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I always find these discussion interesting in that I know a wide range of people in the SF Bay Area...
Many, as Mom do nicely on Social Security... Mom and Dad both worked... Dad worked until he passed away and Mom's adjusted Social Security is 24k annually plus another 3k annually from her IRA
There isn't anything she wants to do where money has been an issue... the eldest daughter of a farm family she is very capable and no nonsense.
Her 3k IRA is enough to cover her property tax and car insurance...
I bought an older and smaller home in her neighborhood and pay about 6x the property tax she pays...
Prop 13 makes it possible for those of modest means to remain in their family homes... which is a large part of the how and why Prop 13 came into being.
My advice to the original posters is to crack the housing nut and go from there... housing is the make or break decision for most...
Know a few retired that moved to California... for all it was to be closer to family already living here.
In my circle of friends and acquaintances, I know no one who moved out of California when they retired. If anything, most of everybody own at least few houses in California. They may move from Bay Area to San Diego area, but that's it.
I'd say most I know that left on retirement did so to be closer to kids/family.
Looking at a beautiful custom home in the Sierra Foothills... it really has everything and a lot of attention went into the details with land to boot.
I asked the 70 year old couple how could they sell when so much went into the property.
They said all the kids have moved away... they are the only holdouts in California and are moving to Utah in a home built on their daughter and son-in-law's ranch... their other daughter lives in Colorado so they will be within driving distance of her...
In 2016 two of my just retired colleagues moved to the Austin area of Texas... again, it was to be close to grandchildren... they had modest 1950 Bay Area homes... one sold for 550k and the other 650k...
I am going to further consider SoCal but not optimistic. We spent a few weeks in the La Jolla area about 2 years ago and left pretty discouraged. Our cash purchase budget was topped at $600K and we found nothing we were happy with. Everything we looked at was tucked away and the view was another condo balcony.
I suffer with a bit of claustrophobia and just thrive when I have a view from my home -- be it city, open space or water. For 3 decades, I have always managed to live where my views are not constrained by fences or looking into another building or balcony. This can be very limiting, but a strong factor in my personal comfort.
Over time, we have become interested in 55+ communities for the social aspects, So perhaps we may once again look at CA. Having lived in Texas, I am accustomed to high property taxes. The tradeoff, here, is no personal income tax.
According to data analysis firm CoreLogic, for every homeowner moving to California, three homeowners are leaving. That's the middle class. The poor aren't leaving California because nowhere else will they find the generous handouts they get in California. And don't forget about the 2.4 million illegal aliens in California. They're not going anywhere and that number will only increase. And then there are all the businesses leaving California due to the onerous regulation burden. Over 10,000 left between 2008 and 2015. Pretty soon all that will remain are the super wealthy and the downtrodden poor. At least the nice weather will stick around.
Most retirees aren't going to pay $600,000 on a home, even considering they may have their $300,000 house paid off. The only way would be to have a nest egg and wait and see if the housing bubble bursts again. If so pounce on it....
Carlsbad, Oceanside are affordable in the $400k-$600k range. Melinda Gates parents moved from Texas to San Diego. Just a little tidbit of information. I know they probably have no problem with money.
... In 2016 two of my just retired colleagues moved to the Austin area of Texas... again, it was to be close to grandchildren... they had modest 1950 Bay Area homes... one sold for 550k and the other 650k...
We have different ideas of what makes a modest home.
A $80k to $125k home is more modest home in my mind. Not a low priced home, and not a high priced home.
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