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Old 05-12-2010, 07:38 PM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 2,480,606 times
Reputation: 327

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I would like to hear real stories from people who settled down in LA about how they manage with their salaries to meet the mortgage payments or the rent for their homes,in such an expensive city...
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Old 05-12-2010, 08:27 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,589,423 times
Reputation: 17830
Chances are, people who post on the Los Angeles City Data forum aren't that poor (from the title of your thread) that they would be able to provide you with interesting "15 people to a house" stories. In fact, if they have a mortgage payment on a house in Los Angeles, they probably have a pretty good income - even with the mortgage mess of the past few years.
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Old 05-12-2010, 09:27 PM
 
Location: RSM
5,113 posts, read 19,724,732 times
Reputation: 1927
We don't have a mortgage. We rent. If we had a mortgage it was because we sold a house and used it as a down payment, because I don't know many people with 150-200k saved up for 20% down
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Old 05-13-2010, 06:57 AM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 2,480,606 times
Reputation: 327
That's why I want to hear real stories from transplants/newcomers who have to face rent /mortgage with just 2 salaries' income...
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Old 05-13-2010, 08:24 AM
 
201 posts, read 647,584 times
Reputation: 189
LA isnt expensive... what are you talking about??? $13,000 a month for rent is nothing... I make that in an hour because i am a movie star and i play guitar sometimes. At least we have weather... we have our weather. I love our weather. Yay! Angelos!
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Old 05-13-2010, 08:52 AM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,589,423 times
Reputation: 17830
Quote:
Originally Posted by SamuelBrock77 View Post
At least we have weather... we have our weather. I love our weather. Yay! Angelos!

If your life sucks, then I guess it's better to live it in nice weather than in bad weather.
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Old 05-13-2010, 09:02 AM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 2,480,606 times
Reputation: 327
Let's keep the thread within TOS...plz...
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Old 05-13-2010, 09:50 AM
 
Location: So Ca
26,653 posts, read 26,621,846 times
Reputation: 24707
Quote:
Originally Posted by harrymiafl View Post
That's why I want to hear real stories...
Don't forget that there was a time in the not-too-distant past when interest rates on mortgage loans were in the double digits. Mortgage payments were huge as a percent of property value, in comparison to what they are now. (I recall one home where we paid 16.5%.) I don't know how any of us did it back then. Nearly everyone put at least 20% down on a home...and barely anyone had an adjustable rate then.
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Old 05-13-2010, 09:58 AM
 
Location: West LA
2,318 posts, read 7,829,043 times
Reputation: 1125
I rent an apartment for $1,195 a month. This equates to $14,340 a year. You're supposed to make three times you living expense... so our household needs to bring in $43,020 a year. Not too tough for two young professionals.
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Old 05-13-2010, 10:00 AM
 
11,715 posts, read 40,382,604 times
Reputation: 7585
Quote:
Originally Posted by LASam View Post
I rent an apartment for $1,195 a month. This equates to $14,340 a year. You're supposed to make three times you living expense... so our household needs to bring in $43,020 a year. Not too tough for two young professionals.
Which most people in LA aren't.
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