Its not my dominant area of research for reasons I have stated on numerous occasions.
But if x amount of wealthy retirees migrate from a city with an average price of 500K to another location with an average price of 300K I don't see how wage growth will have any impact?
"Their ability to pay" as you put it, comes from the fact that they are selling in a comparatively expensive market and migrating to a cheaper one.
So wages growth is a garbge bin analysis tool in this and many other scenarios.
And yes I'm cherry picking and talking about very specific equations.
