Many of you probably saw the AZCentral story about a young couple that recently moved from Queen Creek to the super-cool address that is 44 Monroe in downtown Phoenix. Talk about a lifestyle change… While each of the two areas has it’s plusses and minuses, it was interesting to hear another couple describe their desire to live in a more urban and convenient location. Having the ability to walk or take the light rail to a seemingly endless number of things to see and do makes leaving suburbia an easy decision for those that don’t enjoy driving long distances to get to the things they want to do.
Here’s a quote from the article that I found particularly interesting:
”Moving downtown has saved them hundreds of dollars a month in gas, reduced their headaches, eliminated their long commutes and improved their social lives.” – AZ Central.
We have seen the success of 44 Monroe and West 6th in Tempe on the rental market but have also watched buildings like One Lexington and many of the single family neighborhoods along the line increase in popularity.
It’s true that a home in the far outlying regions of the valley can be purchased at what seems like ridiculously low prices. Once people factor in the cost of fuel, travel times, and other lifestyle factors, the lower rents / mortgage prices don’t always make up the difference. Let’s look at 44 Monroe pricing: “Rent is $1,582 for a one-bedroom, 1 1/2-bath unit that spans 1,126 square feet” while the rents are “$2,900 to $2,990 for the largest unit, a 2,079-square-foot space that includes two bedrooms and 2 1/2 baths”.
So, people are gobbling up places in the $1,500 – $3,000 a month price range, because they want to live in a more urban environment, right? Right. One of the great things about life along the line is the fact that there are a LOT of choices. The types of available housing within 1/2 to 1 mile from a light rail station would probably surprise many of the people that still want to hold on to a little bit of suburbia. For example… Currently, there are more than 40 single family homes for sale within 1/2 mile of a light rail station priced under $200k. Heck, about half of those are priced under $100k! Have you checked interest rates lately? Do the math, it makes $ense…