California - affordable retirement? (Los Angeles, Mission Viejo: foreclosures, rent, condo)

[fast_eddie_72]

Hey,

I have a while to ponder this. But I used to live in California (Bay Area) and I would love to return when I retire. This is at least 10 years away, so this may be more of a mental exercise than anything else, but what are some nice places in California that are "affordable?"

Now, I understand that California isn't affordable. So let me define that a bit. I have a home now that is worth about $500,000. Maybe a little more. I'd like to find something that was in that neighborhood or a little less.

But, I'd also like to be able to get to the ocean and live in a decent little town. I have looked on line at some areas down between LA and SD. Temecula and Murrieta - but I've never been there. Looked like I could maybe get something in Mission Viejo. But I'm really open to options I haven't thought of. ANYWHERE near the coast. I love the SLO area, but I think that's going to be too expensive for me.

I'd prefer a house to a condo/town home. Doesn't need to be huge. A decent two bedroom would be fine.

I appreciate any thoughts!

[sheri257]

We've always wanted to retire on the coast and have the same plan. But, we're moving back now because housing prices are dropping and are finally reaching more reasonable levels. We're seeing some great deals, especially on foreclosures.

We were worried that if we waited, housing would get too expensive again and we'd never be able to retire there so ... we're moving back in June.

[thomasw98]

Originally Posted by fast_eddie_72

Hey,

I have a while to ponder this. But I used to live in California (Bay Area) and I would love to return when I retire. This is at least 10 years away, so this may be more of a mental exercise than anything else, but what are some nice places in California that are "affordable?"

Now, I understand that California isn't affordable. So let me define that a bit. I have a home now that is worth about $500,000. Maybe a little more. I'd like to find something that was in that neighborhood or a little less.

But, I'd also like to be able to get to the ocean and live in a decent little town. I have looked on line at some areas down between LA and SD. Temecula and Murrieta - but I've never been there. Looked like I could maybe get something in Mission Viejo. But I'm really open to options I haven't thought of. ANYWHERE near the coast. I love the SLO area, but I think that's going to be too expensive for me.

I'd prefer a house to a condo/town home. Doesn't need to be huge. A decent two bedroom would be fine.

I appreciate any thoughts!

Count slowly from 1 to 100........

OK, now you can afford a lot of places in California.

Count slowly from 1 to 100 again.......

Buy two and rent one out as income property.


But therein lies the problem: If you bought a house after the first time you counted to 100, you would be really annoyed after the second time since you would have lost a big chunk of the value of your new home.

My advice, wait 18 months. Then count to 10. Then buy. Then close your eyes/ears and don't open them again for 3 years. You should be fine.

[Charles]

Originally Posted by fast_eddie_72

Hey,

I have a while to ponder this. But I used to live in California (Bay Area) and I would love to return when I retire. This is at least 10 years away, so this may be more of a mental exercise than anything else, but what are some nice places in California that are "affordable?"

Now, I understand that California isn't affordable. So let me define that a bit. I have a home now that is worth about $500,000. Maybe a little more. I'd like to find something that was in that neighborhood or a little less.

But, I'd also like to be able to get to the ocean and live in a decent little town. I have looked on line at some areas down between LA and SD. Temecula and Murrieta - but I've never been there. Looked like I could maybe get something in Mission Viejo. But I'm really open to options I haven't thought of. ANYWHERE near the coast. I love the SLO area, but I think that's going to be too expensive for me.

I'd prefer a house to a condo/town home. Doesn't need to be huge. A decent two bedroom would be fine.

I appreciate any thoughts!

While your home is worth $500K, what is it's tax assessed value? Did you buy it in 1973 for $40K and you are paying $800 per year in property taxes? If you sell the $500K home and buy another, might your taxes go up?

Conversely, if you are over 55 there may be property tax transfer benefits. You should read and understand every word of this:

Frequently Asked Questions - Exclusions from Reappraisal Propositions 60/90 - Board of Equalization

[the city]

I think San Luis Obispo, Paso Robles, Madera, Davis, Napa, and Santa Barbara are really nice retirement communities. But they are all really expensive. What about Orcutt? It's next to Santa Maria, Ca.

[Lovehound]

I have a friend in Murietta. He calls it "meth town." Need I say more?

[Charles]

Originally Posted by Charles

While your home is worth $500K, what is it's tax assessed value? Did you buy it in 1973 for $40K and you are paying $800 per year in property taxes? If you sell the $500K home and buy another, might your taxes go up?

Conversely, if you are over 55 there may be property tax transfer benefits. You should read and understand every word of this:

Frequently Asked Questions - Exclusions from Reappraisal Propositions 60/90 - Board of Equalization

Ha. A coincidence in the LA Times this morning:

A property tax base that moves with you. - Los Angeles Times

use Bugmenot.com - login with these free web passwords to bypass compulsory registration if you need a login and password

[CA central coast]

Paso Robles. price range, I think you can find something you'd be happy with. 1/2 hour drive to the beach.nice town. beautiful downtown area with a park. wine country. nice place

[CA central coast]

this seems to be a common question asked on this forum. And it's usually followed with "near the beach",and "nice year round weather". this scenario is few and far between, if they even exist at all. The only "truly" affordable place I can think of is the Mojave Desert or an area of northern California where employment is non-existant.

[Charles]

Originally Posted by CA central coast

this seems to be a common question asked on this forum. And it's usually followed with "near the beach",and "nice year round weather". this scenario is few and far between, if they even exist at all. The only "truly" affordable place I can think of is the Mojave Desert or an area of northern California where employment is non-existant.

I want to live in California

(image not protected by copyright)

but it has to be affordable

(1400 square feet in Reseda, $519K)

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