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Springsteen Girls Priced Out As Rich Buy N.j. Shore Homes

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http://www.bloomberg.com/news/2014-11-10/springsteen-girls-priced-out-as-rich-buy-n-j-shore-homes.html

When Hurricane Sandy roared through New Jersey two years ago, it not only tore up the shoreline. It also pushed out much of the middle class.

From Ocean City to Toms River, one-story cottages and bungalows damaged by the worst Atlantic storm on record are being replaced by multi-story homes that go for twice as much. Sales of million-dollar homes on the Jersey Shore surged to a seven-year high in the third quarter.

Sandy accelerated the turnover of existing homes to higher-priced ones, said Kevin Gillen, an economist at University of Pennsylvania’s Fels Institute of Government. Meanwhile, those relying on insurance claims and government grants are sometimes unable to rebuild as quickly as their wealthier neighbors.

“What we see right now along the water is that the people with resources, people who have a lot of money, right off the bat, they’re back in their houses enjoying it versus a lot of other people who are still struggling,” said Doug Quinn, who remains displaced from his Sandy-flooded home in Toms River, about 70 miles (113 kilometers) south of New York City.

..

“This overall economic recovery has been skewed to the upper half of the population,” Gillen said. “The more educated you are, the more accomplishments you have on your resume, the chances are you are better off today than you were a couple years ago in the depths of the recession.”

The economic recovery has achieved it's aims and increased the wealth of the rich.

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didn't someone post on here recently the current us average wage is $28k? who si buying these at double? wtf is going on.

These aren't average home though are they? Average home would be much lower priced. Looking around online US homes seem quite good value compared to the UK.

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