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Old 08-13-2008, 07:32 PM
 
Location: Colorado
6 posts, read 8,908 times
Reputation: 10

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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?
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Old 08-13-2008, 07:48 PM
 
1,712 posts, read 5,340,133 times
Reputation: 681
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.
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Old 08-13-2008, 07:53 PM
 
Location: Malibu/Miami Beach
1,070 posts, read 2,882,897 times
Reputation: 427
Quote:
Originally Posted by chirpy12345 View Post
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..
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Old 08-13-2008, 08:04 PM
 
1,725 posts, read 5,935,284 times
Reputation: 1535
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!
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Old 08-13-2008, 08:06 PM
 
Location: Hot Springs, AR
5,612 posts, read 13,237,860 times
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I ditto the salary and housing price. You make enough money to live comfortably but you are looking from 600K for a house.
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Old 08-14-2008, 06:05 AM
 
Location: Colorado
6 posts, read 8,908 times
Reputation: 10
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?
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Old 08-14-2008, 06:34 AM
 
Location: South Pasadena
686 posts, read 2,204,503 times
Reputation: 538
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.
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Old 08-14-2008, 06:35 AM
 
4,182 posts, read 5,658,702 times
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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.
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Old 08-14-2008, 11:13 PM
 
1 posts, read 1,685 times
Reputation: 11
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!
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Old 08-14-2008, 11:21 PM
 
1,712 posts, read 5,340,133 times
Reputation: 681
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.
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