Is because this and this and this are all cheaper than this and this lovely garage with a house possibly attached.
With that snowfall comes mortgages lower than rent as well as job opportunities for our soon to be massage therapist in Grand Rapids' rapidly growing medical industry. Plus the cold just means more cuddling. Aww.
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8 comments:
Not trying to be a pain here, but I've been looking at some stuff regarding Grand Rapids. It looks like you're right about the rapidly growing medical industry. But Michigan has the worst unemployment rate in the nation. Grand Rapids is among the top 20 cities in the nation with the highest unemployment rates. That means a lot of competition for jobs, which means low income. House values have declined steadily since mid-2003. When thinking about purchasing a home, you want it to be in a growing area, not a declining one. It doesn't really matter if housing is relatively cheap if you are not going to get a good return on your investment.
Portland, on the other hand is growing...not declining. It is estimated that it will grow by 60% over the next 50 years. That generally means increasing house values. It also means a growing economy. Oregon's unemployment rate is 33rd in the nation. Not great, but way better than Michigan. If you think it's difficult getting a job in Portland, my guess is it will be way more difficult to get a job in Grand Rapids.
It's true that the cost of living is less in Grand Rapids. But look at your data. There is a $400 a month difference in median mortgage costs, but roughly a $400 a month difference in median income. So that's a wash. My thinking is you'd be better off in an area with a growing economy & rising house values. Sure, it's tough coming up with $ for that first home purchase. But it's better to have something that is going to increase in value rather than something that is going to stay static or even decline. Also, there is a 10% higher cost of living in Portland than in Grand Rapids. But the median income in Grand Rapids is 20% lower than Portland's. Not a good trade-off.
Another thing to consider is regarding the art gallery. I don't know a thing about them, but my first thought is that art is something that sells to people with disposable income. So I would think that art galleries would do better in areas with lots of folks with money to spend. I've never been there, but the data indicates that would not be the case in Grand Rapids. There may be a growing art community, but that just means more people competing for the same shrinking amount of money. Not a good scenario.
I'm not trying to talk you out of the move. You guys have gotta live your own lives, and follow your own dreams. I'll stand with you 100% no matter what you decide. I realize that you haven't asked for my opinion, so I may be offering advice where it's really not welcome. But I'm a dad, so this is what I do. Not 'cause I want to control your lives (I don't!), but because I love you!
Yeah, the overall numbers aren't the best, I never really thought they were. . . anywhere. But, if I looked at the numbers like that, I would just try to leave America all together.
Sometimes you just have to have a little faith in the risks you take. If I looked at the numbers that hard I would have never moved here and met Lisa. Good thing I ignored the statistics, huh?
And everything you said makes sense, especially if you have money and want to protect that money. However, we have NOTHING. We aren't looking at it from an investment standpoint as much as we are looking at it from a "would like to raise a family in a place with a backyard" standpoint.
Oops. Sorry. I didn't realize how I was coming across. Typing doesn't lend itself to long discussion, so I tend to cut to the chase and leave out the "softening" stuff. I apologize to both of you.
Lisa said that she wouldn't mind my help in searching for an area. While I am not trying to get you to forget about Grand Rapids, I am seeing some areas that look promising. Of course, I haven't a clue about the ambiance of the different cities, so I'll just float one example. What about Kenosha WI? Closer to Chicago & South Bend than Grand Rapids. On the lake. Much lower crime rate...actually well below the national average. Housing prices have been climbing, but are still real good. You can get a killer place for $130,000. Median income is over $40,000. A look on the satellite map makes it look less green than the Grand Rapids area, though. Just a thought. Let me know if you want me to look at other areas. I completely understand if you want me to mind my own business, though!
Oh yeah, unemployment in Wisconsin is way lower than Michigan.
http://www.planetizen.com/node/23041
Apparently, wherever I go will be a good investment.
http://www.csmonitor.com/2007/1226/p02s01-ussc.html
http://www.businessweek.com/bwdaily/dnflash/content/feb2007/db20070226_149427.htm
These are some more good reads. The reason I wanted to live in GR and open a gallery is pretty much for these reasons. Artists are a poor lot which is why we flock to places with a low cost of living. Then we turn whatever place we are in into a "hip" city. It is the reason Portland is growing so fast. They turned train tracks into galleries and boutiques and BOOM. Same goes for Boulder, CO, Albuquerque, NM and San Francisco.
Good stuff. My brother (Brad) works with movie studios in LA. Supposedly there is a major exodus to Michigan right now, because of the cost of making flicks. Something like 56 productions slated for the next couple of years. You might be on to something here!
Wow, thanks Ian! As I was reading those articles you posted, I remembered when Venice Beach (in So.Cal.) was really a literal ghetto. (In a beachie, kinda fun way) It was right on the beach, but every house should have been condemned by Building Safety years prior. However, the artists moved in BECAUSE it was so cheap, and VOILA...now ordinary people can't afford a place there.) And all in the 20 years, as I watched it myself.
(hmmmn. Now that I'm thinking about it, I remember reading about how Laguna Beach started the same way!)
So, YOU GO SENIFFS!
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