Phoenix, the most unaffordable "affordable" place to live (Flagstaff: rentals, houses)

[jaredC]

Originally Posted by john3232

Investors be they out of state or not aren't going to let property sit vacant.

They either lower the rent or unload the property.

Hmm, perhaps. The house I am currently renting sat empty for damn near a year because the out of state investor who owns the house refused to budge on the rent price. Eventually they did budge, but not until it sat vacant for like 10 or 11 months.

[john3232]

Originally Posted by jaredC

ut that isn't ideal for everyone. I mean yeah, if you are single and younger, it works out. If you are a single parent, this isn't feasible. Take my situation. I separated from my wife last year. I still live in an affordable house. If I were to move, I couldn't chance living with a stranger, not when I have a six year old daughter living in the same house. That is absurd.

Oh I fully agree but outside of moving to a smaller place in perhaps a not so desirable location what choice is there?

[john3232]

Originally Posted by jaredC

Hmm, perhaps. The house I am currently renting sat empty for damn near a year because the out of state investor who owns the house refused to budge on the rent price. Eventually they did budge, but not until it sat vacant for like 10 or 11 months.

O.k. but I don't think many investors (which I am) would let a property sit that long.

I'm planning to list a 4 bed 2.5 bath home in Chandler for 2300 a month. I don't find a quality renter within three weeks... the price is dropped.

[jaredC]

Originally Posted by john3232

Oh I fully agree but outside of moving to a much smaller place what choice do you have?

Yep. Sadly I think you are absolutely correct. Most people say to get a better, higher paying job. What of those that cannot. Like teachers. My ex is a teacher and she makes $52k a year. How is she going to afford an apartment? No longer is she looking to buy a house. That boat has sailed. And if all her options lead to roommates, as we share custody of our daughter, I wouldn’t feel comfortable with her having some random person living under the same roof as my daughter. There’s gotta be another option.

[DetroitN8V]

Originally Posted by jaredC

Perhaps I am missing what makes us affordable. I am not trying to argue, but instead, I am genuinely curious. If our ranking for affordability is based on how much a gallon of milk costs, that is a flimsy reason to move here.

Housing costs compared to other cities our size.

[jaredC]

Originally Posted by john3232

O.k. but I don't think many investors (which I am) would let a property sit that long.

I'm planning to list a 4 bed 2.5 bath home in Chandler for 2300 a month. I don't find a quality renter within three weeks... the price is dropped.

Wow. That is a high rent price.

[asufan]

Originally Posted by jaredC

Granted, I cannot say much on the affordability scale in comparison with other cities similar to Phoenix, as I have lived the majority of my life here. But, as someone who has been living here for nearly 30 years, I can weigh in on how this city is starting to become unaffordable, and yet, we are lauded as a destination that offers inexpensive housing and cost of living.

It is actually a bit worrisome. One can actually have a very good income and yet struggle to find affordable housing. Ten years ago if you made $50K annually, you could go a long way. Buy a house, have a nice car and still have enough money left over for the finer things in life. But in today's Phoenix, $50K guarantees NOTHING. Forget about buying that house, you will be lucky to locate an apartment with 2 bedrooms in a half decent area for under $1500 a month.

It is quite depressing really. Just for the heck of it, I decided to look up some old apartments I lived at ten years ago.

The Renaissance Apartments on 43rd ave and Thunderbird
-I lived on the third floor. One bedroom, and paid around $700-$750/month.
Today that very same floor plan is going for nearly double the price! I was shocked to see it going for
nearly $1400!

Newport Landing, which is now Paseo Park on 52nd ave and Thunderbird
-I lived on the second floor. One bedroom. Around 11 years ago I was paying $600/month.
Today they are going for around $1000. Same floor plan.


All I know, is that I wish I had jumped at the opportunity to buy a house before they started inflating housing costs nearly double what they were two years ago.

10 years ago was 2011 and we were still coming out of a recession. There was an oversupply of houses, a sea of for sale signs in neighborhoods and rents were artificially LOW at the time. It would stand to reason that someone making $50,000 had it easy back then. The person making $50K in 2011 should be at $75K today with merely 4% pay increases.

You can definitely argue that prices are artificially high in the Phoenix metro, due to the undersupply that builders and developers are attempting to address, but I wouldn't compare today to a recession year.

[jaredC]

Originally Posted by DetroitN8V

Housing costs compared to other cities our size.

But that’s comparing apples to oranges. Most cities of comparable size have better job opportunities that have higher pay. Teachers in California make something like 30% higher salaries than Phoenix. And that’s just one example.

[john3232]

Originally Posted by jaredC

Yep. Sadly I think you are absolutely correct. Most people say to get a better, higher paying job. What of those that cannot. Like teachers. My ex is a teacher and she makes $52k a year. How is she going to afford an apartment? No longer is she looking to buy a house. That boat has sailed. And if all her options lead to roommates, as we share custody of our daughter, I wouldn’t feel comfortable with her having some random person living under the same roof as my daughter. There’s gotta be another option.

While your ex-wife might be having a difficult time there are those who can afford current rents. Supply and demand dictates pricing.

However, I suspect within 5 years we'll see rent control laws moving in the direction of Phx.

[john3232]

Originally Posted by jaredC

Wow. That is a high rent price.

Those renting from me in recent years have money. They are looking to rent for a few years and then buy.

My two new 2021 tenants relocated here for work.