Los Angeles (San Diego, Santa Barbara: crime rates, credit, house)

[fastfilm]

GregJ, we have 3 more years of our "prison term" of living in L.A. until my husband accrues a full pension. We can't waste money on an interim move.

Greg, all I can say is you are lucky. I am not. I've also worked as a journalist, so my observations are clinically objective as well as emotional. Los Angeles is a terrible place for those who aren't "lucky" enough to have bought into nicer middle-class areas that are now priced as if they are "Lifestyles of the Rich and Famous." How long ago did you buy?

[GeoW62]

GregJ:

where the heck are ye? Sounds like the kind of place my wife and I are looking for...

[Ms.Phitt]

Originally Posted by GregJ

I'm writing from a nice, safe, clean, affordable (median home value $585k) middle class neighborhood in LA County

Um. I seriously doubt most people would classify nearly $600,000 housing as "affordable." Even if you made $50,000 a year (which many people don't), and somehow didn't have to eat, use electricity, see a doctor, buy gas (or anything else, for that matter!), or pay any interest on the loan, it would still take you 12 years to pay off. Now let's factor all those things in, recalling that due to the fact that your mortgage payments go toward paying off interest first not the principal, so that you are in effect paying interest on the same money over and over again, and you may end up adding another $100,000 - 200,000 to the cost of your home. So unless you have a rich family that leaves you a windfall, a $600,000 home means to the average person that you'll spend most or all of your working life busting your tail and scrimping and saving just so you can at least have a place to rest your head at night. And depending on your income, your kids may have to take up the payments where you left off.

Originally Posted by GregJ

The constant diatribe is getting old. So why haven't you moved a long time ago?

So if you hate it here so much, why haven't you stopped reading this thread a long time ago?

I think I'll be speaking for a lot of folks when I say that it's been mainly because I have a lot of family and friends here. It's often a terrible loss when you move away, even if you keep in touch. Secondly, moving is expensive, and the farther you move the more expensive it is. If you want to move out of the L.A. area completely, which is a big area, it's going to cost you. Let's face it, moving to San Fran or San Diego isn't going to lower your housing costs, so really for that you'd have to move out of state. It's only in the last year as things have gotten decidedly worse, that I finally decided that ANY loss, personal or financial, is worth it just to get out of here. At that point I immediately began preparing to move. Trust me, when I am ready I will leave blazing skid marks. You and the gangbangers can have this cesspool of a city all to yourselves.

P.S. Personal attacks do nothing to further your case. They only serve to illustrate the typical nasty L.A. attitude we've all been talking about.

[fastfilm]

I will add that to qualify for any mortgage for that theoretical "affordable" half million dollar home in Los Angeles, banks require you to show a yearly income of $110,000.00. This is based upon median housing price stats published every so oft in all newspapers here.

There is a huge generational divide amongst homeowners in Los Angeles. I used to live in Venice, CA, a nice beach-side community, and my older neighbors were normal working folk like postal carriers, office workers or retired usually with a sole bread-winner, as was the wont in the 1960s' and before. All the younger home buyers required two good incomes to buy into this once modest area. (Now, as beach property, you need two extraordinary incomes.) If GregJ bought his nice home in his nice area quite a while ago, he is not a good example of current possibilites here for buying into a safe area in Los Angeles.

[RedNC]

Your example is the median priced house. Which only means that out of the houses sold in a given time, usually a month, half sold for less half sold for more.
Most people starting out are looking for a condo, duplex, town home or extreme fixer upper. These would be $200k or more under the median. As for the median and above these are usually move up homes and the purchaser has equity from their last home to invest in the new one. Example; sell your condo you bought for $100k for $350k then you will have @ $200k to invest after realtor and closing costs. Now the $500k house has @$300k loan.
Some of my neighbors are original owners that paid @ $25k for their houses that are now selling for $650k and above. If you had purchased the same house in the early 90’s it would have cost you between $150k and $200k. Now that same home has anywhere from $450k to $500k in equity. That’s how most people afford these $700k to $900k homes. Most homebuyers are not starting out at this level.

$110000 income is not uncommon for many single earners and common for duel incomes, so the affordability of the median house is definitely doable.

Maybe this isn’t your situation, but it is for many homeowners.

[fastfilm]

The last time, for entertainment only, that I "googled" various realtor sites the lowest cost single family residence in Los Angeles basin, as opposed to outlying areas like Palmdale, was $300,000.00 for a tiny 2-bedroom in Watts. With absolutely no malice whatsoever intended to those less fortunate, I would never in a million years reccommend this area for anyone making a move to Los Angeles.

Does this site have have a poll option? Let's start one. Each single person that makes $110,000.00 per annum raise your hands! My hands are way down. Now, posters here who have a combined annual income of over $110,000.00 raise your hands. Again, mine are way down: teacher's and freelancer's combined income is pitiful.

[fastfilm]

Okay, poll is up! Can the people posting here afford a home loan for Los Angeles current median price? Luckily, we're all anonymous.

[ralph]

You don't need to make 110K to afford a 500K house.

[fastfilm]

Yes you do, according to the banks who grant mortgages.

[ralph]

Ff you sound like you have problems. You hate LA because of crime and illigals. I can understand the crime but I live in Chatsworth and its not as bad as you describe. The Valley has its problems. To me you sound like a racist who has no clue. Since you have lived in LA for a long time maybe thats why. I know you want to move but the outside world has those same problems. If you find anywhere that don't have those two things you will not have to worry about traffic or smog since you'll be the only one. Do you stay home and hide? You sound so paranoid it makes you sound nuts. There are plenty of problems there but there are lots of good things to. If you dwell on the bad then life will suck. You just need to relax and go to the beach. Good luck.