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I sure hope you stop renting and buy a house before you get priced out of your area. Its much cheaper to buy than rent in many areas. I dont ever want to rent despite what some tell me to do, ive said it many times rent costs more than buying and you get no equity! When I relocate, ill be buying a house from the get go and if im unhappy, I can sell it for equal or more than what I paid for
You really think so? Even after the huge run-up in housing prices?
I don't know, but I do know that renting-to-own a house (making mortgage payments) will still have costs associated with it that renting does not have, such as having to pay for homeowner's insurance (good luck with that in Florida and on the Gulf Coast), property taxes, and various utilities that a renter might take for granted (trash, sewer, water).
Another cost is the cost of the lack of mobility and the loss of the freedom to pick-up and move. Also, given currently the currently insane housing prices and the questionable outlook for the economic future of the American middle class, it's possible that you could lose money on a home if the prices ever come back down to reality.
Even if homes here were extremely affordable, I would still want to leave. I would consider staying in California though if housing were affordable all over--maybe in Capitola, Soquel, somewhere near the coast, not too big and not too small.
For myself, housing prices are just one part of the equation. The other part is job growth, unemployment and etc. The trend seems to be that more and more businesses are relocating to where it is cheaper to operate their company.So unless the economy where I am at improves, I don't see myself staying here. Plus, I have lived in my city for most of my life. I feel ready for a change.
no way, there are houses in the not so good areas that still only cost $40k. I wouldnt buy in this area or stay longer than i have to--my contract is up.
For myself, housing prices are just one part of the equation. The other part is job growth, unemployment and etc. The trend seems to be that more and more businesses are relocating to where it is cheaper to operate their company.So unless the economy where I am at improves, I don't see myself staying here. Plus, I have lived in my city for most of my life. I feel ready for a change.
The businesses who operate in the global market have to move to a cheaper area to survive. Also those will be the areas who appreciate and take care of their businesses, unlike places like NYC, SF, LA Miami who actually impede growth of local business. I know of someone who left the Miami area to move his business to Indiana. The company went from losing every year to turning a profit in two years. They remanufacture auto parts and the Miami-Dade government made it more and more difficult to do business, and the skyrocketing property taxes and insurance were the last straw. The new employees work harder, cores are easier to find, and supplies are more convenient. With the money from selling the old building he purchased a larger warehouse, new supplies and paid for the move, with assets left over. In Miami it was common for inspectors to expect a bribe. So far he has not experienced it in the new town.
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No on Sacramento, CA.
