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Old 10-19-2016, 12:40 PM
 
Location: Ca expat loving Idaho
5,267 posts, read 4,142,559 times
Reputation: 8133

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Quote:
Originally Posted by expatCA View Post
That is why the middle class is leaving. Those with far more money or a lot of retirement income are moving in, foreign and citizens. Would you expect $80,000.00 a year to allow you to buy a SFH in London or Paris? Why should anyone expect to be able to do so in SoCal, SF, LA, etc???

your comparing Orange County to London, Manhattan and Paris??? I guess we should be flattered??? I never said anyone should expect to buy here I said it was sad that it's so hard to. It is what it is I get that. I'd even be lying to say I hope the housing figures go down because I want to sell my place and get cash out with some good equity. Because I'm one of the middle class that's leaving...
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Old 10-19-2016, 01:23 PM
 
Location: Leaving Phoenix and Snobsdale
218 posts, read 348,822 times
Reputation: 107
Quote:
Originally Posted by CaliRestoration View Post
Right, and that's fine. You see your salary as a static $80k, and never ever earning more, and buying in SoCal as insurmountable.

But understand, the people who do pursue to live in SoCal and end up buying a home in expensive areas like Manhattan, SF, LA, or OC are not thinking of remaining static professionally. They don't think like you. They think of how they can eventually afford a home, while you think of how you can escape to a cheaper area. Nothing wrong with either line of thinking, but it is a different mind set. I find people who do end up buying in nice areas of SoCal tend to have the former mindset, not the latter.
I have the former since with appropriate training in NY profession, which is best provided by southern California universities compared to Arizona, my profession pays up to $166,000 a year.
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Old 10-19-2016, 01:25 PM
 
5,381 posts, read 8,649,060 times
Reputation: 4550
You need to earn $62,000 a year to rent a studio apartment in O.C., report says - The Orange County Register


The article shows that rent is highest in these 5 cities:
  • Newport Beach: $2,513
  • Irvine : $2,231
  • Aliso Viejo:$2,059
  • Huntington Beach: $2,011
  • Costa Mesa: $2,007
With 20 % down, it's still actually possible to purchase a 2 bedroom condo with total monthly expenses of $2,174.

Quote:
Originally Posted by pacific2 View Post
Let's look at this condo:
https://www.redfin.com/CA/Aliso-Viejo/161-Sandpiper-Ln-92656/home/5610903

According to Redfin, if you put 20% down, the total monthly charges, including mortgage, property taxes, HOA fees, and insurance, are estimated to be $2,174.

That doesn't sound too bad if you look at the cost of a 2 bedroom rental.
OC is not for everyone, but this information should be useful for those who are contemplating a move here.
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Old 10-19-2016, 01:32 PM
 
Location: Gilbert, Arizona
2,940 posts, read 1,800,280 times
Reputation: 1940
Quote:
Originally Posted by pacific2 View Post
You need to earn $62,000 a year to rent a studio apartment in O.C., report says - The Orange County Register


The article shows that rent is highest in these 5 cities:
  • Newport Beach: $2,513
  • Irvine : $2,231
  • Aliso Viejo:$2,059
  • Huntington Beach: $2,011
  • Costa Mesa: $2,007
With 20 % down, it's still actually possible to purchase a 2 bedroom condo with total monthly expenses of $2,174.



OC is not for everyone, but this information should be useful for those who are contemplating a move here.
62K nets you an income of 3300/mo after taxes. Definitely possible to purchase a condo, but you'd only be left with 1100 and that's for everything else but housing. I don't know about you but if 66% of my paycheck goes to keeping a roof over my head, not even the lights on or food on the table, that's very very is disturbing.
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Old 10-19-2016, 01:39 PM
 
5,381 posts, read 8,649,060 times
Reputation: 4550
Quote:
Originally Posted by man4857 View Post
62K nets you an income of 3300/mo after taxes. Definitely possible to purchase a condo, but you'd only be left with 1100 and that's for everything else but housing. I don't know about you but if 66% of my paycheck goes to keeping a roof over my head, not even the lights on or food on the table, that's very very is disturbing.
Ah, but I wasn't suggesting that someone with a 62K income should even consider buying. It was the article that zeroed in on that income level;and for a studio rental.

My point was just that it is still possible for someone to buy (a 2bd condo) for about what it takes to rent.
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Old 10-19-2016, 01:40 PM
 
3,437 posts, read 3,264,577 times
Reputation: 2508
its no longer possible to buy a house (in a desirable place) with a single income household unless you earn 120k and up
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Old 10-19-2016, 01:41 PM
 
Location: Leaving Phoenix and Snobsdale
218 posts, read 348,822 times
Reputation: 107
Quote:
Originally Posted by pacific2 View Post
You need to earn $62,000 a year to rent a studio apartment in O.C., report says - The Orange County Register


The article shows that rent is highest in these 5 cities:
  • Newport Beach: $2,513
  • Irvine : $2,231
  • Aliso Viejo:$2,059
  • Huntington Beach: $2,011
  • Costa Mesa: $2,007
With 20 % down, it's still actually possible to purchase a 2 bedroom condo with total monthly expenses of $2,174.



OC is not for everyone, but this information should be useful for those who are contemplating a move here.
Thanks for the links. Phoenix is a horrible place to live, OC is expensive, and the only way to do it, at first, is with a co signer at those prices.
Its to the point in this country where we have have and have not states. The have not states, like Arizona, have huge populations of trust funders, poor, homeless, disabled, low median salaries, low median ages, and no opportunities to get out of whatever category you're in unless you move to CA, CO, NY, WA, etc. AZ wastes all its money in light rail when it could be giving companies incentives to come to the state. Also Phoenix hates shopping centers and malls with good paying jobs like Costco and better paying ones like In and Out. I think we only have 4 costcos for a metro of 5 million. And only two Whole Foods that I'm aware of and very few Trader Joes. So median salaries are low. Many jobs are not unionized either. Even if they were, doctors refuse to take certain medical insurances. People here are struggling for many reasons as you can see. The state universities have larger drug problems than most college towns I've been to or lived in. Local politicians agree with everything I said and local mayors want to improve the situation, but it will take at least 12 to 15 years to catch up to where OC is.

I can totally understand why people move over here like the engineer in Gilbert. I moved over here from the coast without his type of education. He will do fine and thrive in Gilbert with his education, which is a very safe well run suburb. for me, I need to go back to one of the coasts.

Scottsdale, could be like Irvine, but we are worried that Littlefield will get elected. he is anti business, the incumbent mayor Jim Lane is pro business. Arizona is generally anti business, anti expansion, since retired people hate growth, and they control most of the state, and most of the outer ring suburbs of Phoenix and Tucson. You're like that, too, but Irvine and adjacent cities in Riverside county are very pro entrepreneur, much more so than here, IMHO.

Last edited by Arizona89A; 10-19-2016 at 01:55 PM..
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Old 10-19-2016, 01:42 PM
 
Location: Gilbert, Arizona
2,940 posts, read 1,800,280 times
Reputation: 1940
Quote:
Originally Posted by pacific2 View Post
Ah, but I wasn't suggesting that someone with a 62K income should even consider buying. It was the article that zeroed in on that income level;and for a studio rental.

My point was just that it is still possible for someone to buy (a 2bd condo) for about what it takes to rent.
I don't think it's the correct assumption that if owning = renting, then own, because owning almost always is more expensive than renting once you factor everything. It's a mistake most people make.
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Old 10-19-2016, 02:23 PM
 
209 posts, read 261,845 times
Reputation: 337
Quote:
Originally Posted by expatCA View Post
That is why the middle class is leaving. Those with far more money or a lot of retirement income are moving in, foreign and citizens. Would you expect $80,000.00 a year to allow you to buy a SFH in London or Paris? Why should anyone expect to be able to do so in SoCal, SF, LA, etc???
I'm part of the middle class that is bouncing out of OC and I can't wait. I'm in my late 30's and lived here my entire life. Great place to grow up when you're a kid and don't have to have a job or responsibilities, but growing old here just isn't worth it. Housing prices are simply stupid and there are way too many damn people. It shouldn't take me an hour to drive 16 miles to work, and that's not even that bad!

I think one poster hit the nail on the head...it's all about quality of life. Living in SoCal has a premium and if you don't have a family income over $200k/yr you are going to have to sacrifice either quality of life or location. You cannot live in a nice safe neighborhood, in a modest house with good schools and expect to pay less than $700k for the house. My wife and I both have college degrees and make around $150k together a year...we've been looking for a house for 6 months and nothing we want is under $700k, and the idea of paying that amount for a 1200sqft home is ludicrous. OC is just not worth it. At least for me, you can't even enjoy the things that used to make SoCal so great...going to the mountains takes forever, going to the beach is a freakin nightmare, the amusement parks cost two paychecks for entry, driving to work takes 2 hours of my life each day, going south to San Diego or something on the weekend is easily a 3 hour trip each way. The cost of living is through the roof. We finally said screw it, decided to sell our insanely overpriced condos and head for the suburbs of Vegas in a few months. We'll have a 3000sq ft home built in the past 10 yrs, 3 car garage, completely updated interior in a terrific neighborhood that looks like Irvine for less than $400k. We'll be able to pay 20% in cash and still have over $100k leftover from selling our condos and we're not even 40 years old yet. Traffic out there is nothing compared to here, the taxes out there are significantly lower, the COL is about 30% lower out there, and we're a 60 minute flight away at all times. Thank god for John Wayne Airport! Basically we are choosing to have the best quality of life that our money will provide, as opposed to just getting by in one of the most desirable locations in the country. It's no longer desirable to us. See ya'll in Vegas!
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Old 10-19-2016, 02:42 PM
 
Location: Riverside Ca
22,146 posts, read 33,300,678 times
Reputation: 35433
Quote:
Originally Posted by payutenyodagimas View Post
the OP can solved his problem by marrying a similar millennial with the same income
Yes but the subject was living in OC. Yes you're right, if two people got married or lived together they could get a higher price house. That's just mathematics.
BUT it all depends
You're now bringing in two people's debt. What sort of savings/debt are these people servicing?

You can make 160k a year but if you got 60/70% of it going out in servicing debt it's pointless. Hey FYI we saved for YEARS to get the 20% down, closing moving and associated costs in buying a house. We waited until we were financially READY and WILING to take a mortgage on. Too many feel that they must buy now now now.
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