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Hi all. I've been looking at suburban L.A. housing, and I'm not finding a lot of scenarios that make me happy. I've been here 15 years so I know all the ropes of how to do things and like I said I'm just not finding something I can be comfortable with.
I actually work in the Inland Empire suburbs, but I just don't want to commit to a $2500 a month mortgage.
I used to commute to the Inland Empire from El Segundo, now I work in the Inland Empire so I don't have a commute anymore, and I make decent money, but it's still unaffordable for this area. An affordable area for me now is Beaumont or Banning, and I don't want to drive out there. That defeats the purpose of getting rid of my commute with my newer, still decent paying position.
Anyway, just kind of wondering what my options are if I cannot get a house in SoCal. My 401k going, but what else can I do if I don't have vaunted retirement equity?
Beaumont is not an expensive area if I recall correctly. What's the average price of a single family home?
So I looked on Redfin and single family homes are reasonable $200k-350k. What do you mean by you cannot afford it. No down payment?
Hi all. I've been looking at suburban L.A. housing, and I'm not finding a lot of scenarios that make me happy. I've been here 15 years so I know all the ropes of how to do things and like I said I'm just not finding something I can be comfortable with.
I actually work in the Inland Empire suburbs, but I just don't want to commit to a $2500 a month mortgage.
I used to commute to the Inland Empire from El Segundo, now I work in the Inland Empire so I don't have a commute anymore, and I make decent money, but it's still unaffordable for this area. An affordable area for me now is Beaumont or Banning, and I don't want to drive out there. That defeats the purpose of getting rid of my commute with my newer, still decent paying position.
Anyway, just kind of wondering what my options are if I cannot get a house in SoCal. My 401k going, but what else can I do if I don't have vaunted retirement equity?
It's not what you want to hear, but you have to choose what's most important to you. If you can't get the house you want--and if the house you want is the most important thing--then you have to do what it takes to get it. That might include working a 2nd job or creating a small business for yourself on the side. It might include finding a better paying job. It might be that you have to leave SoCal to get the house you want. Or maybe you go the uber frugality route for a couple of years (live with roommates, never eat out, don't take vacations, etc.).
I didn't care about the house, so I chose to be "retirement rich". I live in a studio apartment, but I have a great 401k balance compared to most people my age/income level and can expect to draw on a pension when I turn 55. But I gave up other things in order to be in this position--which is ok. We all give things up in order to get what's most important to us.
Last edited by mysticaltyger; 01-10-2017 at 12:18 AM..
Anyway, just kind of wondering what my options are if I cannot get a house in SoCal. My 401k going, but what else can I do if I don't have vaunted retirement equity?
What makes you think that metro-LA home prices will continue to rise faster than the inflation rate? If they're not affordable to you, they're not affordable to anyone else. Interest rates are still at a historic low. Put them up to 7% and see what happens to housing prices.
Keep your powder dry and buy on the price dips, not at the peak of the market. Housing prices are cyclical pretty much anywhere.
Hi all. I've been looking at suburban L.A. housing, and I'm not finding a lot of scenarios that make me happy. I've been here 15 years so I know all the ropes of how to do things and like I said I'm just not finding something I can be comfortable with.
I actually work in the Inland Empire suburbs, but I just don't want to commit to a $2500 a month mortgage.
I used to commute to the Inland Empire from El Segundo, now I work in the Inland Empire so I don't have a commute anymore, and I make decent money, but it's still unaffordable for this area. An affordable area for me now is Beaumont or Banning, and I don't want to drive out there. That defeats the purpose of getting rid of my commute with my newer, still decent paying position.
Anyway, just kind of wondering what my options are if I cannot get a house in SoCal. My 401k going, but what else can I do if I don't have vaunted retirement equity?
Are you single, as suggested by your use of "I" instead of "we"? Live with roommates and invest the rest. You should have plenty to retire on. Stand firm during downturns. Over the long run, stocks grow faster than houses.
What makes you think that metro-LA home prices will continue to rise faster than the inflation rate? If they're not affordable to you, they're not affordable to anyone else. Interest rates are still at a historic low. Put them up to 7% and see what happens to housing prices.
Keep your powder dry and buy on the price dips, not at the peak of the market. Housing prices are cyclical pretty much anywhere.
Well that's simply true, just because one can't afford something doesn't mean that's true of the entire market
No, im married, but also the majority breadwinner. Kids keep us from moving too far, or working more hours.
I agree prices may be frothy, but demand is high and lending is solid. The Fed will never be able to raise interest rates too high, too much debt in the system. Even if prices dip, they come back. Plus in the meantime, I'm paying rent anyway so whats the difference. Gotta pay to live somewhere.
I also guess "afford" is a subjective term. I can pay $2500/mo and be house poor.
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