How Atlanta Decided It Can’t Out Suburb the Suburbs (Alpharetta: home, transfer)

[Gulch]

Originally Posted by Big L

Although I am a Gen-Xer, I believe that jobs are another factor that drives a lot of millenials out to the 'burbs at some point. Intown living is great if your job in also somewhere intown. On the other hand, it could get dicey if your next step up the corporate ladder takes you to a company in Alpharetta, Duluth, or Kennesaw.


From a personal standpoint, intown living also seems to be very costly even if you are closer to work. We make a decent living, but I honestly have never understood how some folks could afford these $200-400K homes on typical Atlanta salaries. I definitely must be missing something!

Dual income households and $200-400K is a steal for intown neighborhoods.

[Big L]

Originally Posted by Gulch

Dual income households and $200-400K is a steal for intown neighborhoods.

We are a dual income household (over $100K/year combined in fact). However, we still do not feel that we can afford a $200-400K home. That is one of the main reasons why we live way out in a cheaper home.


On another note, household budgets should be based on one income and not both. You never know when a layoff/downsizing will strike, so basing your mortgage on both incomes is very risky.

[hautemomma]

Originally Posted by Big L

On another note, household budgets should be based on one income and not both. You never know when a layoff/downsizing will strike, so basing your mortgage on both incomes is very risky.

Very true. We came slightly late to the party on this wisdom, but couples should at all costs plan to live (or budget) according to ONE income.

[jsvh]

Originally Posted by Big L

We are a dual income household (over $100K/year combined in fact). However, we still do not feel that we can afford a $200-400K home. That is one of the main reasons why we live way out in a cheaper home.

You can find cheaper homes close or far. But people rarely properly factor in transportation costs in when choosing homes. Transportation costs can sometimes be more than living costs for people with long commutes.

Most of the affordable places to live when you include transportation and housing together are closer into the city:



http://documents.atlantaregional.com...y_Fulldeck.pdf

[Big L]

Originally Posted by jsvh

You can find cheaper homes close or far. But people rarely properly factor in transportation costs in when choosing homes. Transportation costs can sometimes be more than living costs for people with long commutes.

Most of the affordable places to live when you include transportation and housing together are closer into the city:



http://documents.atlantaregional.com...y_Fulldeck.pdf

I won't say that exact cost, but our home was less than $150K. That's not possible in most ITP neighborhoods with decent schools. On top of that, since I work in North Fulton there wouldn't be any real cost savings on the commute compared to our current spot in Gwinnett.

[AnsleyPark]

Originally Posted by Big L

We are a dual income household (over $100K/year combined in fact). However, we still do not feel that we can afford a $200-400K home. That is one of the main reasons why we live way out in a cheaper home.


On another note, household budgets should be based on one income and not both. You never know when a layoff/downsizing will strike, so basing your mortgage on both incomes is very risky.

Big L, I wish more folks were financially conservative like you are. Just read a story on CNN that 25% of Americans have saved nothing for retirement and another 16% have only $1,000 - $10,000 in retirement savings. That's pretty darn scary! Looking back, I wish I had scrimped a bit more on housing when I was younger and put more away in savings. I pray my children are learning to be good savers so that they can comfortably retire before they are too old to enjoy retirement.

1 in 4 have less than $1,000 saved for retirement - Mar. 22, 2016

[cqholt]

Originally Posted by AnsleyPark

Big L, I wish more folks were financially conservative like you are. Just read a story on CNN that 25% of Americans have saved nothing for retirement and another 16% have only $1,000 - $10,000 in retirement savings. That's pretty darn scary! Looking back, I wish I had scrimped a bit more on housing when I was younger and put more away in savings. I pray my children are learning to be good savers so that they can comfortably retire before they are too old to enjoy retirement.

1 in 4 have less than $1,000 saved for retirement - Mar. 22, 2016

The guberment will take care of us.

[bu2]

Originally Posted by Big L

Although I am a Gen-Xer, I believe that jobs are another factor that drives a lot of millenials out to the 'burbs at some point. Intown living is great if your job in also somewhere intown. On the other hand, it could get dicey if your next step up the corporate ladder takes you to a company in Alpharetta, Duluth, or Kennesaw.


From a personal standpoint, intown living also seems to be very costly even if you are closer to work. We make a decent living, but I honestly have never understood how some folks could afford these $200-400K homes on typical Atlanta salaries. I definitely must be missing something!

Don't forget the BMWs and 2 kids with private school tuitions!

[jsvh]

Originally Posted by Big L

I won't say that exact cost, but our home was less than $150K. That's not possible in most ITP neighborhoods with decent schools. On top of that, since I work in North Fulton there wouldn't be any real cost savings on the commute compared to our current spot in Gwinnett.

My 4 bedroom home in town was $150k, it is in the Jackson HS district which is one of the best up and coming districts. Plus near some good charter schools.

Of course if you are still going to have a long car-dependent commute you are right that you will not see those cost savings. That is why many employers are heading the call of their employees and are locating closer in and / or near transit stations.

I am also discussing the larger population as a whole. Most cannot afford transportation costs of living & working in the suburbs.

[AnsleyPark]

Originally Posted by jsvh

You can find cheaper homes close or far. But people rarely properly factor in transportation costs in when choosing homes. Transportation costs can sometimes be more than living costs for people with long commutes.

Yep. And folks, too, need to understand what their property tax will be wherever they live. For example, I live in the burbs in a house of similar size and yard of similar size to my previous home in Midtown. However, my property taxes out here are one sixth of what they were in Midtown.