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MoMark has good advice. Sounds like you can't afford a home yet,but you are still young. You have plenty of time.I live in upstate NY, and had considered a job in Southern Ca.. The job in Ca. paid about double of what I make here, BUT after considering home prices, and even apartment rent, I would still be going at a loss.So even though a job pays a lot more, it still may not be enough.
Stay in South Florida and rent an apartment. Renting is far cheaper than buying now, plus it'll get you outta your parent's crib. Rent until you save money for a down payment and increase your income. Heck d@mn near nobody goes straight from living at home and starting their 1st real job to buying a detached house (unless they have a rich daddy that gives them the down payment). Everyone I know that owns their homes spent years renting first. Also, you can get a decent 1-2 bedroom condo for 150K-200K (and falling) in South Florida, do you really need a single-family house?
Why don't you just move to the location you're truly interested in, and that seems to be Southern California judging by your comments in posts above. But, wait to buy a home. Your priority seems to be your career and building a nestegg. Housing is a terrible thing to buy right now almost everywhere in the country, but Southern California is one of the areas which bubbled the most and is in freefall, like Florida, right now. Keep in mind that if there are far more homes for sale than buyers, even if you buy a very cheap home, your mobility can be threatened for job opportunities that arise by the difficulty of having your money tied up in a home in a sinking market. I'd skip the Mobile Home idea..just a waste of money you'll never sell. Rents are a great bargain and I'd simply find an apartment somewhere safe, nice, comfortable, and at a reasonable price and skip home ownership until your career anchors and the housing market hits bottom with real bargains coming up. Then again, if you choose Texas, the advantage to being a renter there and working there (Austin comes to mind for me with computers, etc.), is that there is no state income tax, and if you rent, you avoid high property taxes. Yes, Texas has cheap housing, but it also rivals New York among the nation's highest property taxes. My advice is forget home buying for now. It's the wrong time and you're not in the right position to make it work yet. Rent and work in either Texas or CA.
I cant afford a house in most places, so it wouldnt matter anyway. I will benefit from good paying jobs that pay 1.5x more on average compared to national average and double compared to some states/cities. I am not planning to spend much on a house due to the bubble and prices dropping(no one knows how much, but the fact still stands)
A mobile home is the only option here or if I move to California, but at least there are alot of upscale mobile homes and parks in California, far better than the parks here in south Florida! Some of the mobile homes in California(been checking out San Diego and Los Angeles) are nicer than the houses here in south Florida! Some people cant even tell the difference unless they look closely! Ill be living in a great location(south Cali) with great high paying jobs, a big fun city with lots of attractions, stores, restaurants, clubs, beaches and the mobile homes there can be had for around $100k for a nice double wide luxury mobile home(yes I use the term luxury) with 3 bedrooms. Frankly the mobile homes there can be as nice as the "cheap" $250,000 houses here! There is lot fees at $700 a month but we get high property taxes that eat money all the same. I can show you pictures of how nice the luxury mobile homes are in south California!
Rent costs much more than mobile home lot fees so I fail to see how it is a bargin. Here in south Florida, a 2 bedroom apartment rents in the $1000 to $1400 range. There is a nice mobile home park with lot fees of $400. That is 1/3 the price of apartment rent! Apartment rental is a better deal in California percentage wise to what it would cost to buy. The same apartment there is only about 33% more to rent, yet would cost more than double to buy! Let me give an example: A 1000 square foot 2 bedroom apartment in south Florida could cost $175k to buy, $1000 to rent. In south California, the same apartment is $400k plus to buy, yet it can be rented for about $1350! But... I can live in a luxury mobile home larger than the apartment with $700 lot fees. Once I pay off the morgage in a few short years, the lot fees are much less than apartment rental and I live in a nice spacious luxury mobile home.
No point renting in Texas when I can buy a 2 bedroom condominium for $25,000! (can show you MLS references) Property tax isnt going to be a problem on $25k property and factor in homestead exemption!
Stay in South Florida and rent an apartment. Renting is far cheaper than buying now, plus it'll get you outta your parent's crib. Rent until you save money for a down payment and increase your income. Heck d@mn near nobody goes straight from living at home and starting their 1st real job to buying a detached house (unless they have a rich daddy that gives them the down payment). Everyone I know that owns their homes spent years renting first. Also, you can get a decent 1-2 bedroom condo for 150K-200K (and falling) in South Florida, do you really need a single-family house?
Renting may be cheaper, but it still costs triple what a mobile home and lot fees cost! I can save money while living in the mobile home and waiting for the bubble to deflate some more. With the prices of houses here, even if my dad gave me a 20% down payment, I wouldnt be able to afford the morgage and its interest and the property taxes, insurance, HOAs, etc.
A $200k condominium would require about a $70,000 annual income to afford without going over budget(use the calculator to see for yourself) Very few people make this much, the median salary in (south) Florida is only $27,000 a year(for a person) so the only thing I can afford is a mobile home(hopefully!)
I will have to work hard, save up, get raises then buy a mobile home and pay the $400 a month lot fees as well as feeding myself!
I will stay in south Florida for the time being because my parents live here and I can get their support. When I gain job experience and find a good job offer elsewhere, ill make the move.
Quote:
Originally Posted by cdcdguy
MoMark has good advice. Sounds like you can't afford a home yet,but you are still young. You have plenty of time.I live in upstate NY, and had considered a job in Southern Ca.. The job in Ca. paid about double of what I make here, BUT after considering home prices, and even apartment rent, I would still be going at a loss.So even though a job pays a lot more, it still may not be enough.
You can get a luxury mobile home as nice as some of the "cheap" houses here for around $100k in south California! This and the high salaries in California make it tempting. Comparing a mobile house to a house isnt exactly apples to apples, but if I showed you pictures of both, youd consider both equally pretty. Therefore on equal quality of housing, the much greater salary wins out! Youd be able to retire 10+ years earlier!
Last edited by Need_affordable_home; 09-07-2006 at 02:00 AM..
Reason: add more
Dude, ever live in a mobile home? My aunt + uncle did, an old friend of mine did, and another guy I know grew up in one. The consensus is THEY SUCK. The only good thing about trailer living is getting out. Also, SoCal is a great place but nobody goes there for affordable housing. The higher salaries there are countered by their income taxes and higher living costs (food and gas also more there).
And no place in North America, not even SoCal, has better winter weather than South FL!
Dude, ever live in a mobile home? My aunt + uncle did, an old friend of mine did, and another guy I know grew up in one. The consensus is THEY SUCK. The only good thing about trailer living is getting out. Also, SoCal is a great place but nobody goes there for affordable housing. The higher salaries there are countered by their income taxes and higher living costs (food and gas also more there).
And no place in North America, not even SoCal, has better winter weather than South FL!
I never lived in a mobile but have checked out a few. Can you explain what was so bad about mobile homes? I already know they are suspectable to hurricanes but the new ones have claims of being able to withstand up to 175mph gusts! Also theres a difference between a mobile home and a trailor. I refuse to spend $1200 a month renting a 2 bedroom apartment here and I couldnt afford it either anyway. One of my mobile parks wants $400 a month lot fees which is 1/3 the cost of apartment renting.
I already know housing is very unaffordable in much of California, especially the big cities and upscale communities. What I was thinking is mobile homes there are "luxury" in upscale mobile parks, excellent neighboors, very nice looking luxury mobiles that look as good as some smaller old houses from the pictures ive seen. And at $100k for them, they should be affordable even on a modest salary budget. I would have thought the increase in salary would win out. I know a lady's husband who makes 65k in south Florida who said her husband would be making $110k to $120k in California! Even with taxes, food, gas, there should be tens of thousands left over to save for retirement!
Hi, read your blog. I live in Ft. pierce , Fl. Nice all year round, few miles to river and then cross the bridge to ocean and beaces. I have a mobile home lot for sale now for $25,000. It is in quiet neighborhood, paved road, no rent, you buy, you own, The lot is 83.5 X 120. walking distance to stores and restaurants, but in a country atmosphere. 10 miles north of Ft. Pierce., 10 miles south of Vero beach. The mobile homes for sale around here are very inexpensive. By county code, the well, septic tank and drain field have to be brought up to standard but can be done in a bundle by one company. The lot is lein free, taxes up to date. It sure is better than paying $3 to 400.00 a month rent with all the restrictions a park requires. I can send photos if you'd like, I wanted to trade for a class c Rv but no takers. Good luck Doris
Hello here! Im new to this forum. I am a young guy getting a job but have no place to live as a half decent house here in South Florida is more than 1/4 million! So I have been searching on the MLS and realtors for a nice city with affordable houses/homes.
I have been considering Houston but my mom's friend said the crime has shot way up and property values are crashing because of all the immigrants that moved from New Orleans when it got wiped out. How much truth is there to that?
Ironically south California is an option because of the plethora of high paying computer and technology jobs which happen to be my carreer of interest! Ill have to get a mobile/manufactored house there, but its the same story if I stay in south Florida and jobs here dont pay well! Is it true the crime rate is elevated in much of California? How does it compare to south Florida? What advantages and disadvantages will I have in south California vs. south Florida?
I can get a mobile home for $30k plus $399 lot rent in south Florida while mobile homes are 120k plus $700 lot rent in south California! But I heard Cali pays almost twice the salary for the same job so once I quickly pay off the mobile home, ill be able to retire much earlier!
I prefer a nice warm climate similar to south Florida, to live in a medium or large city with good jobs and salary and lots of fun things to do in said city. I need cheap, affordable houses or homes below $100,000 as I am not a rocket scientist, movie star, celebrity athlate or famous surgeon. I am just your average guy who wants to work in the computer industry(estimate salary 30k a year) I want to live in a low crime area too. I was born and lived in south Florida but houses there have become unaffordable for over 90% of us here! The cheapest houses here are 3 times what I can realistically afford!
I can consider a mobile home as an option, theres a nice mobile park close to my parents house and close to many jobs with several mobile homes for sale cheap at $6000 to $30000! Lot fees is $399 a month which beats the $1200+ apartment rent anyday which I cant afford nor do I want to pay such high apartment rent as ill have no money left for anything else. If I want a house, I am going to have to move out of state. What options do I have, what cities? How is life in said city? Thanks for reading my dilemna(which is a dilemna for most others too!)
How about Jacksonvile? It's a fairly large city, cheaper than South Florida and with a similar climate.
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Rent!
