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Old 03-16-2019, 11:16 AM
 
274 posts, read 284,719 times
Reputation: 114

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Quote:
Originally Posted by Vic Romano View Post
I fail to understand why people who don't even live in LA try to argue the point with people who have lived (and continue to live) in the LA area most or all of their lives. If we say it can be done, it can be done. What makes you think you have better information than people who live there???
Actually, that's not true. There are people, including myself, who come on here (or tap other resources) to get insights from others who're local to get their perspective.

All of the stuff being said in this thread/forum is very useful, thanks to those who live the Californian dream day in day out
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Old 03-16-2019, 12:22 PM
 
4,082 posts, read 8,525,513 times
Reputation: 2941
Op I don’t have time to read the entire thread, so maybe this stuff has been addressed. But if not, I have relevant first hand experience.

I lived downtown from 2010-2013, and made a little over $80k at the time. Rents were lower...I was paying $1600/mo in a large loft, but you make about $10k a year more than I was and federal income tax will be about $1500-2k less than I was paying at that time.

I had no car payment, but had debt(actually paid off $30k in debt in less than 2 years.)

I lived really well. I did do things like take advantage of happy hours, bought cheap last minute tix for Dodgers, Clippers, and Kings tix and so forth.

If I were in your position, I would live along the red or gold lines and take those into downtown. I would not buy a car yet, and would just rent cars on weekends at first. I rarely drove my car during the week. Mostly walked and rail. The one real crimp in not owning a car is your dating life so I think eventually you should lease a car.

That all said, if I were you I’d target the following areas, in order:

1.) Downtown
2.) Pasadena
3.) Los Felix
4.) North Hollywood
5.) Ktown

There’s other areas too, but those are imo the best.

I guess do a roommate if you have to, but I had roommates prior to moving downtown and it’s just not worth the hassle to me.
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Old 03-16-2019, 03:00 PM
 
Location: Scottsdale az
590 posts, read 485,867 times
Reputation: 549
Quote:
Originally Posted by pacific2 View Post
The median household income for LA (2013-2017; in 2017 dollars) was said to be about $54,501 for a household of 2.83 people.
https://www.census.gov/quickfacts/fa...0217#INC110217

The median household income for Miami-Dade County, Florida (2013-2017; in 2017 dollars) was said to be about $46,338 for a household of 3.09 people.
https://www.census.gov/quickfacts/fa...rida/POP060210

OP, you should be just fine in LA. You only live once, so why not try California if that's what you want? You're not making a permanent commitment.
Those people making 54k are living with 5 people. I make closer what median mentioned previously with no debt and find myself struggling a bit.
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Old 03-18-2019, 12:58 AM
 
Location: Studio City, CA 91604
2,403 posts, read 2,750,937 times
Reputation: 4131
Quote:
Originally Posted by MuscleCar View Post
$80k is a struggle in L.A.. $93k helps but still more along the lines of survival vs. living
It's a "struggle" only if you have this strange need to be flashy, or you have a spouse that does?

The only people I know of who've "struggled" are the kind of people who think they have to live in a brand-new tract home in a suburb, have a boat and an RV in the driveway, attend a huge mega-church, have a high-maintnance wife who needs repeat breast augmentation/plastic surgery "touch ups", and who has a penchant for spending every last penny of the household income on her purse collection.

Quote:
Originally Posted by MuscleCar View Post
And from my experience, which is quite a bit, those people are secretly miserable and yearning for better. I've seen a ton of that.
Most of us know this "type" of person because we've had interactions with them, repeatedly.

Most of these people end up in Arizona, Idaho (or Texas) at some point, where the same habits bring the same results, just in a crappier climate with a lot less culture and more superficiality to prop themselves up.

It's not "the place" that makes or breaks someone, it's their behaviors and habits. I'm an LA homeowner and I am doing just fine, thank you very much!

Of course, I live in an older home, I shop at Target and Vons, I attend a small and old church, I don't need breast augmentation or plastic surgery, I don't have a boat and RV in my driveway, I didn't vote for Trump, I don't spend money foolishly on stupid things to impress vapid people, I appreciate what California offers me naturally and in culture, and I don't bash the state while drawing money from it, etc.

Last edited by kttam186290; 03-18-2019 at 01:18 AM..
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Old 03-18-2019, 01:16 AM
 
Location: Studio City, CA 91604
2,403 posts, read 2,750,937 times
Reputation: 4131
Quote:
Originally Posted by Hiruko View Post
Are you familiar with everyone's current account statements? There are a lot of high-income households that live paycheck-to-paycheck, and I'd be willing to bet you a lot that they are more common in California than anywhere else.


That has nothing to do with California!!!

That's called crappy financial habits and a need to live vacuously to try and impress other people.

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Old 03-18-2019, 01:51 AM
 
25,427 posts, read 27,750,901 times
Reputation: 23669
Quote:
Originally Posted by ryanms3030 View Post
It's amazing that we have well over 10 million people in LA County and more arriving every day yet nobody can afford it.
It really depends on your definition of "afford".

Lots of people's definition of "afford" means just getting by with minimal or no savings (retirement or otherwise).
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Old 03-18-2019, 01:54 AM
 
25,427 posts, read 27,750,901 times
Reputation: 23669
Quote:
Originally Posted by frimpter928 View Post
I was trying to gauge if people felt that salary would be fine. I never once stated I was trying to replicate the standard of living I have here in Chicago,
I think your salary will be enough BUT I would:

--Have a roommate--at least for the first year.
--Live without a car--at least for the first year or until you could save up to pay cash for a decent used car.

I'd take the savings from those two things and kill off the student loan debt.

As far as being a homeowner, you'll need to earn a lot more than 93k to make that happen in the L.A. area--unless you're willing to live with roommates and without a car for several years so you can save up a good own payment.
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Old 03-18-2019, 07:51 AM
 
Location: Los Angeles County
11,720 posts, read 9,744,441 times
Reputation: 31354
Discussing "how much you need to live in LA" is a pointless effort because it depends on your other debts in addition to your income. I know people who struggle on $120k+ per year because they have a $600 / month car payment, $300 / month insurance for car, $500 month student loan, + credit cards. Then I know some who have NO debts outside of living expenses and live off $50k. So unless we know your expenses, it's impossible to say if you can afford to live here or not on X salary.
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Old 03-18-2019, 08:25 AM
 
1,059 posts, read 418,036 times
Reputation: 1219
Quote:
Originally Posted by Mr_Geek View Post
Discussing "how much you need to live in LA" is a pointless effort because it depends on your other debts in addition to your income. I know people who struggle on $120k+ per year because they have a $600 / month car payment, $300 / month insurance for car, $500 month student loan, + credit cards. Then I know some who have NO debts outside of living expenses and live off $50k. So unless we know your expenses, it's impossible to say if you can afford to live here or not on X salary.
I am talking more about covering the basics. For example, 93k in SF I know will be TOUGH, regardless of how frugal I am. I know it's the same if I were to live in Manhattan. I know that $40k in Chicago for example is tough.

I totally agree you can make a ton of money and still live paycheck to paycheck, but there certain income levels, that at least when it comes to the basics and necessities one needs in the city that you can give a good assessment if it's doable.

I have friend who lives in LA and she lives in West Hollywood but works at a hotel (in not a high up position) and she struggles. But that's also because she lives in an expesnive part of town and doesn't make much. I have been looking at Ktown and have seen some 1-bedrooms for $1,600. Thats' the same I pay in Chicago! So when I see things like it starts to make me think it's doable with my income. If the cheapest rent I could find was 2,600 then I would be very concerned.
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Old 03-18-2019, 08:26 AM
 
1,059 posts, read 418,036 times
Reputation: 1219
Quote:
Originally Posted by mysticaltyger View Post
I think your salary will be enough BUT I would:

--Have a roommate--at least for the first year.
--Live without a car--at least for the first year or until you could save up to pay cash for a decent used car.

I'd take the savings from those two things and kill off the student loan debt.

As far as being a homeowner, you'll need to earn a lot more than 93k to make that happen in the L.A. area--unless you're willing to live with roommates and without a car for several years so you can save up a good own payment.
So I am definitely not looking to buy in LA. Too expensive and even then I am not sure it is place I would settle in.
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