Moving to IE, working at Loma Linda Medical Center (Riverside: foreclosures, to rent)

[vdy1985]

Hi all,

My wife and I will be moving to the IE this summer. I will be working at Loma Linda Medical Center. We are in our mid-late 20's. No children.

Where should we live? My wife will be finding a job most likely at a nearby IE hospital if not Loma Linda Medical Center itself.

What is the housing market like these days? From national trends it appears values are stable and perhaps now just starting to inch up, but interest rates are still very nice.

Would you recommend renting or buying at this time? What areas are likely to have the best resale value. We will definitely be there for at least 4 years. Probably won't have kids for at least another 2 years, so schools are not an issue, however I do understand good school district does increase value of the home.

Seems like there are nice homes all built after 2000 that are 4 bedrooms + for 200-250K which is our range. Just not sure if the locations are good.

At least in my mind, it makes sense to buy rather than rent if the house payments will be 900-1400 dollars which is how much we'd probably spend on rent.

Also what area would give us best access to LA / OC? We are outgoing and very social. We like to explore different areas. We also enjoy good ethnic foods.

I'm somewhat familiar with the area as my wife went to UC Riverside for college and I have been to the Loma Linda medical center for my interview last year. I remember when I would visit her at UCR we would go out to OC or LA and the drive home always felt 20 minutes too long. I remember joking with her, they should have made UC Ontario instead of UC Riverside because Riverside is too far!

Thank you in advance.

[JohnSoCal]

Which Loma Linda Medical Center? There is a new Loma Linda Medical Center in Murrieta that is less than 10 minutes from my home.

The prices of homes are increasing in the IE. and are in short supply. It is better to buy from a financial standpoint as rents are relatively pretty high compared to the cost of buying. In the Murrieta/Temecula area a home that would cost $1,400 /mo ( PITI ) to buy would cost about $2,000+ to rent.

If it was me, I would choose either Murrieta or Temecula. Of course it depends on which Loma Linda Medical Center you will be working at.

[vdy1985]

Thanks.

Loma Linda University Medical Center, in Loma Linda, CA, just to clarify.

[Dunbar42]

Most people would recommend you live in Loma Linda or Redlands. They're some of the nicest towns in the IE and moving somewhere like Rancho Cucamonga or Corona would involve a 30+ minute commute and a not insignificant fuel costs for the commute. I would probably rent for a year just to make sure you don't hate the area and regret buying something. I don't think you're going to find a 4BR house for $200-250k in the decent neighborhoods. I think you're looking at a minimum of $300-350k if you want good schools.

[JohnSoCal]

Originally Posted by Dunbar42

Most people would recommend you live in Loma Linda or Redlands. They're some of the nicest towns in the IE and moving somewhere like Rancho Cucamonga or Corona would involve a 30+ minute commute and a not insignificant fuel costs for the commute. I would probably rent for a year just to make sure you don't hate the area and regret buying something. I don't think you're going to find a 4BR house for $200-250k in the decent neighborhoods. I think you're looking at a minimum of $300-350k if you want good schools.

You could buy a 4BR house for $200-250k 6 nonths ago but I agree that you can't do that now in a decent area. One thing that people not familiar with the IE is that homes tend to be larger here than most areas. A modest 4BR house is going to typically be at least 2200 sq. ft. in the areas built in the last 10 years or so.

[vdy1985]

Originally Posted by JohnSoCal

You could buy a 4BR house for $200-250k 6 nonths ago but I agree that you can't do that now in a decent area. One thing that people not familiar with the IE is that homes tend to be larger here than most areas. A modest 4BR house is going to typically be at least 2200 sq. ft. in the areas built in the last 10 years or so.

Wow, you are not kidding about housing prices. I just took a look, values have gone up significantly. When I looked several months ago, 4 bedroom homes we're in the 250 range, now they're in the 300 to 350 range.

Well in that case, we will look for a 3 bedroom home, or up our range from 250-300ish. Is there still a good stock of foreclosures? I know I was looking at a 4 bedroom home listed for 300K, last sold in 2004, for 400K.

Also I definitely agree about not living to far. I actually would like to live as close as possible. I think the farthest I would go is parts of Riverside. We don't need good schools since we don't have children, however we just want to live in a good, safe area, not too far from work and that will have good resale value eventually.

[JohnSoCal]

Originally Posted by vdy1985

Wow, you are not kidding about housing prices. I just took a look, values have gone up significantly. When I looked several months ago, 4 bedroom homes we're in the 250 range, now they're in the 300 to 350 range.

Well in that case, we will look for a 3 bedroom home, or up our range from 250-300ish. Is there still a good stock of foreclosures? I know I was looking at a 4 bedroom home listed for 300K, last sold in 2004, for 400K.

Also I definitely agree about not living to far. I actually would like to live as close as possible. I think the farthest I would go is parts of Riverside. We don't need good schools since we don't have children, however we just want to live in a good, safe area, not too far from work and that will have good resale value eventually.

There are some pretty nice areas in Riverside plus there actually is a downtown with the famous Mission Inn.

[meeshell3]

I was coming to post a similar question and saw yours...Just wanted to see how you and your wife like the area so far and what you guys ended up doing (rent vs. buy...the area, etc). Thanks!

[vdy1985]

Haven't made the move yet. Going to be moving in another 2.5 months. Still have not made any decisions yet.

Anybody know areas within a 10ish mile radius from the medical center with new homes or newish homes (built in 1990ish or later)?

[Kin Atoms]

How about Highland? It is north east from LLU.