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School in AZ is much cheaper also. I was shocked when I moved to NJ from AZ looking to get my Master's Degree. What I paid for TWO YEARS of college I had to pay for one class in NJ.
As someone said, sounds like you're already half way there, especially if you have family there. Ask at work first and see if they will let you move and what your salary would be - at least then you would have an idea of the feasability.
It's funny, I would actually take a slight paycut if I could move to Phoenix, of course, I wouldn't tip them off to that in initial negotiations.
Where in Phoenix? I used to live there and still work there Going back in a few weeks for an office visit.
I've been looking at Gilbert and Queen Creek, and I was also tipped off to Tempe south of 60.
I'm meeting with my bosses later this summer, and then I was planning to go out to PHX for the NASCAR race in November. If the bosses give me a green light, I might move up that schedule. If the bosses don't give me the green light, I might start looking out there anyway.
Seems like alot of lenders are looking to see 20% down, because they're afraid prices will continue to erode. If you've only for 5% or 10% in the game, the chances of them getting upside down on a house are greater if the prices fall further. There was a time when you needed 20% just to get a lender to speak to you- sounds like we may be heading back in that direction.
Seems the opposite to me. They aren't caring about your down payment so much as your income, history, ability to pay, and a traditional fixed rate mortgage. This is why I don't get the "20%" thing.
I was just talking to a friend (who works for a lender, used to be her own lender, got bought out by a big bank), she made the same comment - "why 20%?"
While many lenders still offer loans for less than 20% down, a higher credit score is required for those than there used to be. A lot of lenders aren't doing to well these days, as credit was too loose and too often loans were made on the basis of the buyer having a pulse.
Lenders now are more careful and have to minimize their risk, and, as home prices are dropping in many places, they want to have a little cushion.
I have a lot of family in Phoenix, its beautiful there (a bit too hot for me).
Just make sure you do your research. Some homes will be cheaper in Phoenix but its not really apples to apples comparison with NJ. You have to find out what the taxes are like, if there are city wages taxes with your job, if your prop taxes cover garbage pickup. Plus, your utility bills are going to skyrocket in the summer as Phoenicians have to run AC full blast for about 6 months of the year.
Plus, water is more expensive out there per 1000 gallons and you'll be using more of it then in NJ. A lot of people in Phoenix have pools (which tend to evaporate quickly and need to be topped off constantly) and water misters on their decks. They use up a lot of water trying to stay cool, it's a big expense.
Still, a 220k home vs what.. I don't know what the equivalent home is here in NJ, i would guess well into the 400s. Other costs are not so different (maybe some higher, maybe some lower), and he is not going to be looking at a 50% pay cut. Anyway. Phoenix is a different world. I probably would have stayed there if not for my wife wanting to come back but I also am glad to be home.
We were seriously considering moving to phoenix - but ultimately decided against it. Both the husband and I LOVE arizona... but we realized that the trade off for being able to buy a house for very little money is that we wont' have the ability to make money to support said house. That being said - we are moving to NJ for a number of reasons - if you think it's bad getting a bang for your buck in NJ, try New York... Long Island, it's impossible to find anything under $300K that's a place that you'd want to live in.
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Going back in a few weeks for an office visit.
