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Of course they're paying lower salaries down here; that's a big part of the reason why they move. Their employees don't have to pay for housing in the Boston or New York markets so they will work for less.
I know of two companies who gave their employees "salary adjustments" when they were relocated down here (from the northeast and the west coast) and the adjustments weren't in a positive direction. I imagine this is a standard practice for a lot of companies.
Yeah. I know Cisco adjusts up for San Jose and down for RTP, for example.
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What I mean by overpaid is someone who does not consider relative prices and pays more than the longer time resident would pay because they paid more in their last home.
They accept tiny three story walk-ups as nice residences worth above average rents and do not protest when asked to pay "junk" fees common in their old area but new and disgusting here.
When these transplants keep renting this junk instead of rejecting it, everyone suffers since existing properties leap into the feeding frenzy and start assessing higher rents and confiscatory junk fees.
I came here as a senior IT contributor from the utility industry in New Orleans taking a 30% pay cut to work at Atlantic States Bankcard Association, a subsidiary of First Citizens Bank. Later on, was lucky enough to get a career civil service job in Federal IT and retired with a relatively low salary but many performance awards.
When we came, we paid an average rent for an average apartment near NCSU and my daughter went to school there on a Pell Grant earning high academic honors.We later moved to an area we could afford in North Raleigh, Mini-City. Now, even the complexes in Mini-City are going way up with rents and fees.
I have no animus toward anyone personally. All I object to is how many transplants are coming here like sailors on liberty after a long time at sea and spending money like drunks who just got paid. This ruins it for everyone.
Please accept my sincere apology for any offense. As I said many times, it's not personal, but please don't price me, my kids, and my grandkids out of the city we called home for 26 years.
Best regards,
Here's something to consider.
How do you know you (and others like you) didn't force people out of the areas where you lived when you moved here?
You don't know that for sure. You see it now because it affects you now. Believe me, I empathize. But, I know rents were far less expensive in the early 80s than they were in the late 80s. Maybe it was because of all the people who moved here. You moved here then, so maybe (through no fault of your own) you contributed to the rise in rent?
I agree that people should be mindful and do their homework when moving to a new area to help keep the area from an artificial housing bubble.
But, beyond that? People need someplace to live. Why should they not buy what they want and can afford?
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How do you know you (and others like you) didn't force people out of the areas where you lived when you moved here?
You don't know that for sure. You see it now because it affects you now. Believe me, I empathize. But, I know rents were far less expensive in the early 80s than they were in the late 80s. Maybe it was because of all the people who moved here. You moved here then, so maybe (through no fault of your own) you contributed to the rise in rent?
I agree that people should be mindful and do their homework when moving to a new area to help keep the area from an artificial housing bubble.
But, beyond that? People need someplace to live. Why should they not buy what they want and can afford?
It's unlikely we pushed anyone out of West Raleigh. When we moved there, there had been an prior explosion in apartment construction (like we are now experiencing) and landlords were giving one and two month free rent concessions to attract tenants.
I agree with you about bubbles. The majority of new transplants really want to own a home, so many will not keep leasing once they become familiar with the area. Hopefully, this will pop the rental bubble and cause many of the landlords now entering the market to exit in foreclosure.
It's amazing banks do not see this and stay away from over saturating the area in high end apartment complexes. Seems similar to the explosion in mattress stores in the area now in full swing.
The "sort of agreement requiring them (Saks) to stay" is called a lease, and the out they have is to buy out the remainder of their lease.
That's probably not true. As I stated, Saks owns the land their store sits on. They do not lease it or the building so some other sort agreement would need to cover timing them to the mall.
We took a salary hit when moving here. Not the fault of this area, but the fact that the husband was let go (along with most others) and we were grateful, at his age, to find a job period.
Housing here is reasonable compared to Fort Lauderdale. Rents seem to be a bit lower too. This place is bustling, job-wise though, and that's a huge magnet. We came from a rather depressed-area, job-wise. Pretty much, pay sucks in S. Florida and the most plentiful jobs are ill-paying ones in the service or retail industries.
I smile every time we're out and we pass the entrance to large businesses. It's GOOD to see a place where there are jobs.
After being trapped in a house (when the market tanked) for 3 years 'til it moved again, I'd not buy a house again. Then again, the husband and I are < decade away from retirement age, so being locked down anywhere, especially given the more fluid situation when it comes to jobs (one doesn't stay at a company for 32 years as my husband did, not anymore), isn't optimal for us.
Were we still youngish with kiddies still at home, yes, owning would work. But I rather like not having to worry about things breaking, repairs, outside stuff, etc.
We took a salary hit when moving here. Not the fault of this area, but the fact that the husband was let go (along with most others) and we were grateful, at his age, to find a job period.
Housing here is reasonable compared to Fort Lauderdale. Rents seem to be a bit lower too. This place is bustling, job-wise though, and that's a huge magnet. We came from a rather depressed-area, job-wise. Pretty much, pay sucks in S. Florida and the most plentiful jobs are ill-paying ones in the service or retail industries.
I smile every time we're out and we pass the entrance to large businesses. It's GOOD to see a place where there are jobs.
After being trapped in a house (when the market tanked) for 3 years 'til it moved again, I'd not buy a house again. Then again, the husband and I are < decade away from retirement age, so being locked down anywhere, especially given the more fluid situation when it comes to jobs (one doesn't stay at a company for 32 years as my husband did, not anymore), isn't optimal for us.
Were we still youngish with kiddies still at home, yes, owning would work. But I rather like not having to worry about things breaking, repairs, outside stuff, etc.
We had the same experience with the only house we ever bought in New Orleans and want nothing to do with houses. Had to declare Chapter 7 to get rid of the mortgage after my layoff.
However, many of these transplants come here aroused by the hope of a McMansion.
Maybe Florida might be a better choice for us, The grandkids are this issue and their father works for the state. Will keep this in mind.
Location: Sodo Sopa at The Villas above Kenny' s House.
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Quote:
Originally Posted by RedZin
Absolutely. For anyone who isn't just here for a brief stay and planning to leave in a year or two, buying is a no brainer.
Unfortunately, not everyone has the money to buy. I wished I did but my finances dictate otherwise. I should of took advantage of those home loans they were supposedly approving right and left before the bubble.
Unfortunately, not everyone has the money to buy. I wished I did but my finances dictate otherwise. I should of took advantage of those home loans they were supposedly approving right and left before the bubble.
It's on again with FHA loans. Check around but be sure you can afford the costs like taxes, insurance, and maintenance before applying.
For me, I want a house about as much as I want to acquire a venereal disease.
We had the same experience with the only house we ever bought in New Orleans and want nothing to do with houses. Had to declare Chapter 7 to get rid of the mortgage after my layoff.
However, many of these transplants come here aroused by the hope of a McMansion.
Maybe Florida might be a better choice for us, The grandkids are this issue and their father works for the state. Will keep this in mind.
Guess what? Folks who buy McMansions here pay plenty in property taxes. That tax money, in turn, pays for infrastructure and schools and public services. Services that you benefit from. And schools that your kids and grandkids go to. And what have 26 year-long renters like you contributed to the tax base? In comparison, practically nothing. Folks who live in the McMansions are often not even using the public schools for their own kids - so they're doing plenty to subsidize a public school system for those who don't own homes and pay property taxes.
And how about all the middle class construction jobs provided by the building of all these McMansions? The electricians, the plumbers, the roofers, the masonry workers? Where would all these jobs be found, if not for the growth? Where would all these folks be employed?
Guess what? Folks who buy McMansions here pay plenty in property taxes. That tax money, in turn, pays for infrastructure and schools and public services. Services that you benefit from. And schools that your kids and grandkids go to. And what have 26 year-long renters like you contributed to the tax base? In comparison, practically nothing. Folks who live in the McMansions are often not even using the public schools for their own kids - so they're doing plenty to subsidize a public school system for those who don't own homes and pay property taxes.
And how about all the middle class construction jobs provided by the building of all these McMansions? The electricians, the plumbers, the roofers, the masonry workers? Where would all these jobs be found, if not for the growth? Where would all these folks be employed?
We renters pay plenty of tax through our landlords who include it in the rent.
Many of the construction workers are illegals who contribute little to our counties other than multiple children who need ESL courses since English is not their primary language.
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