Salary and Location Question (San Diego, Torrance: apartment, to rent, condo) - Los Angeles - California (CA) - City-Data Forum

chirpy12345 · 08-13-2008, 07:32 PM

So, the message I keep getting is that we shouldn't move to LA unless we basically bleed money. What kind of salary are we talking about here? Our combined salaries would be approximately $185k (gross) annually. Is that doable? We have no children and no plans to have any.

He will be working in Redondo Beach. Any suggestions on where to find a house with a 'reasonable' (<$300k) price and safe location and a 'reasonable' commute that are nearby?

timelesschild · 08-13-2008, 07:48 PM

Your salaries are fine. Your housing target isn't realistic, but you can easily afford a house on your income. Why not live in Redondo Beach? It's lovely there. If you prefer to spend less, go for Culver City. Houses in Culver City start in the mid-500k's.

impala666 · 08-13-2008, 07:53 PM

Quote:

Originally Posted by chirpy12345

So, the message I keep getting is that we shouldn't move to LA unless we basically bleed money. What kind of salary are we talking about here? Our combined salaries would be approximately $185k (gross) annually. Is that doable? We have no children and no plans to have any.

He will be working in Redondo Beach. Any suggestions on where to find a house with a 'reasonable' (<$300k) price and safe location and a 'reasonable' commute that are nearby?

Less than $300k is very low for LA.
You have a good combined income,so rent save and wait.
You could put $200k together in a couple of years, as a down payment this will give you a great advantage in the years to come.
Just don't try to live like Hugh Hefner in the meantime..

JTGJR · 08-13-2008, 08:04 PM

You'll have a difficult time finding a home at <$300K in the South Bay. You may be able to find a 1BR condo or townhouse in a marginal area. With your combined income, I'd guess your real problem is coming up with a down payment as opposed to monthly payments. You should consider renting a small place for a year or so and really focus on saving for the down on a home. You could find a very nice place to rent for $2K per month or less. If you you work at it, you could add a significant amount of savings for the down within a year. The sad fact is that you'll need $100K for a down payment on a place that you describe, these days.

Be patient. Don't buy, just to buy. Don't overstretch. Focus on building your cash position for a bit. If you work at it, you'll be in a much better spot a year from now. Your search should range from the Torrance area to Westchester, west of the 405 (San Diego Fwy) if you want to limit your DH's (dear husband's) commute.

Best of luck to you!

CESpeed · 08-13-2008, 08:06 PM

I ditto the salary and housing price. You make enough money to live comfortably but you are looking from 600K for a house.

chirpy12345 · 08-14-2008, 06:05 AM

Thanks for all of the replies. It's a relief to know that at least our salaries are adequate. It's a bit of a paradigm shift to think about buying a house for over a half million dollars. Welcome to LA, eh?

streetscenes · 08-14-2008, 06:34 AM

Combined income of $185k is plenty to live in the South Bay, especially for TINKers (Two Income No Kids). Lots of housing options in the South Bay. One of the biggest things for being happy in Socal is to live near where you work. If your in RB that shouldn't be a problem.

ndfmnlf · 08-14-2008, 06:35 AM

I concur with the others on the adequacy of your salary and the need to save for a downpayment for a house. The only other thing to consider (which I assume you already thought about) is how sustainable is your income. Are you in an industry where the prospects of continued employment at the salary you stated is good? If you are, then I would take the plunge and move to LA. Obviously you don't want to come to LA to be paid $185k in the first year, only to find yourself unemployed in the second year because your job was outsourced to another country, for example. Just something to think about. Good luck.

imotivation · 08-14-2008, 11:13 PM

Interesting comments to come across while pondering relocating to LA w/combined salary of a lot less than $185k...more like $115k, with a 12yro kid.

Bet you're wondering who would consider such a move? A MICHIGANDER!!! Who's job could be in jeopardy. MI unemply rate is highest in the nation @8.75%, the job market sucks, it's what they call "an employers market" out here...job cuts, salary cuts and caps. I'm only 32...I'm looking to advance after recently acquiring a BA, not regress. I fear becoming stagnant in michigans depressing economy.
Is this doable on $115k income for 3? with an apartment near a good school district for approx. $1700-$2k/mo? Will hubby need to get a part-time job?
Also, considering there is strong possibility for advancement w/current emply...

Give it to me straight up...no sugar coating!

timelesschild · 08-14-2008, 11:21 PM

Yes, this is doable. Where is your potential job?

We have less income and more children than you do, and we are considering it doable. Considering the fact that you are willing to live in an apartment, it's TOTALLY doable. It's when you start needing to buy a house that it all gets a little tricky.