Phoenix, the most unaffordable "affordable" place to live (real estate, for rent)

[CAHLUV]

Originally Posted by jaredC

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.

I was laughed at when I said that Phoenix could turn into San Diego with no beaches if a good amount of high-paying jobs don't come. Many will accept less to be in SD, I personally don't think that will happen here but the average wage is horrible compared to the COL in SD but much don't care because of the weather and lifestyle.

[goolsbyjazz]

Originally Posted by DetroitN8V

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

Oooooo, there's a lot to be said for this.

[jaredC]

Originally Posted by john3232

While your ex-wife might be having a difficult time there are those who can afford current rents. Supply and demand dictates pricing.

However, I suspect within 5 years we'll see rent control laws moving in the direction of Phx.

I’m hoping to see this happen. I’ve been seeing some rents climb 20, even 30% for some people. THAT is insane.

[fluffythewondercat]

Originally Posted by jaredC

Yep. Sadly I think you are absolutely correct. Most people say to get a better, higher paying job. What of those that cannot. Like teachers. My ex is a teacher and she makes $52k a year. How is she going to afford an apartment? No longer is she looking to buy a house. That boat has sailed. And if all her options lead to roommates, as we share custody of our daughter, I wouldn’t feel comfortable with her having some random person living under the same roof as my daughter. There’s gotta be another option.

Of course there's another option. It's called being full-time parents for the only person who matters, your daughter.

[john3232]

Originally Posted by jaredC

I’m hoping to see this happen. I’ve been seeing some rents climb 20, even 30% for some people. THAT is insane.

But is it? I don't determine rents. The market does.

When my rental investments were completely underwater and I misjudged operating cost. My head was barely above water... for almost ten years. The choice was simple: walk away and lose everything or work my ass of and ride it out.

Now, I never blamed anyone. I bought the homes (four in 2005.) My mistake.

However, I did noticed how gleefully some family members and co-workers seemed at my financial misfortune. O.K. human nature.

2021 things have never been better. I'm earning good money with my rentals and the value of the homes I bought in 2005 never higher. And the three homes I bought in 2010... well let's just say I cleaned up.

I took a lot of financial risks over the years and had many a restless night....

Now it's time for the rewards.

[DetroitN8V]

Originally Posted by goolsbyjazz

Oooooo, there's a lot to be said for this.

So say it.

[jaredC]

Originally Posted by CAHLUV

I was laughed at when I said that Phoenix could turn into San Diego with no beaches if a good amount of high-paying jobs don't come. Many will accept less to be in SD, I personally don't think that will happen here but the average wage is horrible compared to the COL in SD but much don't care because of the weather and lifestyle.

That would be awful if we become the new San Diego. What distinguishes San Diego from other cities, besides their high CoL, is the ocean and fantastic weather. We have neither.

[Slater]

Used to be that Phoenix rents were quite a bit cheaper than those in Flagstaff. Looks like you can't really say that any more.

[john3232]

Originally Posted by jaredC

That would be awful if we become the new San Diego. What distinguishes San Diego from other cities, besides their high CoL, is the ocean and fantastic weather. We have neither.

Yes, the weather in Cal is much better than AZ and many other parts of the country as well. In fact Northern Cal has some of the most beautiful areas in the country. No question.

But those leaving (middle class and businesses) aren't necessarily doing so because they want to... but because they feel forced out.

So, Phx here they come.

[jaredC]

Originally Posted by john3232

But is it? I don't determine rents. The market does.

When my rental investments were completely underwater and I misjudged operating cost. My head was barely above water... for almost ten years. The choice was simple: walk away and lose everything or work my ass of and ride it out.

Now, I never blamed anyone. I bought the homes (four in 2005.) My mistake.

However, I did noticed how gleefully some family members and co-workers seemed at my financial misfortune. O.K. human nature.

2021 things have never been better. I'm earning good money with my rentals and the value of the homes I bought in 2005 never higher. And the three homes I bought in 2010... well let's just say I cleaned up.

I took a lot of financial risks over the years and had many a restless night....

Now it's time for the rewards.

I cannot understand the mentality of people that find comfort in others misfortune.