Quote:
Originally Posted by hayden55
This is why I don't wanna move outside of my state to a big city. lol
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It cuts both ways. Yes, expensive housing markets are harder to buy into but when it comes time to sell and leave the area you can go just about anywhere, pay cash, and likely have money left over. We are seeing that in the Portland market today where people move from California for the "cheap" housing in Oregon. The house next to use was like that and the new neighbors spent about half of the proceeds from selling their house in LA to buy their current house with cash. They then refinanced it but having cash on hand is a big help when bidding on a house.
Our house has almost doubled in value in the 6 years we have owned it. When we sell in a few years we will likely use the proceeds to buy 2-3 rental properties in cheaper areas. (Rents are too low in the Portland area to get a good return)
It helped that we slowly stepped up the ladder for housing costs. We went from rural TN to Birmingham, AL and had to increase or budget 50%. Then we went from AL to Portland, OR and had to increase it by 50% again. In both cases my wife as dead set against increasing the budget so we had to spend a Saturday visiting houses in our original budget to see just how crappy a house that bought in the new location.