Phoenix, the most unaffordable "affordable" place to live (real estate market, apartments)

[jaredC]

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.

[Returning2USA]

Phoenix is done.....$adly.

[locolife]

We already have multiple threads on COL related housing changes in Phoenix, do we need another one?

[jaredC]

Originally Posted by locolife

We already have multiple threads on COL related housing changes in Phoenix, do we need another one?

Most posts I am seeing are related to the real estate market, specifically. My post is a general consensus of CoL for Phoenix, real estate, renting, food, entertainment and anything and everything CoL related and how yesterdays salary gets you nowhere in today's economy for Phoenix. If you feel bothered by my post, do not feel as though you are compelled to contribute to the discussion.

[Sno0909]

Originally Posted by jaredC

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.

Who is they? Last I checked, the market dictates what a house costs - you know, what someone is willing to pay.

[87112]

El paso is still affordable. PHX is a playground for snowbirds.

[jaredC]

Originally Posted by Sno0909

Who is they? Last I checked, the market dictates what a house costs - you know, what someone is willing to pay.

It is artificially being inflated by the lack of available housing. Plus, most of these properties are being scooped up by investors from other states.

[DetroitN8V]

Originally Posted by jaredC

It is artificially being inflated by the lack of available housing. Plus, most of these properties are being scooped up by investors from other states.

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.

[Katera]

Originally Posted by DetroitN8V

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.

Except, compared to MANY parts of the US, Phoenix IS still a bargain even with the recent price increases. Phoenix still has a long ways to go to catch up to So Cal, Seattle, Portland, Chicago NY etc etc etc.

Phoenix is awake now and if you think prices are high now, wait a few years.

[DetroitN8V]

Originally Posted by Katera

Except, compared to MANY parts of the US, Phoenix IS still a bargain even with the recent price increases. Phoenix still has a long ways to go to catch up to So Cal, Seattle, Portland, Chicago NY etc etc etc.

Phoenix is awake now and if you think prices are high now, wait a few years.

Correct. Not mad about it either. Attracting bottom feeders that want nothing other than cheap wasn't serving us well.