Thinking of exiting the rat race - anyone else have similar experiences? (foreclosure, rentals)

[Cyberfire]

So here's the situation: Young, married professional with a newborn on the way, $130K+ combined earnings (wife only works part time), and renting.

The problem is, my lease just expired, and the landlord wants to bump up rent by $300 / mo. This might be the proverbial straw on the camels back, because it's getting tougher to live in the bay area financially.

It's not that I can't afford to live here - it's just that I'm not sure if I want to anymore. The commute, long hours and stress from the job, extremely high living costs all contribute to an environment that makes it kind of a family un-friendly area.

If I was still single, this would be fine. But trying to start a family in the bay area as a young couple seems very difficult, and so I've thought about going to Boise, ID, or somewhere in Colorado, where cost of living is much more reasonable, and can use some of the money I've accumulated to actually buy a decent home and start a family.

Anyone else been in the same boat? What did you do?

[Sealtite]

Originally Posted by Cyberfire

So here's the situation: Young, married professional with a newborn on the way, $130K+ combined earnings (wife only works part time), and renting.

The problem is, my lease just expired, and the landlord wants to bump up rent by $300 / mo. This might be the proverbial straw on the camels back, because it's getting tougher to live in the bay area financially.

It's not that I can't afford to live here - it's just that I'm not sure if I want to anymore. The commute, long hours and stress from the job, extremely high living costs all contribute to an environment that makes it kind of a family un-friendly area.

How in the hell is your landlord spinning the justification in a $300/mo bump in rent? That's just absurd. I could see $50 or maybe eve $100 in a good economy, but $300? I'm assuming that they're asking for this when you renew your lease agreement. In that case, I'd just tell them to find some other sucker to leach the extra $3600/year from, and move somewhere else locally.

In the long-term, yeah do your research and find a part of the country that suits you the best. I'm new to California, however I've noticed that a lot of the younger natives I've met here seem to be somewhat clueless as to how easy it is to live somewhere else. I knew what I was getting into when I moved here, weighed the good with the bad, etc. I can always go back east, and I know that. I feel really sorry for anyone who was born and raised in California, and doesn't know what's "out there" beyond the desert. Sure, the weather's ****ty, but things like actual home ownership (getting a mortgage paid off in 10-15 years, property taxes in the $2-$3,000 range) actually do exist out there.

What type of work are you and your wife in?

[Snort]

Our rent got bumped nearly $500 per month. I also just resigned my position and will find work somewhere else. It could be CA, it could be somewhere else.

[Sealtite]

Originally Posted by Snort

Our rent got bumped nearly $500 per month.

Wow. Just.....wow. What reason did your landlord site? Pure greed?

[MtnSurfer]

Originally Posted by Cyberfire

So here's the situation: Young, married professional with a newborn on the way, $130K+ combined earnings (wife only works part time), and renting.

The problem is, my lease just expired, and the landlord wants to bump up rent by $300 / mo. This might be the proverbial straw on the camels back, because it's getting tougher to live in the bay area financially.

It's not that I can't afford to live here - it's just that I'm not sure if I want to anymore. The commute, long hours and stress from the job, extremely high living costs all contribute to an environment that makes it kind of a family un-friendly area.

If I was still single, this would be fine. But trying to start a family in the bay area as a young couple seems very difficult, and so I've thought about going to Boise, ID, or somewhere in Colorado, where cost of living is much more reasonable, and can use some of the money I've accumulated to actually buy a decent home and start a family.

Anyone else been in the same boat? What did you do?

This is actually pretty common for young families in the more expensive parts of CA. Keep in mind CA is a huge state with a lot of options as well. And if you enjoy the coast at all and have family here then there is the added benefit of being able to drive a few hours and see them vs. flying with children which gets expensive. A lot will depend on what you do for a living and where you can find work. For example the SAC area is a more affordable option and for some better than the alternatives elsewhere.

We moved out of state from LA to CO for the same reasons ~ 7 years ago with the birth of our third child. CO is a lot more affordable. But like any place there are pros and cons which you will not fully come to know until you live there, as opposed to visting. We still have friends and family who live in CO, while others eventually returned. Much will depend on you and how well you can grow accustomed to living in the middle of the US in snow country. Living in snow season from Sept. to April isn't always as romantic as its cracked up to be. But there are obvious benefits such as lower COL, especially with regards to housing. We were able to buy a nice, newer home with a view of the Rockies for pennys on the dollar in CA terms.





But we eventually missed too many things about the West Coast and returned. Did we regret moving to CO? No, we enjoyed ourselves while there and it was a great learning experience. It also helped us clarify what was important for our family longer term. We almost moved to Portland after CO because we love the PNW. But with more extended family here we were wanted to be in closer driving distances to them. Where are your parents, grandparents, aunts, uncles, etc..? For kids more than you spending time with them will be important. And flying to visit isn't always that easy, especially if you eventually have more than one child.

As always YMMV.

Derek

[MtnSurfer]

Check out this post from some others who have made the move from CA to CO looking at the pros/cons from both sides of the fence: Things I do and don't miss about Silicon Valley

Derek

[jaijai]

As an aside:
Colorado and Idaho both have high levels of radon.
This may or may not be a concern but, as someone who has been in homes in Idaho with extremely high levels, i would be remiss if i did not mention this.

[MtnSurfer]

Originally Posted by jaijai

As an aside:
Colorado and Idaho both have high levels of radon.
This may or may not be a concern but, as someone who has been in homes in Idaho with extremely high levels, i would be remiss if i did not mention this.

This is something which home inspectors should check before buying a home, though some may overlook it. If higher levels are found the owner will be can be asked to remediate it. The exception to this will be a bank foreclosure sold 'As Is' = buyer beware.

Derek

[jaijai]

Originally Posted by MtnSurfer

This is something which home inspectors should check before buying a home, though some may overlook it. If higher levels are found the owner will be can be asked to remediate it. The exception to this will be a bank foreclosure sold 'As Is' = buyer beware.

Derek

And then there are rentals which may or may not have high levels of radon and may or may not have a mitigation system.
I was never even aware of radon until i started spending time in Idaho and now i'm hyper-aware of it.

[NewToCA]

Though I lived in metro Washington DC at the time, not in California, I had a similar experience about 20 years ago.

We moved out of the area, and to a much less expensive, and better, place to raise a family.

After all of these years, I honestly can say I have no regrets, and given the same circumstances I would have made the same decision.