will Collapse in 2024 - Get Out While You Can | 1321

Episode Date: July 31, 2024

Are you ready to make a big move or invest in a new city? Before you do, tune in to our latest episode where we uncover the shocking truth about the seven U.S. cities that could be teetering on the edge of collapse in 2024. As living costs soar and economic stability falters, many residents are choosing to leave, and you need to know why. In this eye-opening episode, we dive deep into pressing issues facing these high-risk cities, including sky-high home prices, stagnant wages, rising crime rates, and deteriorating infrastructure. From Boston's growing financial pressures to Los Angeles's alarming homelessness crisis, we explore the realities that could make investing or relocating a risky gamble. Whether you're a seasoned investor or considering relocating for a fresh start, understanding these migration trends is crucial to protecting your financial future. Discover which cities to dodge and find out where people are heading instead. Don't be left in the dark—hit play now to arm yourself with the information you need to make smart, informed choices for 2024 and beyond! ‌ P.S. Whenever you're ready to go deeper and further with your real estate investing, looking into my partner program to help you get your first deal might be the move... take the first step here for free 👉 Here’s the deal, I’ll partner with you on your first real estate deal, and we’ll split the profits. It’s that simple. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Hey, strap in. It's time for the epic real estate investing show. We'll be your guides as we navigate the housing market, the landscape of creative financing strategies, and everything you need to swap that office chair for a beach chair. If you're looking for some one-on-one help, meet us at rei-aise.com. Let's go, let's go, let's go, let's go, let's go, let's go.

Let's go. By the end of this, you will know which seven U.S.C. are on the brink of collapse in 2024. So you can get out while you can. Because if you're thinking about investing in a new city or making a big move, you want to be aware. Right now, you're looking at the most current U.S. migration chart, and it tells us which cities people are fleeing from. The people that live there, they already know what's coming, so they're bollied out. I mean, imagine pouring your hardened money into a place that's destined to fail.

Your grand plans could be heading for disaster before the area started. But don't worry. I got you covered. I'll reveal where you. want to steer clear of and why so you can make smart decisions and protect your financial future. City number seven, Boston. It might seem like a hub of innovation and history, but it's facing a mass exodus. The rising living costs and stagnant wages are pushing people out. Plus, the city's infrastructure is aging rapidly, leading to frequent breakdowns and high maintenance costs. So if you're

considering investing here, think again, the economic outlook is not that great. It's not as bright as it seems because its main issues are, one, the rising living costs. The median home price in Boston has soared to $765,000 as of May this year, with listing prices even reaching $1 million. So this makes it one of the most expensive cities in the U.S. The price per square foot is also very high at $965. Number two, stagnant wages. Despite the high cost of living, wage growth in Boston remains sluggish. Recent data shows that wages have only increased by about 2% annually. That's far behind the inflation rate, exacerbating the financial strain on its residents. Three, got infrastructure issues.

Boston's public transportation system, the MBTA, continues to face significant challenges. This year, issues such as delayed maintenance and safety incidents, they persist, causing disruptions and highlighting the need for substantial investment in infrastructure improvements. City number six, Chicago. Once the bustling heart of the Midwest, Chicago is now grappling with high crime rates and a declining population. Businesses are fleeing, and the real estate market is becoming increasingly unsubstable. stable. For investors, the risk really outweighs the rewards here, and it's sad to say, but Chicago is on a

downward spiral. Its main issues are, one, crime rates. Chicago reported a significant decrease in homicides early this year, with the number of homicides falling below 26 percent compared to the same period last year. However, the city still experienced 130 homicides by mid this year, highlighting ongoing safety concerns. To the declining population, the city has lost over 45,000 of a resident since 2020, continuing a trend of population decline. This exodus is driven by high crime rates, economic instability, and better opportunities that are elsewhere. Number three, business exodus. Major corporations like Boeing and Caterpillar, they've announced moves out of Illinois, citing better business environments and other places. This trend reflects broader economic challenges

and further weakens the local economy. Listen, most banks, they don't want you to know about this, but if your credit score is 680 or better, and you have no recent collections or bankruptcy, because Chase is offering 0% interest capital for real estate investments and business. Despite inflation, high rates, and recession fears, this program is still available. I've secured up to $150,000 for my prime clients to this program. Qualify 30 seconds or less. Your social security number, it's not needed. In fact, you don't even have to talk to anybody and get your approval number instantly at no-costcapital.com.

But regardless of how much money no-cost capital gives you, do not use it in city number five. That's Washington, D.C. Even the nation's capital isn't immune to decline. Skyrocketing house prices and political instability. They make D.C. a less attractive place to live and invest. Many residents are seeking greener pastures and the local economy is starting to feel the pinch. So think twice before you're putting your money here because its main issues are one housing prices. As of June, 2004, the median home price in Washington, D.C. has reached $700,000 with listing prices around $615,000 and the sales price averaging $5.91.

One, this continues to outpace wage growth significantly, contributing to financial strain for many residents. Two, the political instability. Frequent government shutdowns and political gridlock have led to economic uncertainty there, which affects local businesses and the overall economic climate. This instability discourages long-term investments and can lead to reduced economic growth. Three, population shifts. In 2003, Washington, D.C. experienced a net loss of over 10,000 residents. Many are moving to neighboring states like Maryland and Virginia, where living costs are lower and the quality of life may be perceived as better.

City number four, Seattle. Its tech boom is starting to really backfire. The cost of living here has become unbearable, and the city's infrastructure, it can't keep up with the growth. Traffic congestion, housing shortages, and an exodus of residents are signs of a city in trouble. Investors, beware because its main issues are, one, cost of living. Seattle's cost of living is 52% higher than the national. average, making it one of the most expensive cities in the United States. The average monthly rent is approximately $2,227, and the median home price is a staggering $1,014,000. Number two, traffic congestion.

Seattle ranks among the top 10 most congested cities in the U.S. with drivers spending an average of 55 hours in traffic annually. Our number one city is double that, though. The third is resident exodus. Over 25,000 people left Seattle in 2003, driven by the high living costs. and a declining quality of life. Apparently, that's important to people. Right. City number three, San Francisco, it's long been known for its high cost of living, but now it's reaching a breaking point. Homelessness is on the rise, and many residents are just fleeing to more affordable areas. The real estate market is volatile, and the future, this flat out looks bleak. So avoid this city if you're looking for a stable investment because its main issues are, one, homelessness. It's a crisis there. San Francisco

continues to grapple with that significant homeless issue in the, In a 2024 point in time count, 8,323 people were experiencing homelessness, with 4,355 of them unsheltered. This reflects a 7% increase in the total homeless population in one year. Two, exodus of residents here as well. Between 2020 and 2023, San Francisco saw a net loss of nearly 100,000 residents. This exit is driven by the high living costs, by safety concerns, and a declining quality of life. And the third is their volatile real estate market. The average home price in San Francisco is dropped by 10% over the past year, highlighting the instability in this market.

Despite this, the median home price remains extremely high, making affordability a persistent issue. City number two, New York City, the city that never sleeps. It's facing some sleepless nights, however. With some of the highest taxes in the country and an increasingly unaffordable cost of living, residents are leaving in droves. The real estate market, it's in a precarious position, and investing here could be a risky move because it's main issues are, one, high taxes. New York City residents, they face a significant tax burden. The city imposes its own income tax rates, ranging from 3 to 3.8%. In addition to the state tax rates that can go up to 10.9% for the high earners, because you know, you've got to tax the rich,

right? Number two is the cost of living. The cost of living in New York City is 87% higher than the national average, making it one of the most expensive cities in the world. This includes housing costs, with a median rent for a one-bedroom apartment in Manhattan, averaging $4,200 per month. Number three, resident flight. In 2023, over 300,000 people left New York City, seeking more affordable living conditions. This trade is driven by the high cost of living, obviously, tax burdens, and the search for a better quality of life. People apparently don't like living where it's expensive, dirty, and dangerous. City number one, the land of dreams. It's turning into nightmares for many. High living costs, rampant homelessness, and a declining quality of life

are just driving people away like crazy. The real estate market, it's unstable, making it a risky investment there. It's hard to believe, but Los Angeles tops the list of cities to avoid in 2004 because of one, living costs. The median hold price in Los Angeles is over $800,000, making it unaffordable for most of its residents. The high cost of housing continues to push many into financial hardship even. Two, it's got a homeless problem also. L.A. has one of the highest homelessness rates in the country. As of 2024, over 60,000 people are without shelter, reflecting a persistent and growing crisis. Three, quality of life decline. Many residents report a decline in quality of life, citing crime, traffic, and high living costs as major factors.

Traffic congestion is among the worst in the entire country, with residents spending on average, get this, 119 hours per year stuck in traffic. So there you have it. Until next time, take care. And that wraps up the epic show. If you found this episode valuable, who else do you know that might too? There's a really good chance you know someone else who would. And when their name comes to mind, please share it with them and ask them to click the subscribe button

when they get here and I'll take great care of them. God loves you and so do I. Health, peace, blessings, and success to you. I'm Matt Terrio. Living the dream. Yeah, yeah, we got the cash flow. You didn't know, home for us got the cash flow. This podcast is a part of the C-suite radio network.

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