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Old 04-24-2017, 04:13 PM
 
2,790 posts, read 1,644,265 times
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Quote:
Originally Posted by SportyandMisty View Post
Some college graduates get offers for $125K with no experience. Other college graduates go on to professional school and start out even higher (starting tax attorneys, patent attorneys, medical doctors, etc). Others don't make quite so much but they work for the Public Sector and hence don't need to save as much out of their after-tax pay for their retirement, giving them more disposable income to toss into housing.
Yes to all of this. If you're lucky enough to work in an industry with high pay, good for you. My software engineer and computer sys admin pals only have Bachelor's degrees, yet make over $100K.

If you go through all the hard work and tests to get licensed, like my RN and CPA pals, the make over $100K as well.

They all live in CA.
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Old 04-24-2017, 04:19 PM
 
2,790 posts, read 1,644,265 times
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Quote:
Originally Posted by Kevdawgg View Post
With single family homes costing nearly a million dollars and jobs with lackluster pay, how do people here can afford housing? Do they live with 5 roommates, or is Jerry Brown squandering taxpayer dollars for it?
I don't know what lackluster pay means to you, but there are plenty of single-family houses that are $500K around the state. Seems to me the hardest is the down payment. Some people have parents/relatives help pay for it. Others get a loan from the bank. Others have 2 incomes.

Once you got that down, then being frugal will save you a ton of money. Don't buy a new car, drive only 1 car, don't eat out, don't drink alcohol, don't buy expensive clothes. Blah blah blah.
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Old 04-25-2017, 02:25 PM
 
491 posts, read 473,786 times
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There are millions of millionaires in the United States. Also, California in particular gets lots of people from around the world purchasing properties as well, so they own them. And there are plenty of billionaires and multimillionaires around the world. Bill Gates could buy up thousands of homes and put them in a trust and rent them out. Very good idea, actually.
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Old 04-25-2017, 09:56 PM
 
2,078 posts, read 1,028,764 times
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My guess is most people bought homes after the market tanked then sold after having a good amount of equity and were able to purchase an expensive new home.
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Old 04-27-2017, 02:05 PM
 
Location: San Diego
50,289 posts, read 47,043,365 times
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Quote:
Originally Posted by Robertfchew View Post
My guess is most people bought homes after the market tanked then sold after having a good amount of equity and were able to purchase an expensive new home.
Yep. Bought in the 90s for around 125K sold in 2006 rented and then are able to buy again something new.
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Old 04-27-2017, 02:27 PM
 
18,172 posts, read 16,398,084 times
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Quote:
Originally Posted by Robertfchew View Post
My guess is most people bought homes after the market tanked then sold after having a good amount of equity and were able to purchase an expensive new home.
Yes the number of homes for sale/sold in any point in time are just a fraction of the total homes in existence. Then some are bought by people who sold theirs and bought up. It is hardest for the 1st time home buyer.
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Old 04-27-2017, 06:28 PM
 
Location: Laguna Niguel, Orange County CA
9,807 posts, read 11,142,657 times
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Quote:
Originally Posted by expatCA View Post
Yes the number of homes for sale/sold in any point in time are just a fraction of the total homes in existence. Then some are bought by people who sold theirs and bought up. It is hardest for the 1st time home buyer.
In my area most of the shadow inventory seems to have been cleared out. That might be the case for many areas.

Prices might come down a little ion the future, but I doubt it will be much. It's just plain expensive here.
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Old 04-27-2017, 08:04 PM
 
18,172 posts, read 16,398,084 times
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Quote:
Originally Posted by LuvSouthOC View Post
In my area most of the shadow inventory seems to have been cleared out. That might be the case for many areas.

Prices might come down a little ion the future, but I doubt it will be much. It's just plain expensive here.
Yep, waiting for prices to come down is a waste of time. If you wait 5 years, the down price will probably still be higher than it is now, so buy now if you can or make a lot more money.
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Old 04-27-2017, 08:04 PM
 
Location: 89434
6,658 posts, read 4,747,375 times
Reputation: 4838
Quote:
Originally Posted by sas318 View Post
I don't know what lackluster pay means to you, but there are plenty of single-family houses that are $500K around the state. Seems to me the hardest is the down payment. Some people have parents/relatives help pay for it. Others get a loan from the bank. Others have 2 incomes.
And if you're an illegal immigrant, Jerry Brown would give you funds which equates to what a middle class family earns. Meanwhile, elders, vets and the disabled barely get anything.
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Old 04-28-2017, 08:46 AM
 
Location: Paranoid State
13,044 posts, read 13,867,365 times
Reputation: 15839
Quote:
Originally Posted by sas318 View Post
I know someone who makes $100K a year, yet she bought a dingy, small condo in a rougher part of the south bay for $415K. I thought she'd be able to afford a single-detached home. She's renting out a room and charging the rentee $1000/month.
$100K/year isn't very much in the south bay.
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