Anyone Retired on $45,000/Yr in S. CA? (Los Angeles, Victorville: apartments, foreclosures)

[WANNABENCA]

My husband is 64 and I'm 68. We currently live in TX, but love the Temecula area and would like to retire there within the next two years. We know house prices will go up, so we'd like to make our move sooner if we could swing it. We'd both have to find jobs with some sort of modest income. However, our fixed income, (deducting 15% federal and 4% state tax), would be less than $50,000. Could two people (and two cats) get by on that? If anyone has succeeded, we'd love to hear from you. Thanks.

[nmnita]

Originally Posted by WANNABENCA

My husband is 64 and I'm 68. We currently live in TX, but love the Temecula area and would like to retire there within the next two years. We know house prices will go up, so we'd like to make our move sooner if we could swing it. We'd both have to find jobs with some sort of modest income. However, our fixed income, (deducting 15% federal and 4% state tax), would be less than $50,000. Could two people (and two cats) get by on that? If anyone has succeeded, we'd love to hear from you. Thanks.

If you already had a house and the payments were very low or it was paid off, I would say, probably but if you have to buy something, my guess is No or if you can, you are going to have to watch every penny. What about medical insurance for instance?

Nita

[WANNABENCA]

If we bought a townhome or condo for 100K, we could pay more than half off and have a tiny mortgage. Hate to have HOA fees, so would rather find a house. Husband will have Medicare when he turns 65, in another year, and I'm already covered.

[eclipxe]

Originally Posted by WANNABENCA

If we bought a townhome or condo for 100K, we could pay more than half off and have a tiny mortgage. Hate to have HOA fees, so would rather find a house. Husband will have Medicare when he turns 65, in another year, and I'm already covered.

Buying a house doesn't avoid HOA fees (they aren't exclusive to condos). Most of the area has neighborhoods with HOA fees and Mello-roos (additional taxes). The rule of thumb is usually calculate a 1.9% tax rate and that gives you your monthly outlay including MR. Add in a hundred or two a month for an HOA.

You can find an HOA-less neighborhood but trust me, you don't want to be in a non-HOA neighborhood with $100k houses.

[Donn2390]

I can't imagine anywhere in So Calif that you could find a home for $100k, even in the worst neighborhoods... Not even a condo for that price...

[PeggyB]

My husband and I are retired and live on less than $45,000. Our home is paid for and I figure our monthly expenses on the house including taxes &/insurance run about $500. My best guess is we spend about $3000/mo for everything. We live fairly well, take vacations and buy grandchildren gifts.
Now is certainly a time to be looking for property in the Hemet area and unlike others I believe you can find something under $150 if you are willing to take a fixer, also many foreclosures. There are also lots of mobile home parks in that area and some very nice ones with low park fees. If you look at mobile parks, try and find the ones that have rent control. There are a couple in Hemet.
There are also senior rates on many of the utilities. My mother lived in the Hemet area until she passed away 8 yrs. ago and lived on approx. $17,000 per year. Don't let the Yuppies scare you away.

[JohnG72]

Originally Posted by Donn2390

I can't imagine anywhere in So Calif that you could find a home for $100k, even in the worst neighborhoods... Not even a condo for that price...

There are already condo conversions(formerly apartments) in parts of SF Valley and Los Angeles listed at under $100K. There are a few houses in the Los Angeles ghetto that are pushing that price.

Barstow, Victorville, parts of the IE, parts of Central Valley.....you can find a house pushing under $100K right now.

[slvrfx]

We are looking in the riverside area at retirement communities apartments and the prices range from 800.00 to 1000.00 a month and they look really nice. any advice, hope this helps.
slvtfx

[Ulysses61]

You can find houses in Adelanto and Victorville for way under $100,000... but you do NOT want to live in either of those crime-infested neighborhoods.

[carmac]

Originally Posted by Ulysses61

You can find houses in Adelanto and Victorville for way under $100,000... but you do NOT want to live in either of those crime-infested neighborhoods.

I concur with this!