LA Newbie questions (Los Angeles, Irvine, Santa Monica: apartment, rent, condo)

[LAnewbie]

I'm thinking about a job offer in the LA area. Would love to get some suggestions from the nice folks on this forum.

1. How much can you take home every month after tax for a household with income around $220K.
2. What cities close to Santa Monica (less than 1 hour one way) have good schools and are still affordable? I'm looking for houses in the $400-600 range.

Thanks a lot.

[hsw]

Generally 50% take-home of W-2 wages....see CA Franchise Tax Board web site to obtain better estimates

Public schools in LA region generally suck....most price in private schools into COL, for both academic competence and physical safety of their kids (even in City of BeverlyHills)...kids need to get into a decent college to eventually get a decent job, right?

Closest decent public schools are on PalosVerdesPeninsula and in Irvine

May want to consider renting, not buying....most would argue house prices are in free-fall for next 1-2yrs....and easier to migrate to area one really likes after getting to know region and strengths/weaknesses of each suburban corridor

[BRinSM]

if you really wanted to buy now, that price would get you a nice house in the santa clarita valley, which has good schools i've heard. the commute would be over an hour to most parts of the city, but if you are to work downtown, you can take the metrolink commuter train rather than driving in the terrible traffic. however, prices are dropping around here pretty rapidly. I would rent for a year or so, then buy after the economy starts to stabilize.

[greggd]

Originally Posted by LAnewbie

I'm thinking about a job offer in the LA area. Would love to get some suggestions from the nice folks on this forum.

1. How much can you take home every month after tax for a household with income around $220K.
2. What cities close to Santa Monica (less than 1 hour one way) have good schools and are still affordable? I'm looking for houses in the $400-600 range.

Thanks a lot.

Rent a condo or newer apartment or small house in West Los Angeles near or west of the 405, Brentwood, Santa Monica, Marina Del Rey, certain sections of S. Santa Monica/Venice along main street & coast or Pacific Palisades, So. Malibu on the land side for one year.

Within a year you will have a better feel for the areas around santa monica. There are no homes around sm in the 4-600k range. with 220k income, you should be able to apply more than that to living expenses.

There are elementary schools in no. santa monica that look pretty nice to me, but I have no info on them. paul revere jr. high, and palisades high school are in the area, uni high. maybe someone can advise on those schools. I do know that SM highschool had the hood kids from venice and the south, but that was many years ago although i dont think much has changed.

also, the commute just to get out of sm onto the freeway is impossible. I have been stuck in that traffic time and time again trying to get down to manhattan beach. It is total gridlock especially when you are within 5 blocks of a frwy onramp.

[LAnewbie]

Thank you all so much for the reply. So only 50% take home after tax? It's that bad?

It seems most of you believe even with the recent drop of 30-40%, houses are still too expensive and price will continue to fall?

Also, I was asking about elementary school, not high school.

Thanks!