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Old 10-28-2015, 05:09 PM
 
3,098 posts, read 3,787,093 times
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Ultrarunner.
I think it can be very disheartening to a college educated couple make around $150,000 a year to be told the only place in the San Francisco urban core that they can raise their family is in East Oakland which is an area known for poverty violence poor schools and limited opportunity.
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Old 10-28-2015, 05:20 PM
 
Location: Paranoid State
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My neighbor's daughter graduated from Cal Poly SLO in 2013. She grossed north of 125K in 2014 as a tech recruiter. She's on track to hit 180K this year.

With that type of income for a now-24 year old, home ownership is around the corner.
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Old 10-28-2015, 05:20 PM
 
28,115 posts, read 63,692,777 times
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I felt the same way... I had just graduated with my engineering degree and worked my way through school...

Nothing I did could get me qualified for a mortgage... working part time jobs, not working in my field... etc.

I had the 20% down from savings and selling my pride and joy 68 Z-28 Camaro that I restored.

In frustration I started to look for what I could afford... San Leandro-no, Castro Valley-no, Fremont-no... Oakland YES

Can't agree on the part of limited opportunity because East Oakland is where I found my opportunity...

To each their own...

It does get tiring to hear the same old song that I make 6 figures and can't buy a home in the Bay Area... because it is flat out wrong.
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Old 10-28-2015, 05:32 PM
 
10,920 posts, read 6,915,650 times
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Quote:
Originally Posted by SportyandMisty View Post
My neighbor's daughter graduated from Cal Poly SLO in 2013. She grossed north of 125K in 2014 as a tech recruiter. She's on track to hit 180K this year.

With that type of income for a now-24 year old, home ownership is around the corner.
That's awesome for her, she should be proud.

I wouldn't call that "normal" at all, though.
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Old 10-28-2015, 05:33 PM
 
520 posts, read 611,933 times
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Quote:
Originally Posted by ssmaster View Post
Ultrarunner.
I think it can be very disheartening to a college educated couple make around $150,000 a year to be told the only place in the San Francisco urban core that they can raise their family is in East Oakland which is an area known for poverty violence poor schools and limited opportunity.
Not everyone has the ability to renovate houses like Ultrarunner, but there are still plenty of housing options other than East Oakland for people making $150k/year. Even at a conservative 28% of gross salary, that's a $3500 mortgage payment, which gets you closer to $600-700k housing options. Maybe they're aren't a ton of housing options in the "urban core" at that price (although there are lots of parts of Oakland other than East Oakland that are possible), but there are many suburban options.
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Old 10-28-2015, 05:50 PM
 
28,115 posts, read 63,692,777 times
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OK... here is another home I have been following because the owner was a family friend and I helped with the sale...

Home needed nothing... all inspections came back clear... extremely well maintained 3 BR, 2 BA on a quiet culdesac and on over a half acre of land... and yes, it too is in East Oakland.

Only negative for some is the home was original... the woman who was selling was 102 years old!

Totally move in ready with beautiful hardwood floors under the carpets

50 LEAMONT CTS, OAKLAND, CA, 94605-5355 - MLS# 40683286 - Estately
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Old 10-29-2015, 08:07 AM
 
3,098 posts, read 3,787,093 times
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Quote:
Originally Posted by Ultrarunner View Post
OK... here is another home I have been following because the owner was a family friend and I helped with the sale...

Home needed nothing... all inspections came back clear... extremely well maintained 3 BR, 2 BA on a quiet culdesac and on over a half acre of land... and yes, it too is in East Oakland.

Only negative for some is the home was original... the woman who was selling was 102 years old!

Totally move in ready with beautiful hardwood floors under the carpets

50 LEAMONT CTS, OAKLAND, CA, 94605-5355 - MLS# 40683286 - Estately
the good school rating of 3 for the schools assigned to this home if you plan or have a family has to be taken into consideration.if you don't have an extra $1000 to $1500 a month for private school this home is not a good choice for many buyers

Private schooling is another reason in addition to expense of purchasing a home I think the Urban core is not a good option for families unless you have significant financial resources
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Old 10-29-2015, 09:07 AM
 
372 posts, read 514,246 times
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Quote:
Originally Posted by ssmaster View Post
the good school rating of 3 for the schools assigned to this home if you plan or have a family has to be taken into consideration.if you don't have an extra $1000 to $1500 a month for private school this home is not a good choice for many buyers

Private schooling is another reason in addition to expense of purchasing a home I think the Urban core is not a good option for families unless you have significant financial resources
Private school is a lot more than that, unless you go with a parochial school. It is more like 2-3k+/mo per kid. For example:
Head-Royce: Tuition & Fees
One kid in private school would cost close to the monthly payment on a 600k+ 30 yr mortgage. And that is money spent, not money you get back when you sell. You don't necessarily need to send your kids to a "10" rated school, but anything below 8 is getting iffy. A 3 is just terrible.

Last edited by calicoastal; 10-29-2015 at 09:15 AM..
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Old 10-29-2015, 10:05 AM
 
28,115 posts, read 63,692,777 times
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Quote:
Originally Posted by ssmaster View Post
the good school rating of 3 for the schools assigned to this home if you plan or have a family has to be taken into consideration.if you don't have an extra $1000 to $1500 a month for private school this home is not a good choice for many buyers

Private schooling is another reason in addition to expense of purchasing a home I think the Urban core is not a good option for families unless you have significant financial resources
What can I say... I still live in Oakland and went to school in Oakland.

I do have friends that go the Catholic School route and they spend 10k per kid per year...

Lots of others send their kids to Oakland Charter schools... there are some very good ones.

I never said it would be easy... just posted my story.

Here's a question for you?

Imagine what would happen if all these young new bright eyed parents moved in and started to become involved with their local schools?

I know... I just crossed in Gentrification...

Seems there is no solution that can please everyone and for some it is easier to simply say it is impossible to own a home in the SF Bay Area...

Tom Hanks and MC Hammer graduated from Oakland public schools.. sorry, I just couldn't resist... in real terms there are plenty of high ranking city officials that are Oakland grads... like our mayor, city council, public safety, etc...
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Old 10-29-2015, 10:09 AM
 
28,115 posts, read 63,692,777 times
Reputation: 23268
Quote:
Originally Posted by calicoastal View Post
Private school is a lot more than that, unless you go with a parochial school. It is more like 2-3k+/mo per kid. For example:
Head-Royce: Tuition & Fees
One kid in private school would cost close to the monthly payment on a 600k+ 30 yr mortgage. And that is money spent, not money you get back when you sell. You don't necessarily need to send your kids to a "10" rated school, but anything below 8 is getting iffy. A 3 is just terrible.
Head Royce is funny...

We lost a good neighbor because he was not going to send his two kids to Oakland Public schools... they sold the house they built and moved to Orinda... well, Orinda public schools didn't measure up either... so his two kids attend Head Royce in Oakland and he said they didn't have to move after all and even tried to buy back his old home when it was a foreclosure... got out bid!
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