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Mark knows first hand about this tradeoff (even without a family) and is considering the burbs for the extra space.
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I could live in a closet, space isn't really an issue...however, I'm looking for the strongest market and right now it appears the burbs offer me a better value for my first major investment than I have found in the hot and inflated inner-Portland market. I have no real estate training, don't fully understand the housing market, I'm sure, but do think I will have a better chance retaining and growing value right now in a larger place in the burbs, than an inner closet for the same price. If the inner Portland closet was 25% cheaper, I'd take the closet.
A few blocks from that Albina site in both directions, the neighborhoods are upscale...extremely upscale actually. I could see this area attracting wealthy families in 3-bedroom homes.