We're going to rent for awhile, but where? (Phoenix, Tucson: for sale, apartment)

[Ponderosa]

Goodyear to Sky Harbor airport will be a brutal commute, much longer than 45 mins and that stretch of I-10 is only getting worse by the day!

I don't know why people think Goodyear is so far out there. It's less than 20 miles from "downtown" Goodyear to Jefferson and Central in PHX pretty much all freeway. I will give you that the freeway can be bad to Dysart. The widening project begins next year - 10 lanes eventually (2009).

I've driven Goodyear to airport more times than I can count. It about 30-40 mintues to the parking lots before/after rush. You have to add about 15 minutes during rush hour unless there's a wreck somewhere and that adds about 30 minutes or worse.

[Ponderosa]

Originally Posted by sirwinston73

Stephen,

For your "advice" you appear to be entirely ignorant of fundamentals and a little something important to investors called the P/E.

Right now it is cheaper to rent than buy. Like it or not it's cheaper.

In addition the Phoenix market isn't predicted to hit bottom until about 2009. Yes, in the long run "owning" is better (I put it in quotes because until you pay a house off in full you're just renting from the bank); however, when a house is going to be cheaper next month or next year, buying it today is S-T-U-P-I-D.

In addition, buying in a new city one doesn't know is really dumb. And it's especially dumb in a down market where you won't be able to get rid of your house if you decide you want to move. When I moved to Arizona I was told I'd love north Scottsdale so I moved there and boy did I hate it. Glad I rented and could bail out quickly.

7 years of living in Phoenix/Scottsdale left me with the impression that "owning" there is mostly about ego and status rather than fundamentals and your post only further solidified that for me. Either that or you're a realtor or mortgage broker, if there are any still in business.

A house purchased as a residence for its owner is a place to live not an investment. I agree though that even long term, rental often works out to be a better financial decision. But that's only if you avoid the opportunity costs associated with paying more for ownership than rents. For most families a home mortgage forces them to make small investments on their home in the form of principal payments. Over the years these accrue and, together with appreciation, leave them with the only asset most ever have - home equity. So to the extent that home ownership results in building a nest-egg its a good deal. You could make more money in the markets on average, but that requires fiscal discipline many do not have.

BTW, I think you mean ROI not price to earnings ratio. P/E has little meaning in the context of owner-occupied real estate.

[sablebaby]

Originally Posted by NanawaleJulie

If you are a nonsmoker, could you move downstairs? I would like to keep the windows open this year-haven't been able to for about 4 years now thanks to the smokers around me. Can't you people keep your cancer smoke INSIDE your dwelling? Why must it waft up into my window? Why can't we pass a law allowing for nonsmoking buildings for long terms rentals? Grrr.
This should have been its own thread. Sorry bout that.

I agree. We had to move from our 2nd story apt to a first floor due to our neighbor smoking outside all the time (sometimes cigars). We couldn't resolve it otherwise and it was much better!

[military spouse]

Originally Posted by Bunky39

solicited advice where?
i know 3 tenants that have paid off all my mortgages.
i am so appreciative but i still keep charging them rent.
the only thing that happens with a renter is they get older, get a few more toys than me, usually new cars and big entertainment systems, and a few more parties and good times than me. they eat fewer tortilla and bean meals than me. actually now that all mortgages are paid, i cut back on the tortillas and beans.
not to appear too much the bad guy, but my motive is pure. its to encourage you to continue to be an owner rather than a renter.
so the advice is rent nowhere.
stephen s
san diego ca

Thanks for the advice. We do plan to buy, but not right away. We are also keeping our house in PA for investment purposes. We're fairly frugal and the only toys we own are 2 Harley Davidsons. All motorcycles and cars are paid for and we don't use credit. I completely agree with what you are suggesting and I don't want to be/become the people you mention

[military spouse]

Originally Posted by 61scout80

i like maricopa. nice new community, tons resonably priced of rentals available but its at least a 15 minute drive to about everything.


where in PA? i'm originally from wilkes-barre

We live in Chambersuburg. It will be hard leaving the green grass and trees, but I feel a swimming pool calling me.........

[Vinny536]

Originally Posted by military spouse

We live in Chambersuburg. It will be hard leaving the green grass and trees, but I feel a swimming pool calling me.........

swimming pools are nice. i like it here for the first 2 years, but now i'm about ready for some green and snow. another year of college for my soon to be wife and we'll be out.

[fortranman]

this is my 1st time here...very interesting...I am in washington..right on the coast. I came upon this site because I plan to go to arizona soon...next week perhaps.
Own vs buy ... if stay is short term..like less than 3 years then rent is probably best.
We have been super lucky because we bought when mkt was low. We bought a house here on coast 4.5 years ago for $228K ... we put in about $80K repair/fixup.

we just sold it for $489K .. less 10K we reduced for dry rot repair. We could have sold that house for $600K if we had put on mkt 1 yr ago. Even the real estate mkt fluctuates as much or more than wall street. But the the wall street commissions are just a fraction of the real estate buy/sell costs.

Not sure what point I make here...but I want to commend and say good luck and best wishes to service members and familys who are seeking housing..we had some time at camp zama / sagamihari and also kiserslautern/landstuhl area...leo

[military spouse]

Are the rental houses found on AZNB actually available for rent? I'm just not sure if it is updated on a regular basis. It seems that there are some VERY nice houses for under $1,500/month. Houses that must cost $500,000+. If so, I'm really excited about renting.

[sfw1979]

Originally Posted by military spouse

Thanks to everyone's responses on another thread, we've decided to rent for 6 months to 1 year. We're leaning toward Gilbert or Goodyear. Hubby will be working at Sky Harbor and we don't want an out-of-the-ordinary commute for the area, but I'm guessing 30-45 minutes is common. We would like a 3 bedroom, newer or heavily remodeled, 3 car-garage house. We would like a clean, friendly neighborhood with lots of kids. We would like to be close to a YMCA for swim team for our daughter and close to shopping. Actually, we would like to be REALLY close. Care to throw out any ideas on neighborhoods? Ideally, I would like to stay below $1,500 a month, but that would be negotiable for a really nice house. Hubby enjoys cycling and would like to be in an area where that is safe and easily accessible, but this is not mandatory. Hubby would work Mon-Fri at Sky Harbor.

check out CinCHouse.com- The nonprofit community of military wives and women

[ptbrennan]

For rental locations close to sky harbor, I would look at Laveen, South Tempe, Arcadia, South Scottsdale, or Ahwatukee. Gilbert and Goodyear are both farther out there than you described as your criteria.