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Old Yesterday, 09:28 AM
 
5,287 posts, read 3,277,889 times
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Quote:
Originally Posted by jaredC View Post
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.

Cal is a mess. I mentioned in another thread the Phx metro might not be the 1st choice for those fleeing Cal. but it certainly is within the top 5.

Don't know where the cost of housing in the Phx metro will ultimately settle...but I saw this coming.
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Old Yesterday, 09:36 AM
 
2,392 posts, read 2,988,377 times
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Quote:
Originally Posted by DetroitN8V View Post
There's nothing artificial about supply and demand. Econ 101.

As for Phoenix being "lauded as a destination that offers inexpensive housing and cost of living", have you been napping for the past five years? That hasn't been a current theme for a while.
Isn't this the reason why hoards of people are flocking here? The supposed low CoL? In fact, everyone I spoke to, that has or will be moving here, keeps saying how affordable Phoenix is. I guess one can argue it is affordable, when you compare CoL to San Francisco, San Diego or NY city.
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Old Yesterday, 09:44 AM
 
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Originally Posted by DetroitN8V View Post
Correct. Not mad about it either. Attracting bottom feeders that want nothing other than cheap wasn't serving us well.
It is always interesting when one speaks of how they want the housing market to continue to increase because, "bottom feeders" will take the cheap housing. Let me ask you this, how is the increases in CoL and housing, specifically, sustainable? I guess people will just have to pull themselves up by their bootstraps and get a second full time job to afford what one full time job used to get them when housing was truly considered affordable. But hey, I suppose everyone can afford a $500k house that used to cost $250k last year, or that one bedroom apartment in a semi-decent neighborhood that was $1200 but is now $1800 per month.
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Old Yesterday, 09:50 AM
 
8,154 posts, read 14,040,520 times
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Quote:
Originally Posted by jaredC View Post
Isn't this the reason why hoards of people are flocking here? The supposed low CoL? In fact, everyone I spoke to, that has or will be moving here, keeps saying how affordable Phoenix is. I guess one can argue it is affordable, when you compare CoL to San Francisco, San Diego or NY city.
Partially as we’re still a great bargain compared to other major cities. Hopefully jobs and opportunities are going to be come the major driver.
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Old Yesterday, 09:54 AM
 
8,154 posts, read 14,040,520 times
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Quote:
Originally Posted by jaredC View Post
It is always interesting when one speaks of how they want the housing market to continue to increase because, "bottom feeders" will take the cheap housing. Let me ask you this, how is the increases in CoL and housing, specifically, sustainable? I guess people will just have to pull themselves up by their bootstraps and get a second full time job to afford what one full time job used to get them when housing was truly considered affordable. But hey, I suppose everyone can afford a $500k house that used to cost $250k last year, or that one bedroom apartment in a semi-decent neighborhood that was $1200 but is now $1800 per month.
We’re still way cheaper than other major cities that have no issues sustaining their cost of living. The answer is better higher paying jobs. We clearly can’t continue to be the Mecca of call centers and the service industry. A $500k house here, where our property taxes are next to nothing, shouldn’t be difficult for the average professional to afford.

We want people moving here that want to be here for career advancement, community contribution, that actually value what we have, rather than those that want to do the absolute bare minimum to afford a cheap house that they couldn’t get elsewhere.
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Old Yesterday, 09:57 AM
 
2,392 posts, read 2,988,377 times
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Originally Posted by DetroitN8V View Post
Partially as we’re still a great bargain compared to other major cities. Hopefully jobs and opportunities are going to be come the major driver.
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.
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Old Yesterday, 10:00 AM
 
2,392 posts, read 2,988,377 times
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Quote:
Originally Posted by DetroitN8V View Post
We’re still way cheaper than other major cities that have no issues sustaining their cost of living. The answer is better higher paying jobs. We clearly can’t continue to be the Mecca of call centers and the service industry. A $500k house here, where our property taxes are next to nothing, shouldn’t be difficult for the average professional to afford.

We want people moving here that want to be here for career advancement, community contribution, that actually value what we have, rather than those that want to do the absolute bare minimum to afford a cheap house that they couldn’t get elsewhere.
I agree. Bring high paying jobs here. What if they don't? Then what? We will most likely have a bunch of empty houses bought by out of state investors trying to rent them out for $2000 a month, meanwhile the average wage remains around $50k/$60k annually. We will start seeing homeless masses with average paying jobs.
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Old Yesterday, 10:04 AM
 
5,287 posts, read 3,277,889 times
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Quote:
Originally Posted by jaredC View Post
It is always interesting when one speaks of how they want the housing market to continue to increase because, "bottom feeders" will take the cheap housing. Let me ask you this, how is the increases in CoL and housing, specifically, sustainable? I guess people will just have to pull themselves up by their bootstraps and get a second full time job to afford what one full time job used to get them when housing was truly considered affordable. But hey, I suppose everyone can afford a $500k house that used to cost $250k last year, or that one bedroom apartment in a semi-decent neighborhood that was $1200 but is now $1800 per month.

More like being forced to live with roommates. Pay $700-$1500 and you get a own *room and share the rest of the apartment/house. One of my nieces lives in San Francisco and the other Chicago. Neither can come close to affording an apartment on their salary so... they live with a roommate or two.


*Around 2010 when I renting out a 3 bed 1.5 bath home in SF I learned my renters were illegally subleasing the living room, the dinning room and basement. There were six or seven adults in the house when there was supposed to be only three.
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Old Yesterday, 10:11 AM
 
5,287 posts, read 3,277,889 times
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Quote:
Originally Posted by jaredC View Post
I agree. Bring high paying jobs here. What if they don't? Then what? We will most likely have a bunch of empty houses bought by out of state investors trying to rent them out for $2000 a month, meanwhile the average wage remains around $50k/$60k annually. We will start seeing homeless masses with average paying jobs.
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.
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Old Yesterday, 10:12 AM
 
2,392 posts, read 2,988,377 times
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Originally Posted by john3232 View Post
More like being forced to live with roommates. Pay $700-$1500 and you get a own *room and share the rest of the apartment/house. One of my nieces lives in San Francisco and the other Chicago. Neither can come close to affording an apartment on their salary so... they live with a roommate or two.


*Around 2010 when I renting out a 3 bed 1.5 bath home in SF I learned my renters were illegally subleasing the living room, the dinning room and basement. There were six or seven adults in the house when there was supposed to be only three.
But 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.
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