Will you become a victim of Pittsburgh's housing boom? (Braddock: transplants, apartment)

[charles1169]

Originally Posted by eccotecc

Pittsburgh was unscathed buy the most recent housing collapse and for this reason has placed it on many people's radar as a place to relocate to. With the influx of new people into the area, they bring with them large amounts of equity or skills that demand high salaries. With this type of economic advantage, through no fault of their own, they will be driving up the price of desirable housing to a height never experienced in the history of Pittsburgh. To support my hypothesis I'll use Washington and Oregon as an example. When buyers from California invaded the Pacific Northwest, their existing housing stocks increased in value by 50% in a matter of a few short years which resulted in pricing the next generation out of buying a home. With this in mind, will Pittsburghers be priced out of the housing market?

My wife and I were considering relocating to Pitt thinking it might be an 'undiscovered' gem - or maybe it is just Pitt's turn to be the 'it' place ala Austin or whatever. But we had to pass based on the wage tax and prop taxes. Those things really make you uncompetitive with so many other areas along with warmer climate areas like NC/GA.

[Q-tip motha]

Will I become a victim of Pittsburgh's housing boom.




Nope. My wife and I could both lose our jobs and still afford our mortgage. One of the benefits of buying a fixer upper.

[Craziaskowboi]

Originally Posted by Walkerstudios

My wife and I were considering relocating to Pitt thinking it might be an 'undiscovered' gem - or maybe it is just Pitt's turn to be the 'it' place ala Austin or whatever. But we had to pass based on the wage tax and prop taxes. Those things really make you uncompetitive with so many other areas along with warmer climate areas like NC/GA.

'Z'at you, h_curtis?

[ferraris]

Originally Posted by Q-tip motha

Will I become a victim of Pittsburgh's housing boom.




Nope. My wife and I could both lose our jobs and still afford our mortgage. One of the benefits of buying a fixer upper.

How's that? I've love to have a $0 mortgage! (seriously though, I'm curious as to how you figured this).

[Hopes]

Originally Posted by Q-tip motha

Will I become a victim of Pittsburgh's housing boom.

Nope. My wife and I could both lose our jobs and still afford our mortgage. One of the benefits of buying a fixer upper.

Originally Posted by ferrarisnowday

How's that?

Obiously Q-tip motha's mortgage payment is low enough to fit a budget while collecting unemployment benefits.

Originally Posted by ferrarisnowday

I've love to have a $0 mortgage! (seriously though, I'm curious as to how you figured this)

If you don't want a mortgage payment, get a 10 or 15 year mortgage instead of a 30 year mortgage. You'll be mortgage free faster.

[eccotecc]

Originally Posted by Walkerstudios

My wife and I were considering relocating to Pitt thinking it might be an 'undiscovered' gem - or maybe it is just Pitt's turn to be the 'it' place ala Austin or whatever. But we had to pass based on the wage tax and prop taxes. Those things really make you uncompetitive with so many other areas along with warmer climate areas like NC/GA.

Walkerstudios,

Think of Pittsburgh as a sophisticated lady you would like to get to know and develop a relationship with. Before making your move on this beautiful lady, would you stop and think how much it might cost to start a relationship? Of course you wouldn't, you would make your move and try to impress the lady. You wouldn't spend the night complaining how much the date is costing you.

You're a married man, and I'm sure you have a loving relationship with your spouse. I'm equally sure you would move heaven and earth for her at any cost. You also realize, being the intelligent person you are, you can only get as much out of a relationship as you put into it. Taxes in Pittsburgh are higher than Texas, but the sophistication and natural beauty of the city are worth the little extra you may have to pay in taxes.

Living in Pittsburgh does cost a bit of money, but it's money well spent.

[Goinback2011]

The only people who benefit from a housing boom are speculators and the government due to rapidly rising taxes.

It's the worst thing that can happen to everyone else unless you sell at the top and move out of the area.

[Goodjules]

Originally Posted by Goinback2011

The only people who benefit from a housing boom are speculators and the government due to rapidly rising taxes.

It's the worst thing that can happen to everyone else unless you sell at the top and move out of the area.

As long as it doesn't become a bubble, a bit of a boom would help a city like Pittsburgh. It could revitalize run down areas and create economic growth.. I think Pittsburgh is undervalued and the market is correcting. As long as credit is tight and the crazy lending practices don't come back, a bubble is unlikely.

[Goinback2011]

As long as property and school taxes didn't rise along with values, homeowners might benefit.

But I'd be willing to bet that loco governments would be clamoring to institute yearly valuation assessments (as are done in a lot of the rest of the US) were values to increase significantly for a period of time. And in that case, only government employees would benefit, and that only as long as it took for tax increases to kill the market.

People are currently taxed at rates about double those of places like Florida. Higher valuations would make those rates onerous for most residents.

[Q-tip motha]

Originally Posted by Hopes

Obiously Q-tip motha's mortgage payment is low enough to fit a budget while collecting unemployment benefits.


If you don't want a mortgage payment, get a 10 or 15 year mortgage instead of a 30 year mortgage. You'll be mortgage free faster.

That, and we could afford it on minimum wage if we absolutely had to.

I'm not attempting to brag or promote what we're doing as a superior choice. That isn't a realistic opinion to have, and fixer uppers suck...a lot.

Its one thing to watched 'do it yourself' shows or flip houses for a living from 9 to 5, and a completely different experience to live IN the construction.