Parents Thinking of Moving to SoCal (Los Angeles, Torrance: rental, condo, mortgage)

[Farhan23]

My parents are thinking of moving to Los Angeles but don't think they can realistically pull it off. Here are the facts:

- Father makes about $120k with a consulting firm that allows him to work remotely. Mother will look for teaching job in universities.
- They are hoping to sell their current house for $300k.
- Are happy to live in town house or condo, and ideally would have three bedrooms, but would settle with two if they had to.
- Want to live within twenty minutes of West LA / 90025 area.

Is this move realistic? If so, which areas should they consider?

[JohnG72]

More than fine as long as they rent.

[Ceece]

Agree with JohnG72. Plenty of choices for a rental with that income and the possibility of more if your mom gets a job. The area they should consider is the 90025 zip itself if they don't want to be more than 20 minutes away from it. It's a good area anyway.

[SportyandMisty]

Originally Posted by Farhan23

... They are hoping to sell their current house for $300k...

How much of that $300k will they keep -- for example, do they owe $290 so they keep 10 (ignoring transaction costs), or do they own the house free & clear so they keep all 300k (ignoring transaction costs)?

How much of a "down payment" could they scrape together?

If it were me, I'd rent for a year so I understand the area. They might just decide it is not for them & pick up & leave.

[Farhan23]

Thanks guys. They own the house completely, so they'd put most of that towards a new place and moving costs,

They're moving there because I recently moved there myself. I don't think they'd want to rent as they will likely retire in the next ten years. Is buying unrealistic?

[JohnG72]

Originally Posted by Farhan23

Thanks guys. They own the house completely, so they'd put most of that towards a new place and moving costs,

They're moving there because I recently moved there myself. I don't think they'd want to rent as they will likely retire in the next ten years. Is buying unrealistic?

In that area, rents are often half what a mortgage would be. Of course I can't speak to your individual situation entirely, but you can do a search on Redfin and your parents can make a decision based on that. Keep in mind that traffic is HORRIFIC in that area so if they want a 20 minute commute to West LA at rush hour, I would not search farther than 3 miles away.

Also, make sure you only look at SOLD prices on Redfin. Listing prices mean absolutely nothing.

[saybanana]

It sounds like your parents are in a better financial position to buy a home (high income and a house). 90025 is an expensive area to buy a house as is west into Santa Monica, and east in Cheviot Hills, Beverly Hills, north is very pricey Westwood, Brentwood, and Belair. You might need to be looking south of the 10 freeway. Check sites like Redfin to give you an idea what the price ranges are. Housing these years are better than pre-bubble burst prices.

[TheBarrenLands]

Torrance, the beach cities (Redondo, Hermosa, and Manhattan), and El Segundo are great places to live. Same with parts of Santa Monica and Woodland Hills.