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Why would I move? Because I wouldn't want to pay $800 a month, for a two bedroom shack, as you put it. I can pay $800 a month here, for 2,200sq of new construction.
I'm sitting here laughing. In my area, $180,000 gets you ZIP! NOTHING!!!! Seriously. Not even an empty piece of land. A studio condo that's approx 400 square feet with no off street parking will run you around $400,000 and that is low end...not even updated! I don't plan on owning anything anytime soon!! If you drive about 60 miles outside of the city (which translates into about a 2.5 hour one way commute) you might be lucky to find a two bedroom house for around $500,000 and if you are really lucky it might have central air and parking. The housing marking is changing a bit, but I don't see it changing enough for me to be really worried about interest rates. I don't see how normal folk around here make it with home ownership. I work with people at my hospital that work two and three jobs just to pay $4500-5000 mortgages. It's tough. If it weren't for rent control in the city where I live it would be impossible. We are very lucky to be a few blocks from the beach!!!! But to pay a couple of million bucks for the same exact apartment would be INSANE!! So to hear someone complain about $180,000 seems so crazy to me.
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