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Old 05-27-2007, 11:50 PM
 
135 posts, read 419,102 times
Reputation: 102
Default How do average people afford houses in California?

The most common ways I can think of:

* Your parents or other relatives who bought a house in the 1970's or before die and you inherit their old house

* Your well-to-do parents buy you a house or give you a substantial down payment

* You lie about your income and get a no money down or negative amortization loan on that $500,000 3/2 ranch and pray your income increases

* You live in an outlying area 50 miles or more from major employment centers

* You live in a high-crime area or otherwise undesirable area

* You ditch the single family home dream and live in a cramped condo

 
Old 05-28-2007, 12:02 AM
 
74 posts, read 521,794 times
Reputation: 55
Or...
You scrimp and save early on, buy the condo and slowly move up the property ladder, always keeping your mortgage amount about the same.
 
Old 05-28-2007, 12:10 AM
 
11,728 posts, read 23,683,519 times
Reputation: 7093
Quote:
Originally Posted by logybogy View Post
The most common ways I can think of:

* Your parents or other relatives who bought a house in the 1970's or before die and you inherit their old house

* Your well-to-do parents buy you a house or give you a substantial down payment

* You lie about your income and get a no money down or negative amortization loan on that $500,000 3/2 ranch and pray your income increases

* You live in an outlying area 50 miles or more from major employment centers

* You live in a high-crime area or otherwise undesirable area

* You ditch the single family home dream and live in a cramped condo
I'll add:

* You bought 5 years ago at half the price

* You rent out the garage, living room, and two bedrooms to illegal aliens

* You don't, and leave the state
 
Old 05-28-2007, 12:27 AM
 
Location: Southern California
193 posts, read 1,051,534 times
Reputation: 109
Sounds like someone is jelous of us homeowners?
 
Old 05-28-2007, 12:30 AM
 
11,728 posts, read 23,683,519 times
Reputation: 7093
Quote:
Originally Posted by CantWait2Bthere View Post
Sounds like someone is jelous of us homeowners?
If that was directed at me, I do own a home. But I'm leaving because I don't want to be house poor for the rest of my life. California is doing a great job at driving out the middle and upper middle classes.
 
Old 05-28-2007, 09:13 AM
 
104 posts, read 470,154 times
Reputation: 80
Quote:
Originally Posted by EscapeCalifornia View Post
If that was directed at me, I do own a home. But I'm leaving because I don't want to be house poor for the rest of my life. California is doing a great job at driving out the middle and upper middle classes.
You hit the nail on the head! We chose not to be house poor either and left CA. Now we can afford to buy a car, food, clothes, etc., go on great vacations every year, have weekend getaways if we choose...and basically have a life!

We do miss the mild winters, but other than that, we are more than content now! Best decision we ever made in our lives.
 
Old 05-28-2007, 09:30 AM
 
Location: Rolando, San Diego CA 92115
7,098 posts, read 17,900,695 times
Reputation: 2883
You forgot a couple:

- bust your ass for years and years gaining the education and experience you need to have a high paying career.

- marry someone who busted their ass for years and years to gain the experience and education you need to have a high-paying career.

The idea that everyone who owns a home is either on a trust fund or up to their eyeballs in debt is insulting to those of us who worked hard and make enough money to afford a home here.
 
Old 05-28-2007, 09:40 AM
 
Location: Sacramento
13,418 posts, read 15,680,601 times
Reputation: 5185
Some of us have moved to California and were able to find and buy a decent home without participating in the housing run up.

Sassberto said it well, work hard, save through the years and have objectives. The housing prices were not dictated externally, they are economic reality. Sure, excessive speculation lead to overvaluation, but prices aren't going to come down as much as some of you hope.

I don't understand why folks who bought out here over five years ago would be house poor, the prices weren't that high back then. Is it more that you want to get out your equity and have supplemental income? If so, that is a bonus that folks back in the midwest don't have. And the midwest, which never had the housing price run up, is experiencing the slump too.
 
Old 05-28-2007, 09:41 AM
 
1,159 posts, read 2,305,072 times
Reputation: 713
By the same token, though, Cal State Fullerton and other California universities are having trouble attracting professors due to the housing prices. And young college graduates are increasinly moving out of state, too, because of they are just too much for a lot of people. So it is tough.
 
Old 05-28-2007, 09:43 AM
 
4,611 posts, read 7,760,380 times
Reputation: 6676
Quote:
Originally Posted by Sassberto View Post
You forgot a couple:

- bust your ass for years and years gaining the education and experience you need to have a high paying career.

- marry someone who busted their ass for years and years to gain the experience and education you need to have a high-paying career.

The idea that everyone who owns a home is either on a trust fund or up to their eyeballs in debt is insulting to those of us who worked hard and make enough money to afford a home here.
I love this comment because it's true and it hits home.....That's what we did.

My husband busted his ass for years and years gaining the education and experience he needed to have a high paying career and I was smart enough to fall in love with him and marry him.
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