December 10, 2016

IT'S FLYING, ORVILLE!:

Red State Homes Are Luring Young Blue Buyers Inland : Affordable Rust Belt real estate may be changing America's political demographics. (Patrick Clark, December 5, 2016, Bloomberg)

Dayton, Ohio, gave the world the Wright Brothers and the electric cash register. As recently as 1990, manufacturing jobs there were the backbone of the local economy. But in the two decades since, the area has lost thousands of blue-collar jobs, and the local housing market still wears the scars of the foreclosure crisis.

Those attributes make the city representative of the Rust Belt malaise that carried Donald Trump to his electoral college victory. Montgomery County, composed of Dayton and its environs, opted for President Barack Obama in 2008 and 2012. This year, the county favored Republican Trump over Democratic nominee Hillary Clinton by 1.3 percentage points, or about 3,000 votes.

But the demographics that shifted to the real estate mogul's favor in places like Dayton may be short lived. Health-care companies and Internet marketers are powering a nascent knowledge economy in the Ohio city, one that also boasts an innovation district seeking to lure tech companies from more expensive locales. City developers have spent recent years trying to replicate the success of the Cannery Lofts, a trendy Dayton rental building carved out of an old downtown warehouse. And there are three new microbreweries and a handful of historic districts where listings pitch homes to "urban pioneers."

That mix of urban renaissance and bargain real estate has made the city appealing to young workers. During the first 10 months of this year, 51 percent of homebuyers were under 35 years old. That's the highest share in the U.S., according to a Realtor.com analysis.

Posted by at December 10, 2016 8:01 AM

  

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