If you live in a $$$ area, how do you justify it? (apartment, foreclosures)

[crystalblue]

How do people in Cali or the NE justify spending soooooooooooooo much om housing when they could live cheaper?

Id love to live in Cali, but the cost just doesnt justify what Id get (for me)...

[DCNative]

Living above their means.

Ignoring the 25%-of-gross-income-to-mortgage "guideline" which would be a hard and fast rule.

Mortgage lending is out of control.

The good news is that both mortgage and home buyers have been paying dearly for it... foreclosures are at an all-time high.

[tahiti]

because cheap housing is the be-all, end-all of life?

how about: educated population, excellent schools, great amenities, family and friends close by, great job opportunities, higher salaries, diverse culture, great food, 4 seasons.

many people survive in these areas without living beyond their means and not making $200K a year. i think the 2 states with the highest rates of foreclosure are Nevada and Colorado. Cali and CT are in the top 10, but so are GA, FL ,AZ, IL, and MI - "cheaper" states.

[unknown stuntman]

Huh??? Um, because there be a slight discrepancy in average wages and quality of life in many instances I would venture a wild guess? And yes, I suppose no one spends alot of money for a house in the midwest, mid-atlantic, south, plains, etc... everyone in those regions choose to live in a shack and as a result possesses far more disposable income, unlike New Englanders and Californians.

[j33]

I rent, I grew up here, have family here, and like my job, that is how I justify it, and afford it.

[TheChooch]

We live in NYC, and we never had to justify it. The pay is good and the lifestyle is very addictive. You have everything you could want and then some. We hope to move eventually to someplace where we can buy a house. Apartment/Condo/Coop living can get tiresome.

[LittleMissSunshine]

Easy, you're born here and you like it. Your parents afforded it, they raise you to afford it, you're happy and you stay.

Sure, you COULD move away to get a cheaper house, but if you're happy, why would you leave?

[DCNative]

Although I live in DC, I don't make much $$$ and am on a strict budget. I really have nothing to justify because I don't have a mortgage and I don't have car payments. I work 2 jobs (one in retail, one internship) to make ends meet, at least temporarily until I find a permanent full time job with decent pay.

[Vagus]

Originally Posted by crystalblue

How do people in Cali or the NE justify spending soooooooooooooo much om housing when they could live cheaper?

Id love to live in Cali, but the cost just doesnt justify what Id get (for me)...

I guess because they like it wherever. At some point, if their priorities, jobs or interests change, they'd move.

[crystalblue]

but for those that are just barely scraping by to make ends meet, doesnt that bother you? what do you do if something should go wrong?