Some Observations
Related: Automobiles are now estimated to cost around $10,000 per year to own over their life span.
Those costs will never go down. 6-8 YRS = 60 to 80K.
As the inner and even second ring suburbs now struggle with housing maintenance and infrastructure costs, I feel there are only two places to purchase a home that will protect your 'investment':
1. Any of the pseudo-trendy 'new' exurbs.
This is a false value in most cases.
The housing is typically poor quality and only of a certain 'perceived' value, which is best 'flipped' before another exurb becomes more trendy, or ex-urban expansion over-extends as we saw in the recent housing crash.
Needless to say, an exurb needs a car with its additional costs.
Your tax rates may be low however, as there is no infrastructure to fix: yet.
2. A trendy neighborhood in a city.
Of course we're all aware of the issues involved: poor schools, ineffective political 'leadership,' crime, etc.
The benefits of living in a city include the Arts and social interaction, existing infrastructure, and, well LIFE.
We're in a lukewarm period of return: Neighborhoods are 'hot,' existing residents are squeezed, invaders eventually leave to send their kids to a 'good' school, (which actually means 'culturally similar to their own.')
My 125 year-old crappy house has increased in value 5 fold.
Just sayin.
Come back and start a new 'trendy' neighborhood. I'll move there with ya.
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