Calabasas, Ca... (Los Angeles, San Diego, San Jose: condo, how much, house prices)

[the city]

Originally Posted by EscapeCalifornia

Yes, I know what BS means. I'm just wondering what what you're trying to say exactly.

Paying 150K a year to pay of a 600k home. That would be paying off the home in 4 years, an average person will pay off their home in 10 yrs and pay less per year. perhaps it will take even longer than that.


I could probably even find a good condo to live in. If I dont find a house.

[Charles]

Originally Posted by the city

Paying 150K a year to pay of a 600k home. That would be paying off the home in 4 years, an average person will pay off their home in 10 yrs and pay less per year. perhaps it will take even longer than that.


I could probably even find a good condo to live in. If I dont find a house.

The $150K/year was (an estimate of) the income required to afford the $600K home with a 20% down payment. It wasn't the amount the original poster needed to pay per year.

[EscapeCalifornia]

Where did you get the idea that that average person in SoCal pays off a house in 10 years? And have you ever heard of interest?

[vegaspilgrim]

Originally Posted by the city

Associate Planners make about $50,000. When I start of interining I will probably make about $30,000 as a planner technician. As soon as I get some experience, and take my ACIP exam I would be able to become an associate planner and make $50,000-$60,000. And my parents are wealthy enough to help on the downpayment. We currently live in the country-side of San Luis Obispo.

Of course, until I become a city planner I will be living at the dorms and then in an apartment and then by the time I'm an associate planner I will have a family and a wife and be making the $50k.

I might not neccesarily be working in Thousand Oaks. I could be working from Camarillo all the way to Tazarna.

And, i'd probably have 1-2 kids. So, probably a home with 2 beds and one bathroom.

Dude, I would SLOW down if I were you. Take one step at a time. You don't have to have your whole life planned out right now.

[SOON2BNSURPRISE]

The cost to buy a home, after the downpayment: Interest on the loan, figure 6% and up depending on credit. Principle to pay down the balance. Property tax at 1.25% of the purchase price of the home and that can increase or decrease depending on the value of your home from year to year. Private mortgage insurance if you don't pay 20% or more down payment when you buy the home. Fire, Flood, and or Earthquake insurance.

Cost to own a $600,000 home

Interest and principle on $600,000 for 30 years: $3,597.30

Interest and principle if you put 20% down: $2,877.84
Property tax on $600,000 home: $625.00
Insurance (Approximate) $100.00

Cost to own home $3,602.84

Required income to purchase home per month $11,258.88
Required yearly income (Gross income) $135,106.56

(Depends on your debt to income ratio. You may need additional income depending on your debt load.)

[mellabella]

Originally Posted by SOON2BNSURPRISE

The cost to buy a home, after the downpayment: Interest on the loan, figure 6% and up depending on credit. Principle to pay down the balance. Property tax at 1.25% of the purchase price of the home and that can increase or decrease depending on the value of your home from year to year. Private mortgage insurance if you don't pay 20% or more down payment when you buy the home. Fire, Flood, and or Earthquake insurance.

Cost to own a $600,000 home

Interest and principle on $600,000 for 30 years: $3,597.30

Interest and principle if you put 20% down: $2,877.84
Property tax on $600,000 home: $625.00
Insurance (Approximate) $100.00

Cost to own home $3,602.84

Required income to purchase home per month $11,258.88
Required yearly income (Gross income) $135,106.56

(Depends on your debt to income ratio. You may need additional income depending on your debt load.)

how do you calculate what a net would be on that income in California?
would it be about 40% or closer to 50% deductions......

[the city]

well, let's say i don't afford a home.

let's say after im living in an apartment in the area I decide to get a 2 bedroom 2 bathroom condo.

a condo would be alot cheaper than a small house.

i think condos run from $250,000-$350,000 in Calabasas. And I guess there are some pretty good ones

[ConsideringLA]

Originally Posted by the city

well, let's say i don't afford a home.

let's say after im living in an apartment in the area I decide to get a 2 bedroom 2 bathroom condo.

a condo would be alot cheaper than a small house.

i think condos run from $250,000-$350,000 in Calabasas. And I guess there are some pretty good ones

Hey, "the city" - if you're talking about after you graduate college, then we're talking at least 4-5 years from now, right?

Do you remember what things were like 4-5 years ago?

Yeah, I'd wait at least 3-4 years and come back to this forum.

In the mean time, don't let pesky things like interest rates, HOA fees, mello roos, and property taxes complicate your vision of affordbility. Just get your degree.

[the city]

Originally Posted by ConsideringLA

Hey, "the city" - if you're talking about after you graduate college, then we're talking at least 4-5 years from now, right?

Do you remember what things were like 4-5 years ago?

Yeah, I'd wait at least 3-4 years and come back to this forum.

In the mean time, don't let pesky things like interest rates, HOA fees, mello roos, and property taxes complicate your vision of affordbility. Just get your degree.

i'd say were actually 6 years. 4 years for college, and then 2 years to get married. and then maybe wait a couple years after that to have kids. and then ill probably be looking for a condo in Calabasas. 4-5 years ago....wasn't the economy better and house prices better?

[BRinSM]

have you even met your future wife yet?

i'm not sure it's wise to have your twenties completely planned out before you even reach the age of 20. you change a lot during your twenties, especially in the first five years. i don't think it is such a good idea to have everything so set in stone at such a young age.