New to Atlanta from Korea (Marietta, Dunwoody: fit in, for sale, real estate)

[atlocal]

Keep this in mind too when we say there's a huge Korean population in Atlanta. It's not like there are tons of Koreans walking around Johns Creek and Duluth. Atlanta is a car centric city so you'll only see Koreans in the grocery stores, restaurants, churches, etc. I've never been to Ann Arbor but I would imagine it looks similar to the burbs here. I have Korean friends and they still need to get adjusted even though we have a "large" Korean population here.

[evannole]

John's Creek and Duluth certainly seem to have the largest Korean populations these days. Another option might be East Cobb, where, according to Korean friends of mine, the Korean population in Metro Atlanta used to be centered. I still know several Koreans who live in East Cobb and have seen at least one Korean church (on Old Canton Road) when driving around, so it's likely that there's still a decent sized base there. Moreover, Korean Air still has its only Atlanta area sales office in unincorporated Marietta, on Powers Ferry Road at Windy Hill Road. The fact that they haven't seen fit to move to John's Creek, Duluth or into Atlanta itself would seem to indicate that there's still a Korean community in the area.

East Cobb would likely give you a better commute into the city than John's Creek or Duluth would, as long as you're far enough south.

Commute aside, all of these areas are nice places to live and would likely be good options for you.

[Need4Camaro]

basically yes -- but I personally think something around $300 , $350k will be more than enough for his needs, there's absolutely no need to go for something $900,000 or higher unless its something you absolutely want.

[fzx]

I would also consider Decatur. The place is close to your offices, Emory and Buyford Hwy. The school sys is good.


One thing I would remind you is the area Korean shops are centered does not correlate to where Koreans live.

[Chengdu Nanhai]

A warm welcome from a fellow Wolverine! Like you I did my Ph.D. at Ann Arbor, and I sought relocation help on this forum 3 years ago. I ended up buying my house in Suwanee, and it's been great. Your situation is pretty different from mine, since both of you work downtown, and you have two kids.

In terms of public schools, Johns Creek/Alpharetta/Suwanee area are the best, and you do see the highest concentration of Korean and Chinese families in this cluster. However, you can expect to spend 2+ hours roundtrip everyday commuting to work, no way around it. It may be worth it, I know plenty of people that make the commute.

Another idea is to live in Brookhaven, it's a part of town that's on the rise. Your commute will be cut in half, and you are close to all the city amenities. On the other hand, the quality of public schools there is uneven.

Regarding your house budget, I think a range of $500k-$1 million will be pretty good for you. You'll be getting a LOT of living space with that budget (400-600 square meters), especially if you end up in Johns Creek/Alpharetta/Suwanee. I don't think some other posters' advice on limiting your house budget to 300k-350k is sound. You guys can comfortably afford an $800k house, and there are far worse places to put your money into than a house. A good realtor can really help you understand the neighborhoods and housing market.

All the best luck!

[jhtrico1850]

Cities with the Highest Percentage of Koreans in Georgia | Zip Atlas

Duluth is the top Korean city in Georgia according to this website (3.5%), then Suwanee (2.5%).

Since you'd be working in Midtown/Downtown, I would prioritize a closer commute than a Korean community. Or at least, try the commute during rush hour on a weekday.

You can always visit them in the weekend, otherwise, you will have a pretty miserable commute. Though there are buses that make the trip from Gwinnett to the city if you're still open to it.

[AnsleyPark]

Originally Posted by wonshirim

Thanks a lot! About our financial situation: we think we'll be making around $150,000ish in pretax income together and we have around $600,000 together in cash. We have 2 kids aged 3 and 4 and we're thinking about a home in the $900,000~$1,200,000 range on a mortgage. This is pretty standard in Korea but I'm curious whether it seems like we're overleveraging and buying too expensive a house. Your opinions are greatly valued. Thanks!

A million dollar home on $150,000 in income? Hmm. I am very financially conservative and wouldn't take that on. Yep - $600,000 in savings is a nice number, but it is still just a beginning. Live modestly, save a bit more. Those pre-K kids will cost you a pretty penny between now and when they are out of college and on their own.

Think about this, a $1,000,000 loan with interest-only payments will run $3,500 - $4,000 a month. So, that's about $40,000 per year. So, after tax and living expenses, does $150,000 per year leave you enough to live comfortably and pay your mortgage?

Now, if you use your savings to pay down the mortgage - say, 20% to avoid paying PMI, which you should do - you've just reduced your savings to $400,000. That $200,000 down payment could easily be returning you 10% in this market. So, you are essentially paying $20,000 in foregone savings returns, still leaving you to finance $800,000 on a $1 million purchase.

In any of these scenarios, I wouldn't be able to sleep at night. But, maybe that is just me. I have a daughter who is 25, albeit she does not yet have children and so is a bit younger than you guys, but I'd tell her not to spend nearly this much on a house given the financial situation you described. Save for a rainy day or an earlier-than-ususl retirement.

Not trying to sound all "preachy," just trying to answer your inquiry.

[Need4Camaro]

Originally Posted by AnsleyPark

A million dollar home on $150,000 in income? Hmm. I am very financially conservative and wouldn't take that on. Yep - $600,000 in savings is a nice number, but it is still just a beginning. Live modestly, save a bit more. Those pre-K kids will cost you a pretty penny between now and when they are out of college and on their own.

Think about this, a $1,000,000 loan with interest-only payments will run $3,500 - $4,000 a month. So, that's about $40,000 per year. So, after tax and living expenses, does $150,000 per year leave you enough to live comfortably and pay your mortgage?

Now, if you use your savings to pay down the mortgage - say, 20% to avoid paying PMI, which you should do - you've just reduced your savings to $400,000. That $200,000 down payment could easily be returning you 10% in this market. So, you are essentially paying $20,000 in foregone savings returns, still leaving you to finance $800,000 on a $1 million purchase.

In any of these scenarios, I wouldn't be able to sleep at night. But, maybe that is just me. I have a daughter who is 25, albeit she does not yet have children and so is a bit younger than you guys, but I'd tell her not to spend nearly this much on a house given the financial situation you described. Save for a rainy day or an earlier-than-ususl retirement.

Not trying to sound all "preachy," just trying to answer your inquiry.

This... These guys who are saying to get a $600,000 + home on $150k a year are practically surrendering you to a financial massacre. NEVER live right at your income means if you can avoid it (meaning if you have the opportunity to save, always do it.) A house $400k and up is a want in Atlanta, not a need - in Seoul it would be a bit more understandable, but I'm quite positive that a house $350k in the Atlanta metro will be MORE than enough to suite your current needs... this isn't New York or California, housing is pretty practical in this city. Of course you're more than free to choose as you will, I am only giving suggestions.. but if it were me, there is absolutely NOTHING better than to have reserve funds in your bank. Life happens at the absolute worst possible times.

[RorMc]

If it were me, new to the city, working at GT & downtown, I'd suggest living intown first. These 3 hoods will enhance your experience of Atlanta and have excellent elementary schools: Ansley Park, Morningside, Virginia Highlands.

You can always run up to Duluth on the weekends to shop at H-mart & go out to eat. I don't see any sense in commuting 1 hour+ each way to a bedroom community.

[waronxmas]

I would say Chamblee would be your best bet. It has a direct rail connection to the city (one line with no transfers to Midtown and Downtown) and prices are still affordable for rents. There are also a lot of Korean restaurants, grocery stores, cafes, lounges, you name it. Lots of Koreans there as well (though not as many as Gwinnett County) as well as tons of other recent transplants from the rest of Asia (China and Pakistan mainly), Africa, and Central/South America.

It's the perfect place to ease in to American life since you will still get all of things you're used to back home, plus also get to live among people from all of the world in a more urban environment. It's a pretty legit place.