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Old 02-09-2018, 09:47 AM
 
Location: NY/LA
3,079 posts, read 2,549,205 times
Reputation: 2380

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Quote:
Originally Posted by SportyandMisty View Post
Then there's Palo Alto. Here's what $1.7M buys you:

https://www.zillow.com/homes/817-%26...,-CA-94301_rb/

Then there's this for $1,879,000M but be prepared to bid way over asking price:

https://www.zillow.com/homes/468-E-C...,-CA-94306_rb/

Or this for $2,328,000: https://www.zillow.com/homes/3519-Em...,-CA-94306_rb/

This one is clearly a steal: https://www.zillow.com/homes/629-Gle...,-CA-94306_rb/
Pretty similar to my area. Just like here, many of those smaller homes are likely teardowns. You're just paying for the land.

The median income here also wouldn't support those prices, but the people who are buying homes are in a very different income bracket than the renters and those who have lived here for decades.
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Old 02-09-2018, 04:12 PM
 
Location: Bay Area, CA
28,166 posts, read 43,444,026 times
Reputation: 18552
Quote:
Originally Posted by MrRational View Post
Meh. Feasible is one of those words with a flexible or variable definition.
But if you can't afford to be there, doctor or burger flipper, you go where you can afford to be.
Even if that is inconvenient or has some expense you don't like.
An expense you "don't like?" How about an expense some people CANNOT AFFORD? When you're living paycheck to paycheck, that means you don't have thousands of dollars put aside to subsidize a big move... and if you have a spouse and/or children, things get even more complicated. I mean, how exactly do you expect a single-mother burger flipper with 2 kids to pack up and move to another state? You do realize that costs money, right??

It's a vicious cycle, which many people get trapped in for years. And before you start trying to give ME advice, I'm not talking about myself - since I would get around $8K from my employer upon separating, which would cover moving expenses + a cushion. But even then it's not something you can do lightly, as I'd not only be leaving behind a cushy full-time job with benefits, but friends and family here. And once you leave a place like the Bay Area, it's unlikely you will EVER be able to return (unless your financial situation changes majorly).

Last edited by gizmo980; 02-09-2018 at 04:25 PM..
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Old 02-09-2018, 04:13 PM
 
Location: Bay Area, CA
28,166 posts, read 43,444,026 times
Reputation: 18552
Quote:
Originally Posted by SportyandMisty View Post
Then there's Palo Alto. Here's what $1.7M buys you:

https://www.zillow.com/homes/817-%26...,-CA-94301_rb/

Then there's this for $1,879,000M but be prepared to bid way over asking price:

https://www.zillow.com/homes/468-E-C...,-CA-94306_rb/

Or this for $2,328,000: https://www.zillow.com/homes/3519-Em...,-CA-94306_rb/


This one is clearly a steal: https://www.zillow.com/homes/629-Gle...,-CA-94306_rb/
Yeah, that's par for the course around here. And you should see the houses in the town where I work (not where I live) - try getting ANYTHING for less than $2M, and the realtors would laugh at you.
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Old 02-15-2018, 07:22 PM
 
4,536 posts, read 9,860,859 times
Reputation: 2016
I’m sure it was already mentioned but in some places a 600k house comes with a 20k+ property tax bill. And that’s on top of the mortgage!
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Old 02-16-2018, 12:41 AM
 
1,162 posts, read 1,266,139 times
Reputation: 1629
Quote:
Originally Posted by rocafeller05 View Post
Iím sure it was already mentioned but in some places a 600k house comes with a 20k+ property tax bill. And thatís on top of the mortgage!
Over 3%???

Yikes.
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Old 02-16-2018, 07:41 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,110 posts, read 3,400,520 times
Reputation: 5633
Quote:
Originally Posted by MDrenter223 View Post
Over 3%???

Yikes.
Yep, parts of Texas and I think New Jersey.
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Old 02-17-2018, 06:09 AM
 
11,304 posts, read 5,834,479 times
Reputation: 20949
Quote:
Originally Posted by aslowdodge View Post
Yep, parts of Texas and I think New Jersey.
In New Jersey, 3%+ is largely in cities and towns with poor people and minimal commercial real estate to prop up the tax base. The affluent leafy suburbs are lower than that since valuations are so high. Still, I have plenty of New Jersey friends with $20K property tax bills. If you have an easy commuter rail Manhattan commute, $750K in a town with a good school system and minimal property crime doesn't buy much.

Connecticut has the same math. The failed cities have huge property tax rates. Some of the affluent towns are high but not 3%. New Hampshire has poor towns up over 3%. The Claremont, NH mill rate is $42.62. Zero local economy. A big opiate addiction problem. The houses are dirt cheap because nobody can afford much of a mortgage. Something has to fund the school system.
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Old 02-17-2018, 09:11 AM
 
2,768 posts, read 1,494,078 times
Reputation: 2172
Quote:
Originally Posted by MDrenter223 View Post
Over 3%???

Yikes.
Hereís a site which does a really great job covering the property tax situation in CA.

Understanding California’s Property Taxes

Itís helpful to understand going into any new area how schools and services are typically funded. Knowing the mil rates is fine but seeing a breakdown of an actual bill is especially helpful. While the 3% figure can sound scary, a prop 13 type system tends to lead to shortfalls, even in some ritzier CA communities. Programs like band/art/music/school sponsored sports/activities are examples of cuts seen out there that would rarely happen in similar suburbs in NJ or N/NW/W suburban Chicago. YMMV
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Old 02-19-2018, 01:14 AM
 
222 posts, read 108,629 times
Reputation: 146
People that live in high income areas like ny and cali buy investment properties in other areas of the country
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Old 02-19-2018, 02:40 AM
 
507 posts, read 407,972 times
Reputation: 465
Quote:
Originally Posted by Jlong2315 View Post
People that live in high income areas like ny and cali buy investment properties in other areas of the country
Do you have a citation for this? I don't believe this is true and I live in one of these high cost areas.
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