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Old 04-28-2007, 12:13 AM
 
Location: Sherman Oaks, CA
5,163 posts, read 10,293,752 times
Reputation: 5825

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Any political posts will be moved to the political forum. In other words, let's not hear about how George W. supposedly inflated the price of housing. Thank you.
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Old 04-28-2007, 12:43 AM
 
Location: West LA
723 posts, read 2,191,654 times
Reputation: 285
Quote:
Originally Posted by EscapeCalifornia View Post
Yeah, we both work. No, we don't make $150k between the two of us. We're making a little more than 1/2 of that and barely make the mortgage on a $550k house with few other bills. Kids are out of the question.
Well, $75,000 combined on a $550k house would be rough if you have sub-par mortgages. I have a close friend that bought a place for $50,000 MORE than my place, and he pays close to $400.00 a month more than me on his mortgages!!!

I can't imagine taking care of a woman's needs (makeup, clothes, shoes) on less than $40,000.
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Old 04-28-2007, 01:09 AM
 
11,726 posts, read 24,740,183 times
Reputation: 7135
Quote:
Originally Posted by JackSparrow View Post
Well, $75,000 combined on a $550k house would be rough if you have sub-par mortgages. I have a close friend that bought a place for $50,000 MORE than my place, and he pays close to $400.00 a month more than me on his mortgages!!!

I can't imagine taking care of a woman's needs (makeup, clothes, shoes) on less than $40,000.
The mortgage terms aren't horrible, but even at a decent interest rate, that's a TON of leverage. And its only a 2 bedroom house too. Its not like we went out and bought a mansion. Its the smallest house on the block, we got a super good deal on it as a fixer, and its still too expensive. To make it worse, my wife an I don't want to have kids, only to pay someone else to raise them. Of course, it takes both of our incomes just to afford the house. So there's no slack to either pay for full time daycare or for one of us to stay at home. Luckily, we don't have kids yet and my wife is pretty low maintenance, but you can only be house-poor for so long before it wears you down. We're thinking about selling now, banking the money, and renting something cheaper. I'll be a homeowner again, but it probably won't be in California.
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Old 04-28-2007, 01:31 PM
 
Location: West LA
723 posts, read 2,191,654 times
Reputation: 285
Quote:
Originally Posted by EscapeCalifornia View Post
The mortgage terms aren't horrible, but even at a decent interest rate, that's a TON of leverage. And its only a 2 bedroom house too. Its not like we went out and bought a mansion. Its the smallest house on the block, we got a super good deal on it as a fixer, and its still too expensive. To make it worse, my wife an I don't want to have kids, only to pay someone else to raise them. Of course, it takes both of our incomes just to afford the house. So there's no slack to either pay for full time daycare or for one of us to stay at home. Luckily, we don't have kids yet and my wife is pretty low maintenance, but you can only be house-poor for so long before it wears you down. We're thinking about selling now, banking the money, and renting something cheaper. I'll be a homeowner again, but it probably won't be in California.

Just follow your screen-name. If it's that rough, I am sure there's a *****-ton of greener pastures. Maybe consider a career change where you can make more loot?

I make 'decent' money with my day job, but I am also developing skills on the side. Business, performance, etc. I am already preparing to make more money, and I am doing well as it is. One of the places I intend to do so is in real estate (ie. taking a risk and buying ANOTHER place in 2008!!!) I'm just saying, there's a lot you can do besides be worn down being house poor. But I don't TRULY know your situation, so I'll save the preaching.
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Old 04-28-2007, 01:40 PM
 
11,726 posts, read 24,740,183 times
Reputation: 7135
I AM looking to move out of state. Real estate is totally out of line with income here. In Orange County, something like 11% of people can afford a home. Starter homes shouldn't cost an average person all of their income and then some.
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Old 04-28-2007, 01:57 PM
 
199 posts, read 464,387 times
Reputation: 144
This SoCal lady is heading for Pa, I leave on Tuesday to go househunting and have found wonderful homes for as little as $45,000. Restored victorians for as little as $70,000. Luckily I am retiring but my son and DIL are moving with me, they are hoping that with the base savings they have (from living with me), they can get work and purchase their own home there, which they could never do here. I have lived here all my life, but it is unacceptable for the average person, traffic, crime, housing/rental costs, gasoline, car insurance. PA here I COME
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Old 04-28-2007, 02:55 PM
 
Location: West LA
723 posts, read 2,191,654 times
Reputation: 285
Quote:
Originally Posted by mcorrales View Post
This SoCal lady is heading for Pa, I leave on Tuesday to go househunting and have found wonderful homes for as little as $45,000. Restored victorians for as little as $70,000. Luckily I am retiring but my son and DIL are moving with me, they are hoping that with the base savings they have (from living with me), they can get work and purchase their own home there, which they could never do here. I have lived here all my life, but it is unacceptable for the average person, traffic, crime, housing/rental costs, gasoline, car insurance. PA here I COME

Good luck! I spent the first 17 years of my life in PA, and wanted nothing more than to get the heck out of that place.

What part of PA? (If it gets too off topic, we can take it over to the PA forum)
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Old 04-28-2007, 05:07 PM
 
Location: Alexandria, VA
1,076 posts, read 2,637,560 times
Reputation: 467
Quote:
Originally Posted by JackSparrow View Post
Well, I can't see how with TWO people making that kind of money you couldn't afford kids...?

I mean if one single person can make it I don't understand how two people couldn't. One of my girlfriends makes less than me, and she does fine (renting). I also see many single parents with kids.

Something is amiss here.
Do you understand that if two people are working there are many other additional costs when you bring children into the picture??
No, of course you don't. Many not all single folks with kids are getting aid of some sort, or collecting support from a spouse. What is amiss is that you have no clue what it costs to raise a child and how ones priorities change.
MBG
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Old 04-28-2007, 07:21 PM
 
Location: Los Angeles
644 posts, read 2,407,512 times
Reputation: 308
Quote:
Originally Posted by JackSparrow View Post
Well, I can't see how with TWO people making that kind of money you couldn't afford kids...?

I mean if one single person can make it I don't understand how two people couldn't. One of my girlfriends makes less than me, and she does fine (renting). I also see many single parents with kids.

Something is amiss here.
Jack,

[mod cut; personal attack] I don't think you realize how expensive it is to bring up children these. It is a HUGE expense. Babysitters, food, nannies, daycare, clothes, extra bedroom in the house, education, books, bikes, sporting equipment, college, computers, and on and on and on. Do you remember having any of that stuff when you grew up? Do you know how much food growing boys can eat? Do you know how much a pair of Lucky Jeans cost? Enuff said. Talk to your parents.

Last edited by SandyCo; 04-29-2007 at 02:14 PM.. Reason: personal attack
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Old 04-28-2007, 07:23 PM
 
Location: Los Angeles
644 posts, read 2,407,512 times
Reputation: 308
Quote:
Originally Posted by JackSparrow View Post
Good luck! I spent the first 17 years of my life in PA, and wanted nothing more than to get the heck out of that place.

What part of PA? (If it gets too off topic, we can take it over to the PA forum)
Pa might not appeal to a young man who is ready to go out and drink at night and party and chase women, but someone who has been through all that, who just wants a quiet life, nice neighbors, and a home she can afford, I imagine it's quite a nice choice.

Artie
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