Is it even fesable for a family of 6? (Fremont, Hayward: mortgage, environment)

[chuckwlane]

Hey everyone thanks for any advice.

I am looking at a possible job opportunity in San Mateo. I dont know the pay range yet, but I am hoping it will be more than I make now (around 120). My wife and I both work, household income a little over 200K. We have 4 kids (15, 8, and two 6s). Is it even realistic for me to consider moving out to the bay area and find affordable housing and a good school system? And afford to live, educate, feed, and raise my children there?

I have looked at houses, but anything that seems to be decent and close to San Mateo is close to a million, if not over. I guess I could look at renting, but it seems that is a waste unless I make enough money to live, and save for something in the future.

Thanks
Chuck

[Don Vito]

I donno 200k is not bad but the 4 kids deal is definatly a stretch on the penninsula. For a decent home you will have to bear a commute. If i were in your shoes and worked in San Mateo, I would live in Fremont (more middle classish)and take the Hayward-San Mateo bridge to work.

[gizmo980]

My parents raised a family of five in San Mateo, and we did just fine... of course, that was about 20 years ago, so things have changed a bit! With that salary, it should definitely be feasible - try looking in San Mateo Park (where I grew up), San Mateo Hills (near Alameda de las Pulgas), or nearby Burlingame. All nice places with good schools! Just make sure you're in the Hillsdale or Aragon district if you live in San Mateo, since they're better than San Mateo High. East Bay isn't a bad idea either, depending on where you'll be working & what you like in terms of weather, scenery, activities, demographics, etc.

[Don Vito]

20 years ago san mateo still had middle class neighborhoods. Not these days...

[gizmo980]

Originally Posted by Don Vito

20 years ago san mateo still had middle class neighborhoods. Not these days...

San Mateo Hills (near Hillsdale & CSM) is still middle-class, though it depends on what your definition of the word is - and no, I'm not arguing that one again! My best friend & her husband own a house in the hills, and they're not rich or anything...

[libbykt]

Don't listen to the previous poster. San Mateo is predominantly middle class neighborhoods, although it's true that San Mateo Park is probably out of your price range - I live there but we can barely afford to rent a 3BR on a similar income. Aragon is a great area. Some realtors will probably recommend Hayward Park or Sunnybrae, but personally I'd rather stay west of El Camino Real in SM. Parts of San Mateo are actually in the Belmont/Redwood Shores school District (Laurie Meadows is one neighborhood that comes to mind) which would be great to get into as well. Foster City is a little more affordable but would be a good place to live if you didn't want a long commute. The town itself has a little less to offer than SM, but I guess it all depends on your priorities.

A lot of people move here thinking they want to buy, and then realize that it makes more sense financially to rent. In our case, it does. We've done the math, and even with the tax advantages of home ownership, it makes more sense for us to shell out $3,000 in rent each month and invest our money elsewhere than over the term of a mortgage. And in case you were wondering, you'd probably spend about $3500-4000 to rent a 4 BR home in a nice area, with a yard, etc around here.

Good luck!

[gizmo980]

Originally Posted by libbykt

Don't listen to the previous poster.

I hope you mean 2 posters ago... LOL.

Good advice, btw, and I agree about staying west of El Camino - with the exception of a few small pockets, east San Mateo (particularly Sunnydale) is not so nice for middle-class families.

[clongirl]

Yes, it absolutely can be done. I also have a family of 6 (a rarity these days!). Just send your kids to public school to save on cost and don't buy into all of the consumerism and pressure to spend that often takes hold of a lot of people in these parts. It might be very difficult to purchase a house here unless you have a lot saved up for the down payment- at least 20% down and excellent credit, but consider renting for a lot less. Try to budget and plan weekly meals and not impulse shop. If your income is around 200k you will be fine- actually pretty good in my opinion!

[tennis368fan]

You can consider Alameda. If you can find a home east of Park Street and/or on Bay Farm Island, you will be sending your children to very good schools. Alameda High School was rated among America's top 500 high schools by Newsweek Magazine at #483: http://www.newsweek.com/id/39380/?sort=Rank&count=1351&Search=&start=400&limit=100& year=2007& . There is a very good deal in Bay Farm for a rare six-bedroom home for around $800,000, if it is what it claims to be: Single Family Home - 820 Island Drive, ALAMEDA, CA, 94502 - Realtor.com



For $700,000, four bedroom homes are possible: Single Family Home - 1836 Harvard Dr, Alameda, CA, 94501 - Realtor.com



This puts your family in a good neighborhood closer to San Mateo, but less expensive than the peninsula.

If these home prices are still too high, you can consider Mountain House, a master-planned community bordered by Livermore and Tracy. Schools are at the middle of each village to create a pedestrian-friendly environment for children to walk to school. The K-8 schools are goods, with a new high school being built in Tracy, opening by the 2009-2010 school year. You could also request an interdistrict transfer to the highly-performing high schools of Livermore. Interstate 580 will undergo a widening project and metering lights installed along the on-ramps has led to a decrease in heavy traffic flow, citing Mountain House's community-run website's forum: Mountain House Forums: Traffic...or rather the lack of... . You can also commute to work without driving, taking the luxury commuter bus to the Dublin/Pleasanton BART Station, taking BART to Castro Valley BART Station, and then taking another bus from there to San Mateo. Homes are considerably cheaper. The $500K range puts homebuyers in a 3900 sq. ft. single-family dwelling. Here's an example I pulled from another post I made. Single Family Home - 66 Brett Ave, Mountain House, CA, 95391 - Realtor.com

[ImRandy]

It all depends on your definitions of affordable and decent. I tend to be conservative and think spending more than half of your income on housing is a recipe for disaster but people do manage that. I think unless you're very frugal you'll have a rough time of providing for your family's wants, having money for emergencies, and saving for a decent retirement. If you have the discipline to invest the difference, renting makes a lot of sense right now but there are emotional issues associated with that decision. As others have said you can trade a commute for a lower home price. It all boils down to the lifestyle you're looking for.