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Old 10-18-2007, 07:03 PM
 
Location: Anaheim
7 posts, read 42,184 times
Reputation: 22

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Check out http://www.cpb.org,the (broken link) website for the California Budget Project. Read the report called Making Ends Meet: How Much Does It Cost to Raise Family in California. Very enlightening.

Last edited by RachelKnott; 10-18-2007 at 07:04 PM.. Reason: website address was confusing.
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Old 10-18-2007, 09:07 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,453,139 times
Reputation: 17827
Big dichotomy. People with Families. Single People. The former find it more difficult. The latter find it opportunistic.
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Old 10-19-2007, 10:37 AM
 
31 posts, read 256,822 times
Reputation: 22
the link in the first post is dead...
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Old 10-19-2007, 10:45 AM
 
575 posts, read 1,773,526 times
Reputation: 308
I believe the correct link is California Budget Project

The OP just flipped the bp/pb



Edited to add:

I just watched yesterday's Oprah Winfrey show with Suze Orman giving advice to some folks in BIG financial trouble.

The first thing she said to family #1 (making $100,000 a year) was sell your house and get out of California NOW!

Given the fact that CA is one of the most expensive states to live in, and has one of the highest state income tax rates, along with the financial mess they've gotten themselves into; she felt in order to even attempt to dig themselves out they MUST leave CA


Last edited by Axiom; 10-19-2007 at 12:03 PM..
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Old 10-19-2007, 03:50 PM
 
Location: Keller TX
53 posts, read 242,360 times
Reputation: 29
I agree! We did it! Moved to a suburb of Fort Worth Tx and love it. We are renting a 4 bedroom 2000 sq foot house for less than the 2 bedroom 900 sq foot condo in Laguna Niguel. Plan on buying in 2 years and don't regret the move one bit!
My daughter goes to an outstanding school, we live in a beautiful and safe master planned community, and we actually have spending money now. Although I miss CA, with the diffence in cost of living we can comfortably vacation in CA a few times a year and get our beach fix.
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Old 10-20-2007, 08:49 AM
 
Location: Huntsville, AL
1,618 posts, read 4,766,971 times
Reputation: 1517
I agree with Suze Orman (not just because of this, I've always thought she has had some sound financial advice.)

We are a family who were not in any financial trouble at all. But IMO, my husband worked too hard and made too much money for us to live the way we were living. Mind you, we had a nice, comfortable life, and if I had to, I could have lived there forever. But we are definitely improving our quality of life here in Alabama. And no, it's not just about square footage, it's also about how the economics affects the way your friends, neighbors, and family interact and operate.
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Old 10-20-2007, 12:22 PM
 
Location: Apple Valley Calif
7,474 posts, read 22,817,986 times
Reputation: 5682
I saw suze on Ophrey, and you are taking what she said way out of context. You can live very well on less than $100k a year in OC. It's all how you manage your money. My wife and I lived throughout our working careers in OC, with our highest combined income just over $100k. We retied as multimillionaires. We drove old cars with no payments, didn't spend money on anything unnecessary. We invested every cent we made. We probably went too much the other way, and were basically cheapskates, but it paid off in the end. We now own two paid off homes worth roughly a mill and a half, and over a million in liquid assets, so it can be done. My biggest problem in retirement is how to spend all of the money we accumulated before we pop off. and have to leave it all to the kid..!
The couple that was advised to move had no clue how to manage money. The lady was a shopaholic that bought everything she saw. they had three new expensive cars with sky payments, and a home they no way in Hell could afford. They were way upside down in their home. They lived like they made millions a year.
There are two extremes. We went all the way to one extreme, that couple went to the other extreme. I dare say our end results were much better. If you walk the line between the two of us, you will live quite nicely in OC
It doesn't matter where they live, if they continue their habits, they will remain in debt. One has to live within their means.
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Old 10-21-2007, 01:46 PM
 
575 posts, read 1,773,526 times
Reputation: 308
Quote:
Originally Posted by Donn2390 View Post
I saw suze on Ophrey, and you are taking what she said way out of context. You can live very well on less than $100k a year in OC. It's all how you manage your money.
Actually I don't think I took anything out of contexrt at all.
I clearly stated that the family had gotten themselves into huge financial trouble and that Ms. Orman felt it was necessary for them to leave California in order to dig themselves out.
I certainly never said, or implied, that no one can make it in CA.

However I would have to question your statement that you can live very well on less than $100,000 a year in OC.

Of course a lot depends on circumstances. You know, whether we're talking a single person, a couple, a family; renting, or owning a home... minor details like those.

If you were able to secure housing before prices spiraled out of control, then yes, I can see how that would be possible.
But anyone coming into the area in the past several years is in a much more precarious position.

Housing makes up the largest portion of most household budgets and it is the one thing that pushes cost of living figures in most of So Cal sky high.

Unfortunately the report the OP linked above did not include OC in their income to home prices table, but IIRC OC was somewhere between Santa Clara County and Los Angeles County on the last report I saw, so take a look at the figures from those areas:

Santa Clara County/LA County

August 2007 median home price
$700,000 / $549,000
Income needed to purchase (with 20% down)
$143,454 / $112,509
Income needed to purchase (with only 5% down)
$170,352 / $133,605

So you would need an income of over $100,000 a year just to make the mortgage on a median priced home today.

Where does the money for utilities, food, transportation, health coverage, child care, etc. come from? What about retirement, college savings, or an emergency buffer? And forget about luxuries like vacations or entertainment... you know, the discretionary stuff.

Granted renting is less expensive than buying right now, so you could go that route. Or another option is to try and find something below the median price to buy. However, I don't know if you've looked at houses recently, but I guarantee median price is not going to get you much, so I'm guessing if you drop much below that you're looking at some pretty scary stuff!!

BTW, congrats Donn2390!
I would love to have your problem when I reach retirement.

Last edited by Axiom; 10-21-2007 at 01:58 PM..
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Old 10-22-2007, 01:59 PM
 
Location: England, Manchester
13 posts, read 107,054 times
Reputation: 15
Wow thats some scary information. I'm only 21 and i have ambitious plans to start a whole new life in California. I have seen how beautiful and some of the lifestyle wont go a miss if i was ever to get up there. but its starting to look more and more like i will not fulfill my dream after all due to all the people telling me of the cost of living. I used to think you couldn't put a price on happiness until i read that one of the best places in the US to live are so expensive.

If i came to California as a person looking to work temporarily would i be able to rent a very small 1 bedroom place at all? Even if it is very small at least its a place to stay while i experience something new. Is it possible does anyone know? I look forward to as much information as i can get thanks all!
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Old 10-22-2007, 02:51 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,453,139 times
Reputation: 17827
Quote:
Originally Posted by mikemoseley View Post
If i came to California as a person looking to work temporarily would i be able to rent a very small 1 bedroom place at all? Even if it is very small at least its a place to stay while i experience something new. Is it possible does anyone know? I look forward to as much information as i can get thanks all!
You failed to mention what you can afford, what you can do, and where you want to live.

What kind of feedback to you expect from the forum?
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