Home price = deal breaker for moving to Bay Area? (Concord: middle-class, rent)

[goHoCoVA0000]

That certainly seems to be the case even though I hear Bay Area being so expensive shouldn't be a reason for being ruled out. I will have about $800K of liquidity with my current home included, but it seems like I will go totally bankrupt if I were to buy home that will be slightly below the kind of home I current have here in expensive part of Virginia. So should the home price be the deal breaker so do movers end up renting even if they owned elsewhere?

[ccm123]

Many folks rent first, to understand the neighborhoods that they will eventually want to buy a home in.

I am orignally from the Bay Area, but relocated to Southern California for school and work for many years. Moved back and rented a house first, to fully understand where I would want to buy eventually.

[capoeira]

Originally Posted by goHoCoVA0000

That certainly seems to be the case even though I hear Bay Area being so expensive shouldn't be a reason for being ruled out. I will have about $800K of liquidity with my current home included, but it seems like I will go totally bankrupt if I were to buy home that will be slightly below the kind of home I current have here in expensive part of Virginia. So should the home price be the deal breaker so do movers end up renting even if they owned elsewhere?

The kind of home one buys in the Bay area will probably be one half or one third the size they would buy in most normal places. Or buy the same size home at 3 to 5 times the price.

[bmw335xi]

That's why there are things called LOANS...

[DocGoldstein]

If you're looking for "value" stay far away from the Bay Area. That train left the building in the mid-90s.

[charmed59]

I don't know what type of house you had in Virginia, but a $800k down payment will get you nice house in many parts of the bay area.

[andyadhi01]

Originally Posted by charmed59

I don't know what type of house you had in Virginia, but a $800k down payment will get you nice house in many parts of the bay area.

In most middle class parts of bay areea you will at best get a tiny (about 1000 sq ft.) 2/3bed 1 bath 60 year old house with a tiny yard for 800k. Forget about updated kitchen and bath at that price.. You would be lucky if it is in move-in condition. If you put up with VERY long commute from deep east bay then you might get something that looks like an average American house.

[Mark Fitsburgh]

Originally Posted by andyadhi01

In most middle class parts of bay areea you will at best get a tiny (about 1000 sq ft.) 2/3bed 1 bath 60 year old house with a tiny yard for 800k. Forget about updated kitchen and bath at that price.. You would be lucky if it is in move-in condition. If you put up with VERY long commute from deep east bay then you might get something that looks like an average American house.

True i just paid 1.4 million for a 1900 sq ft house in Berkeley. Unless you want to live in some central valley town like concord or further you're going to be paying over a million.

[Malloric]

Originally Posted by andyadhi01

In most middle class parts of bay areea you will at best get a tiny (about 1000 sq ft.) 2/3bed 1 bath 60 year old house with a tiny yard for 800k. Forget about updated kitchen and bath at that price.. You would be lucky if it is in move-in condition. If you put up with VERY long commute from deep east bay then you might get something that looks like an average American house.

The 800k was just the down payment. Figuring a typical 20% down, yes, $4 million will get you a pretty nice house in many parts of the Bay Area. Even in Menlo/Atherton, $2-3 million will get you something that looks like middle-class housing.

[aslowdodge]

Originally Posted by Mark Fitsburgh

True i just paid 1.4 million for a 1900 sq ft house in Berkeley. Unless you want to live in some central valley town like concord or further you're going to be paying over a million.

Concord is not Central Valley