Incomes and cost of living

[Bosoxfan5990]

With more folks working remotely due to the pandemic, I'm interested to see what the suburbs look like in the next 20-30 years.

I think there's massive buying opportunities in the current beautiful, but underdeveloped areas of states that will grow exponentially in the coming years with more folks looking for bang for their buck, without needing to commute to work.

[babyfaceposey]

Originally Posted by Bosoxfan5990

With more folks working remotely due to the pandemic, I'm interested to see what the suburbs look like in the next 20-30 years.

I think there's massive buying opportunities in the current beautiful, but underdeveloped areas of states that will grow exponentially in the coming years with more folks looking for bang for their buck, without needing to commute to work.

My goal this year is to grab some land for when I retire in 18 years. The problem is everything is so inflatted right now. Want to be on a lake with about 5 acres min.

[asujbl]

It's going to be fascinating here in Columbus with the new Intel plants

Right now they are projecting 3,500 new jobs, in addition to the 7,000 construction jobs (how many of those will be people already living here remain to be seen), and tens of thousands of ancillary jobs and businesses in addition to the A) people actually working at Intel and B) people building these 20 billion worth of construction

You can argue how Columbus accounts for population in the metro area

But we're currertly the 15th largest city with a projected population of 921,000 people in 2022

My point isn't that Intel is going to magically make Columbus shoot up the rankings, it won't, my point is that Columbus is already becoming very expensive to live as it's bigger than people think and homes are not easy to come by (comparatively to years ago) and the suburbs, especially those around Intel, are just going to keep exploding in size

Ohio State, especially medical, almost contributes to this a bunch each year... along with OhioHealth, Cardinal Health, Big Lots, L Brands and Nationwide... Columbus has more Fortune 500 companies than one might think

I guarantee it factored in to why my house sold on Sunday for what it sold for

[mattglet]

Originally Posted by Bosoxfan5990

With more folks working remotely due to the pandemic, I'm interested to see what the suburbs look like in the next 20-30 years.

I think there's massive buying opportunities in the current beautiful, but underdeveloped areas of states that will grow exponentially in the coming years with more folks looking for bang for their buck, without needing to commute to work.

I moved to NH in 2015 - my town's real estate prices have gone to the moon over the past 2 years. And it's not only people from MA... it's NY, CT, etc. If the commuter rails ever expand up into the Manchester/Concord area (it seems like the conversation ramps up a little bit more every year), it's going to be even more crazy.

We moved from Boston because the prices were already getting out of control, even in 2015. I could sell my house right now for $150k more than I bought it for, but I'd have to buy into the same market so it doesn't make any sense for where we want to live.

[hostilecarrot]

Bought my house pretty much exactly a year and a half ago. Got in at $263k and Zillow estimates at $348k which means it would probably sell the day it went on the market at $375k. So, appreciation in the range of 33+% over the course of 18 months. Our house was a totally remodeled foreclosure, 1550 square feet with full garage, no HOA, and a relatively private half acre.

Within two months of buying our house, two neighboring houses, slightly larger but not at all updated since built in the 80's sold for a bit over $300k.

There is no way I would have ever contemplated paying that much for this house a year and a half ago.

Considering this is one of the nicer places to live in NC by most measures, and I can be at two of the nicest beaches in the state in 10-15 minutes, I think the uptrend in prices is more of a correction than necessarily being tied to inflation. However, the prices have definitely been affected by remote workers flocking to a relatively inexpensive beach community. As an example, Raleigh, NC is still more expensive and one of the selling points for moving to Raleigh is they can take day trips to Wilmington.

[JeremyNick]

Originally Posted by hostilecarrot

Bought my house pretty much exactly a year and a half ago. Got in at $263k and Zillow estimates at $348k which means it would probably sell the day it went on the market at $375k. So, appreciation in the range of 33+% over the course of 18 months.

There is no way I would have ever contemplated paying that much for this house a year and a half ago.

Considering this is one of the nicer places to live in NC by most measures, and I can be at two of the nicest beaches in the state in 10-15 minutes, I think the uptrend in prices is more of a correction than necessarily being tied to inflation. However, the prices have definitely been affected by remote workers flocking to a relatively inexpensive beach community. As an example, Raleigh, NC is still more expensive and one of the selling points for moving to Raleigh is they can take day trips to Wilmington.

We built in 2019 for $330k
Zillow estimates now around $460k

It’s silly. I’m just glad we got in and built before the big boom and has ample savings and are comfortable with the mortgage. I can’t imagine trying to buy at these prices right now.

[k13]

You should be happy you don't live where garbage houses are $1-$2 million but incomes are $40-$50k..

[DiamondDonovan]

Originally Posted by JeremyNick

It’s silly. I’m just glad we got in and built before the big boom and has ample savings and are comfortable with the mortgage. I can’t imagine trying to buy at these prices right now.

Same...my wife and I were lucky to buy a couple years ago. Even if we sell, it would be hard to stay in our current city (Northern CA - San Jose) since values have gone up so much and property taxes would be a huge increase to what we are paying right now.

With the high cost of living, salaries out here are really high and even minimum wage is almost $18 an hour. However, it's really common for younger professionals (20-30s) to live with roommates or at home with parents since housing is so expensive.

[pejc300]

Originally Posted by k13

You should be happy you don't live where garbage houses are $1-$2 million but incomes are $40-$50k..

Ahhhhh....so that's why you're so upset all the time.

[nabzy28]

Originally Posted by DiamondDonovan

Same...my wife and I were lucky to buy a couple years ago. Even if we sell, it would be hard to stay in our current city (Northern CA - San Jose) since values have gone up so much and property taxes would be a huge increase to what we are paying right now.

With the high cost of living, salaries out here are really high and even minimum wage is almost $18 an hour. However, it's really common for younger professionals (20-30s) to live with roommates or at home with parents since housing is so expensive.

I'm in central Ohio and I know quite a lot of co-workers who are late 20's, into early 30's still living with roommates or parents. It's almost impossible for them to afford any housing that's not in or near bad areas.

I built in '09, during the crash, figuring it just might be the type of thing that is a 'once in a lifetime' event. My house payment is hundreds less than they pay for rent around here, already. It's just crazy and I was definitely very lucky.

[clarkzac]

Seeing all these numbers, which I already knew prices were crazy high in the cities, makes me even happier that I live in the middle of nowhere in Nebraska. We bought a 4 bedroom, 2.5 bath house, 2100 sq ft with another 400 sq ft basement just about 5 years ago for 150k. And I know Zillow isn't the best for it, but it's estimate is at 200k today.

[nman84]

Originally Posted by clarkzac

Seeing all these numbers, which I already knew prices were crazy high in the cities, makes me even happier that I live in the middle of nowhere in Nebraska. We bought a 4 bedroom, 2.5 bath house, 2100 sq ft with another 400 sq ft basement just about 5 years ago for 150k. And I know Zillow isn't the best for it, but it's estimate is at 200k today.

For comparative purposes - same sized home locally here in San Diego is 1.3mil with no basement and very little yard space.


Utilities are just straight theft here. Electricity in San Diego is highest in the country I believe. I moved in the summer of 2018 and the first two months of electricity were $500 and $600. Immediately invested in solar and its paid off wonderfully. It’s about 45 cents/kWh now.

[Boo]

Originally Posted by nman84

For comparative purposes - same sized home locally here in San Diego is 1.3mil with no basement and very little yard space.


Utilities are just straight theft here. Electricity in San Diego is highest in the country I believe. I moved in the summer of 2018 and the first two months of electricity were $500 and $600. Immediately invested in solar and its paid off wonderfully. It’s about 45 cents/kWh now.

Not sure if you have electric choice or not but in PA you can choose your supplier. I just complained the last time I had to choose and it went to like 8.2 cents/kWh.

[Pearce77]

Originally Posted by clarkzac

Seeing all these numbers, which I already knew prices were crazy high in the cities, makes me even happier that I live in the middle of nowhere in Nebraska. We bought a 4 bedroom, 2.5 bath house, 2100 sq ft with another 400 sq ft basement just about 5 years ago for 150k. And I know Zillow isn't the best for it, but it's estimate is at 200k today.

Same but in Iowa. Low COL and three hour flight to either coast, three hour drive to KC or Minneapolis, 45 min flight to Chicago.

[Brobocop]

I feel like I got a good gig going. I work remotely for a company headquartered in Santa Clara, CA so I get a salary akin to that area in terms of cost of living, but I work from Cleveland, OH so my cost of living is vastly lower. I also get to avoid paying California taxes since I haven't worked a second in California. I also save on city taxes since I work and live in the same city.

My wife bought our home prior to us meeting for about $135k in February of 2019. A similar house with a smaller kitchen down the street just sold for $200k.

Would love to move and buy something larger and nicer but there just isn't anything up for sale right now given that most people don't list in the winter.

[nman84]

Originally Posted by Boo

Not sure if you have electric choice or not but in PA you can choose your supplier. I just complained the last time I had to choose and it went to like 8.2 cents/kWh.

We do not, SDGE runs a monopoly here!

[babyfaceposey]

Originally Posted by nman84

For comparative purposes - same sized home locally here in San Diego is 1.3mil with no basement and very little yard space.


Utilities are just straight theft here. Electricity in San Diego is highest in the country I believe. I moved in the summer of 2018 and the first two months of electricity were $500 and $600. Immediately invested in solar and its paid off wonderfully. It’s about 45 cents/kWh now.

45 cents a kwh. Holy crap.

[pingbling23]

In the last 3 years homes in Knoxville have appreciated 2-3x.

[Niels50]

Can't touch a home over 1200sf for less than $300K around here. I really hope a market correction is coming, my gf and I are ready to pounce if it happens.

It is gross seeing houses listed for $300-400K that people paid $175-250K for 3 years ago.

[asujbl]

Originally Posted by Niels50

Can't touch a home over 1200sf for less than $300K around here. I really hope a market correction is coming, my gf and I are ready to pounce if it happens.

It is gross seeing houses listed for $300-400K that people paid $175-250K for 3 years ago.

You don’t want to know what my house just sold for that I mentioned earlier…

That gap was just over asking

Let alone what I paid in 2015

[LVDan]

Fled CA for LV about 25 years ago and Nevada has been very good to me. The easiest explanation I give to my friends in Cali is this: we have roughly 50% the COL and 80% the wages. Our family income is approximately 130k.
We bought a 2300sf 4/2.5 house w 20x40 pool in an older but decent neighborhood bordering a golf course considered “downtown” for 325k almost exactly 3 years ago. Valued around 475 now. Mortgage is about $1450.
If we lived anywhere in SoCal w similar jobs we’d be renting a crappy condo and commuting a couple hours everyday. Plus having to drop my kids at some daycare to add to the time away from home every day too. In the teeth of rush hour both ways in Vegas it takes me no more than 20 mins to get to work and 30 mins to get home. So I’m away from home for about 9.25 hours for an 8.5 hour workday. In LA I think that would be closer to 11 or 12 hours. That is a very underrated and often overlooked lifestyle difference IMO. I absolutely love California but honestly the only advantage to living there is the spectacular weather. But hey you know what they say, “but it’s a dry heat”.

I feel like I get to live an upper middle class existence that would be a lower middle class life in California.


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[DiamondDonovan]

Originally Posted by LVDan

Fled CA for LV about 25 years ago and Nevada has been very good to me. The easiest explanation I give to my friends in Cali is this: we have roughly 50% the COL and 80% the wages. Our family income is approximately 130k.
We bought a 2300sf 4/2.5 house w 20x40 pool in an older but decent neighborhood bordering a golf course considered “downtown” for 325k almost exactly 3 years ago. Valued around 475 now. Mortgage is about $1450.
If we lived anywhere in SoCal w similar jobs we’d be renting a crappy condo and commuting a couple hours everyday. Plus having to drop my kids at some daycare to add to the time away from home every day too. In the teeth of rush hour both ways in Vegas it takes me no more than 20 mins to get to work and 30 mins to get home. So I’m away from home for about 9.25 hours for an 8.5 hour workday. In LA I think that would be closer to 11 or 12 hours. That is a very underrated and often overlooked lifestyle difference IMO. I absolutely love California but honestly the only advantage to living there is the spectacular weather. But hey you know what they say, “but it’s a dry heat”.

I feel like I get to live an upper middle class existence that would be a lower middle class life in California.


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Many of my uncles and aunts retired out in Summerlin/Green Valley areas in LV. They love that there is no state income tax and enjoy being out there by the casinos lol

[LVDan]

Originally Posted by DiamondDonovan

Many of my uncles and aunts retired out in Summerlin/Green Valley areas in LV. They love that there is no state income tax and enjoy being out there by the casinos lol

It's really a pretty good place to live. I am a little nervous about putting my kids (2 and 4) into the 49th ranked public school system in the US though.
I like being less than a days drive from virtually everything good in the SW US:
Ocean- 4hrs to OC beaches, 7 hrs to Central Coast(SLO county), 9 hours to bay area.
Grand Canyon, Zion, Sedona, Sierra Nevadas, Denver, LA, Mexico, Redwoods, etc. are all a day or less drive away. The desert is also full of cool stuff like ghost towns, old mines and strange little towns.

[mattglet]

Originally Posted by LVDan

It's really a pretty good place to live. I am a little nervous about putting my kids (2 and 4) into the 49th ranked public school system in the US though.
I like being less than a days drive from virtually everything good in the SW US:
Ocean- 4hrs to OC beaches, 7 hrs to Central Coast(SLO county), 9 hours to bay area.
Grand Canyon, Zion, Sedona, Sierra Nevadas, Denver, LA, Mexico, Redwoods, etc. are all a day or less drive away. The desert is also full of cool stuff like ghost towns, old mines and strange little towns.

[LVDan]

Originally Posted by mattglet

ok, I'll admit: Zzyzx Road is a little creepy, especially after that movie.