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Updated 24 days ago,
1031 Exchange Phoenix vs L.A.
I am in a 1031 ex and honestly overwhelmed with deciding to stay in Los Angeles or move to Phoenix AZ. I could really use some advice. I need help finding statistics of appreciation, population growth, job growth.
California of course has great appreciation and limited competition growth with high house prices making renting almost a necessity but I worry with more people leaving California then coming in this year that Phoenix might be a better investment in terms of long term growth. Thoughts? Facts? Help?
Pros
L.A.
- Low vacancy
- Renting is almost a necessity
- High rents
- Expensive 6-8 units vs 14-18
Con
- Rent control
- Laws are favoring tenants
- Mass exodus
Phoenix
- population growth 2.3%
- job growth at 2.1%
- no mold
- In the sunbelt IE good for baby boomers
- Cheaper 14-18 units vs 6-8
Con
- Hotter then Satan
- Lots of competition
- Low rent
- Higher vacancy?
This is the biggest decision of my life and I don't know what to do! Coming out of the 1031 I'll have about 620k to invest which means I am looking in the 1.5 to 2 million range if it matters. I am based in OC if anyone has recommendations on advisers Real estate, financial, meet ups, anything really.