Will i ever be able to afford a house (Santa Monica: for sale, houses)

[mysticaltyger]

Originally Posted by Ca_allday

Well I've been with the mother to my son for nearly 8 years and she works from home and takes care of my son. Marriage isn't in the near future for me at least not yet, just seems very expensive and stressful.

I don't understand what is so expensive and stressful about going to the courthouse and signing some legal documents. I'd think having a kid is 10X more stressful than that.

[TurcoLoco]

Originally Posted by HyperionGap

So you're of the opinion things have not improved since 2008?

It honestly doesn't seem to me or to anyone I speak to about it. The only difference is, as usual, most accepted the situation and stop complaining but it doesn't mean things have improved.

What can of concrete evidence does anyone have to support that economy has significantly improved since 2008 and the unemployment is at an all-time low?
What changed in the last several years, locally or nationwide that would make people naturally think things would improve in that regard? A recession that was 20+ years in the works would most certainly require at least just as many years to recover from if things around the country changed drastically. Not a damn thing has changed for the better.

Sadly, in this country, government can and does control media when needed to suit their agenda. It is for their benefit to portray a "peachy" picture of unemployment and bettering economy to ease the companies so they stop holding back on the hirings, etc.

If you disagree, visit the Employment/Unemployment section of this forum alone. It is very natural for those who have a job to not have a clue how bad the job market and economy really is.

[jm1982]

Well that's it exactly, in regards to owning a home if you had a job and had income when all the news outlets where crying about the "terrible housing market" one would be in a pretty good position now. Many markets are up nearly 100% from the lows of 2009-2012.

Also perception is reality, even if people did have a job they got scared to spend money because they didn't know if their job would be cut next. This is why we always heard of savings rates relatively high during this time...

I've been working at the same job for many years, but from it sounds like people have to generally apply for a ton of jobs to get one. It does depend on field of course im sure.

[Marv101]

Housing prices have soared by 65% since 2008 in cities such as Phoenix which were really walloped by the crash of 2008, so keep that in mind.

The median home price in Orange County was up 23% last month compared to Nov. 2009, yet remained down 13.2% from the peak figure of $645,000 in June of 2007.

[HyperionGap]

I looked for a job in commercial real estate for 6 months in 2010. Couldn't even find an unpaid internship so I went back to school. Got one within 2 weeks with multiple offers in 2013. Banks are lending again. Cranes are visible again and buildings are going up. Just look at the data for new housing starts.

[gerrythesnake]

Originally Posted by mysticaltyger

I don't understand what is so expensive and stressful about going to the courthouse and signing some legal documents. I'd think having a kid is 10X more stressful than that.

Not worth it. Marriage doesn't benefit men

[mysticaltyger]

Originally Posted by gerrythesnake

Not worth it. Marriage doesn't benefit men

It actually benefits men more than women. Men who get married & stay married tend to be happier & live longer. Google it for yourself.

Of course, guys who have self defeating attitudes are not likely to stay married. So I'm sure your belief will be true for you.

[BettyinNYC]

Originally Posted by gerrythesnake

Not worth it. Marriage doesn't benefit men

Have to disagree on that... Marriage actually benefits men in a lot of ways. First up, it makes men responsible. Not only he has to manage himself, but his family too. Financially, well-being, etc...

However, marry the wrong woman and you are gone...

[GregW]

If you, and your spouse, have to work for a living in a non- managerial or a replaceable professional job in an economically growing part of the country your ability to buy a stand alone house are effectively nil. If you have the expense of children they are below zero. You will be stuck in apartments and/or condos for the rest of time. The main reason is nobody can count on secure income any more. You are in a market and they have a monopoly.

The best strategy is for one person in the partnership to have a professional position in a growing part of the high tech industry and the other a mid management position for the Federal government. Between them you may have enough money for a down payment and the security to pay a 30 year mortgage.

[CA4Now]

Also you can still buy with less than 5% down , an FHA loan allows one to buy with 3.5% down.

Doesn't look as if that's much of an option these days. I agree with the poster below (from an O.C. thread, the area in which the OP was originally referring):

Originally Posted by ExeterMedia

The market IS different today than it was in 2006. There are no more funny money loans from 2003-2006. No one can get financing by pretending to be rich on some paper form. Everyone buying now has at least 20% down, but in desirable areas of OC, it's more like 50% to 100% down. They are actually wealthy. Remember all those people who didn't buy homes from 2003 to 2007? They jumped into the market. Remember all those people in credit jail from buying in 2003 to 2007? They are just now getting out of credit jail, and they had lots of time to save up cash for fat downpayments.

If you're still not convinced, just look at some stats from a "well known RE" website describing OC:

Median List Price: $669,000
Avg. # Offers: 2.1
Median $ / Sq. Ft.: $368
Avg. Down Payment: 21.6%
Median Sale / List: 98.0%

Homes are getting multiple offers nearly 100% of the time. This isn't anecdotal "my friend, her friend, his friend", this is statistical data based off MLS sales.