I know LA doesn't need any more people but...

[Marv101]

Use the cost of living calculator on the CNN Money magazine website; it will provide lots of good info.

On that salary you should be able to live quite nicely factoring in your rent and auto insurance.

[Gunnelloct10]

I actually think you could do better than Marina Del Rey, why not try santa monica? There's a lot more to do there. With a salary of $120,000 I think you could survive and live comfortably in Santa Monica, and also you would be getting paid a much higher salary than the average income there. If the people can make it and survive in Santa Monica with a average salary of 67,000ish, I think you could survive their too with a average salary of $120,000

[Csonka]

Originally Posted by murfslaw

You haven't been home shopping on the west side for a long time have you?

I did before I posted. Go to realtor.com and move the map around and repopulate the listings with each mile or so. I found a number of very nice houses in the West Side. Not so much in marina del rey, but not too far away and in very good neighborhoods. Say Cheviot Hills, for example. I used to work there in Century City, a very nice place. Just checked again, Mar Vista even closer to MDR has dozens under $1 million.

For $1 million there are plenty of houses to consider.

And if you want to commute, the Valley is loaded with awesome homes for $1 million.

[murfslaw]

Originally Posted by Csonka

I did before I posted. Go to realtor.com and move the map around and repopulate the listings with each mile or so. I found a number of very nice houses in the West Side. Not so much in marina del rey, but not too far away and in very good neighborhoods. Say Cheviot Hills, for example. I used to work there in Century City, a very nice place. Just checked again, Mar Vista even closer to MDR has dozens under $1 million.

For $1 million there are plenty of houses to consider.

And if you want to commute, the Valley is loaded with awesome homes for $1 million.

You have to be looking at homes adjacent to the cities you checked. I would buy a house in Cheviot Hills in a heartbeat for less than $1M. I think you moved your mouse over to Palms. The Valley is just that, the Valley. I have friends who live there in a multi-million dollar neighborhood. Not my cup of tea though.

I'm in escrow on my west side home for 27% greater than the asking price; well over $1M.

[majoun]

Originally Posted by murfslaw

You have to be looking at homes adjacent to the cities you checked. I would buy a house in Cheviot Hills in a heartbeat for less than $1M. I think you moved your mouse over to Palms. The Valley is just that, the Valley. I have friends who live there in a multi-million dollar neighborhood. Not my cup of tea though.

I'm in escrow on my west side home for 27% greater than the asking price; well over $1M.

Probably easier to find a home in Cheviot for under a million these days than a home in Culver right nearby although neither will be too easy

[mkdude_08]

You would be fine but it would be easy to let your expenses get out of control if you aren't especially mindful of them.

[thelopez2]

Originally Posted by thelastjohn

I'm considering a job in Marina del Rey with a salary around 120k. Currently live in New England.

I realize 120k doesn't go very far in the Westside but I'm a single guy with simple needs. Would it be possible for me to swing a decent life in a studio/1bed or would I be spreading myself too thin?

Easily

Originally Posted by thelastjohn

Thanks for the response. After some cursory research it seems I should expect to pay about 1800 a month for a 1 bed in the area. That's a pretty hefty chunk of change so I was wondering if it was even worth it. After taxes, rent, and transport expenses it doesn't seem like 120k would allow me to save very much.

So how much do you calculate you'd be able to save?

Originally Posted by thelastjohn

I didn't mean it as a brag, I thought Westside LA was like Manhattan where a 6 fig salary means you are middle class at best and struggling to get by

Less money managers in the Westside compared to Manhattan. $120,000 is a mid level computer guy driving a old Honda.

Originally Posted by Csonka

That is a lot of money. You can qualify for an $800,000 loan on $10K a month. With 20% down, that is a million dollar home. You can find lots of great homes at that price.

800,000 is land value, not a great house on the Westside.

Originally Posted by NyWriterdude

Rent would be only 21,600 per year.

Which is why some people suspect the OP of trolling.

or over $30,000 pretaxed leaving him around 60k a year, it'd take a few years before he'd be able to purchase one of these million dollar homes.

Originally Posted by thelastjohn

Thanks all. I asked this question on another forum and got the impression that you can't really "make it" in LA unless you're rich. Seems that's not the case.

And of course I need to do more research. I plan on signing up at Westside rentals if I decide to pull the trigger.

Do you just want to "get by" or "make it"

Originally Posted by Gunnelloct10

I actually think you could do better than Marina Del Rey, why not try santa monica? There's a lot more to do there. With a salary of $120,000 I think you could survive and live comfortably in Santa Monica, and also you would be getting paid a much higher salary than the average income there. If the people can make it and survive in Santa Monica with a average salary of 67,000ish, I think you could survive their too with a average salary of $120,000

How much do you think those $67,000/year are paying in rent, half their income?

Originally Posted by murfslaw

You have to be looking at homes adjacent to the cities you checked. I would buy a house in Cheviot Hills in a heartbeat for less than $1M. I think you moved your mouse over to Palms. The Valley is just that, the Valley. I have friends who live there in a multi-million dollar neighborhood. Not my cup of tea though.

I'm in escrow on my west side home for 27% greater than the asking price; well over $1M.

Palms is still the Westside, even Mar Vista had homes for under $1M last month. I even saw a $800,000 home, that'd leave you with a $100,000 renovation budget and still be under well $1,000,000.

[Smearski]

Or just stay in New England.

[tashagwilt]

You can do fine on 120k in this area - regardless of if you decide to rent or buy. Keep in mind CA state income tax as well when factoring in what you want to do. You should look at buying from a debt to income perspective to see if it is even an option, as another poster indicated rent will likely continue to go up. Let me know if you are interested, I have a spreadsheet tool I can email to you that helps to calculate if you can afford to buy and at what amount you would likely qualify for (without having to contact mortgage folks first for a rough order calculation). We love this area and I would absolutely recommend the move here from the east coast!