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Old Yesterday, 02:36 PM
 
4,615 posts, read 3,004,041 times
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Quote:
Originally Posted by frimpter928 View Post
Thanks. That is what I was thinking. I can go there car fee if I live in Ktown. If I feel I need one, then I suppose I can go ahead and go in the process of buying one.
You can also buy a motorcycle. A decent used motorcycle can be had for a couple grand, insurance is cheap especially on a used one, you can basically ride 365 days a year here and you can share the lane on freeway which means you can cut between cars and not have to ever sit in traffic. There is obviously more risk riding a motorcycle then an car but I know people that commute 30+ miles every day on freeways in LA and saves a lot of money and time. But if you live and work near subway then that's all you need for daily commutes. You can get around to a lot of areas of the city on subway so if you are living near a station then you can use that to get around a lot of the popular neighborhoods in LA. If you need to get somewhere else then Uber/Lyft or rent a car if you want to go out of town or make friends with people who have cars.
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Old Yesterday, 02:44 PM
 
1,037 posts, read 406,761 times
Reputation: 1182
Quote:
Originally Posted by Hiruko View Post
I feel like almost no one in California can afford to live in California. It's something you have to really want. Virtually all of the data show that coastal Californians have very high debt burdens (particularly housing) relative to the rest of the country. At the same time, $94k in Chicago does not exactly lend itself to a lavish existence either. If you are happy in Chicago, it wouldn't be worth it to me if I were in your shoes.
That seems a bit much though. While yes California is one of the most expensive places to live, almost no one not being able to afford California is a bit of stretch seeing as there are 30+million people in the state.

I am not looking for a lavish lifestyle. I am looking for a comfortable lifestyle. A lavish lifestyle even in a place like Dallas you would need more than 94k.
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Old Yesterday, 02:53 PM
 
268 posts, read 282,890 times
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Quote:
Originally Posted by Texamichiforniasota View Post
Just a clarification on taxes, unlike IL which has a flat tax system, CA has a progressive income taxes like the federal income tax system, with lower rates on the income up to the bracket with your marginal rate. Your marginal rate would max out 9.3% for your income between $56,086 and $286,492. On an income of $93,500, without any deductions or credits, you would pay a total state income tax $5,949, or an effective rate of 6.4%. So, still higher than IL, but no where near double or triple.
Very interesting and valid point. Often overlooked.

I use the online paycheck calculators to compare take home pay per paycheck. e.g. for the quoted annual salary of $93,500 bi weekly pay for a single with 1 federal and state deduction would be approx. $2582 in IL versus $2485 in CA, so a difference of approx. 97 dollars. That is approx. $200 less each month. So for the same take home pay after taxes, you're looking at approx. $98000 in LA, an increase of 4.8%. This obviously doesn't account for other differences in cost of living due to expenses that you incur and pay for from after tax pay.
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Old Yesterday, 03:02 PM
 
Location: NNV
1,306 posts, read 806,275 times
Reputation: 2601
The two costs you need to be concerned about are housing and transportation. Everything else isn't that bad. If you can manage those, you're set.

When I moved to Northern Nevada, the only two costs that went down were property tax (if you own a newer homes in So. Cal. have a Mello Roos assessment in many areas) and no state income tax. Everything else is similar. Actually, I think my food cost is a little higher!!!

Last edited by Vic Romano; Yesterday at 04:10 PM..
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Old Yesterday, 03:27 PM
 
186 posts, read 65,524 times
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Quote:
Originally Posted by Vic Romano View Post
The two costs you need to be concerned about is housing and transportation. Everything else isn't that bad. If you can manage those, you're set.

When I moved to Northern Nevada, the only two costs that went down were property tax (if you own a house newer houses have a Mello Roos assessment in many areas) and no state income tax. Everything else is similar. Actually, I think my food cost is a little higher!!!
Lower taxes adds up to $100's of dollars per month. My model for moving to Phoenix calculates about $800 (give or take) extra take home dollars per month
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Old Yesterday, 03:37 PM
 
1,037 posts, read 406,761 times
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Quote:
Originally Posted by MuscleCar View Post
Lower taxes adds up to $100's of dollars per month. My model for moving to Phoenix calculates about $800 (give or take) extra take home dollars per month
Yup. So I am considering also Miami, which there is no income tax, which would save me about $400 per months. On top of that cheaper COL than LA which I would also save money on. I'm trying to figure out what to do!

For me the big issues with LA is COL. If I do want to settle down there permanently will I ever be able to afford to buy anything?

With Miami the issues would be lack of job opportunities if I decide to leave my current job and a city that has less to do and less diverse. But I am okay with that as I am Latino so I would fit in Miami pretty well too.
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Old Yesterday, 03:51 PM
 
Location: Evanston & Lake Forest, Illinois
1,125 posts, read 508,245 times
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Quote:
Originally Posted by frimpter928 View Post
That seems a bit much though. While yes California is one of the most expensive places to live, almost no one not being able to afford California is a bit of stretch seeing as there are 30+million people in the state.
I think you are very naive, with all due respect. We hear endlessly about how much the American middle class is struggling, and rightfully so. Nowhere is the middle class struggling more than in California. California is characterized by extreme inequities. Approximately 1 in 5 Californians lives in poverty. It has been experiencing net domestic out-migration for decades. Cost of living, particularly cost of housing, is the most oft-cited reason.

You need to not be under the impression that LA is a destination where you can move from Chicago and maintain a similar lifestyle financially. You are bound to experience a major increase in housing costs, and I am HIGHLY skeptical that you will be able to live without a vehicle. I can't emphasize enough that living in Los Angeles has to be something that you really want. Otherwise, I think you will find yourself very frustrated when you realize what you will have to give up.

Quote:
Originally Posted by frimpter928 View Post
For me the big issues with LA is COL. If I do want to settle down there permanently will I ever be able to afford to buy anything?
Like a house? LOL. I think you are going to have a big problem.
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Old Yesterday, 03:57 PM
 
Location: NNV
1,306 posts, read 806,275 times
Reputation: 2601
Quote:
Originally Posted by MuscleCar View Post
Lower taxes adds up to $100's of dollars per month. My model for moving to Phoenix calculates about $800 (give or take) extra take home dollars per month
If you're renting property tax is irrelevant. And if you buy an older house in So. Cal., without the extra assessments the property taxes aren't quite so high on a percentage basis. In terms of the state income tax, both Illinois and California have state income tax, so perhaps a slight difference, not much.

You're not moving to Phoenix so why even bring that up? Did your model for Phoenix consider utility costs for AC in the summer?

Quote:
Originally Posted by Hiruko View Post
I can't emphasize enough that living in Los Angeles has to be something that you really want. Otherwise, I think you will find yourself very frustrated when you realize what you will have to give up.
Yes, the humid summers, feet of snow and the arctic blast...

To the OP, it can be done if you're smart about it. It's a different lifestyle than Chicago for sure, but at $90+k you shouldn't be suffering. Go for it.

Last edited by Vic Romano; Yesterday at 04:19 PM..
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Old Yesterday, 04:07 PM
 
1,037 posts, read 406,761 times
Reputation: 1182
Quote:
Originally Posted by Hiruko View Post
I think you are very naive, with all due respect. We hear endlessly about how much the American middle class is struggling, and rightfully so. Nowhere is the middle class struggling more than in California. California is characterized by extreme inequities. Approximately 1 in 5 Californians lives in poverty. It has been experiencing net domestic out-migration for decades. Cost of living, particularly cost of housing, is the most oft-cited reason.

You need to not be under the impression that LA is a destination where you can move from Chicago and maintain a similar lifestyle financially. You are bound to experience a major increase in housing costs, and I am HIGHLY skeptical that you will be able to live without a vehicle. I can't emphasize enough that living in Los Angeles has to be something that you really want. Otherwise, I think you will find yourself very frustrated when you realize what you will have to give up.



Like a house? LOL. I think you are going to have a big problem.
I am well aware that I won't have the same standard of living here in Chicago. Hence, the creation of this entire thread to understand.....if I felt I could have the same I wouldn't have even started this thread.
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Old Yesterday, 04:07 PM
 
Location: Evanston & Lake Forest, Illinois
1,125 posts, read 508,245 times
Reputation: 1484
Quote:
Originally Posted by Vic Romano View Post
If you're renting property tax is irrelevant. And if you buy an older house in So. Cal., without the extra assessments the property taxes aren't quite so high on a percentage basis. In terms of the state income tax, both Illinois and California have state income tax, so perhaps a slight difference, not much.

Comparing Phoenix is apples and oranges. If you're going to buy a home, the property taxes are lower because housing prices are lower. And you'll make up a lot of the difference paying your air conditioning utility bill in the summer...
I agree that property taxes aren't relevant to the OP as a renter. However, I do want to say that property taxes in Illinois are extremely high. My property taxes in suburban Chicago are more than quadruple what a home of equivalent valuation would be in Los Angeles. Even so, a home of equivalent valuation in Los Angeles is much smaller. All-in-all, I think homeownership for the OP is a much more attainable in Chicagoland.

Quote:
Originally Posted by frimpter928 View Post
I am well aware that I won't have the same standard of living here in Chicago. Hence, the creation of this entire thread to understand.....if I felt I could have the same I wouldn't have even started this thread.
I think you know your answer then. You aren't overreacting.
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