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Old 05-27-2008, 04:16 PM
 
Location: MN
23 posts, read 65,431 times
Reputation: 11

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I might have to move to Santa Monica from Minneapolis, Please I need some insight to help me make the right decision, away from the weather,
1- How much one need to make in the average class to afford 2000/month renting? how much food, outtings, cloths other will need?
2- How safe is the area compared to MN?
3- If you were living in quite safe moderate expensive state will you move to LA?

Appreciate any feedback or insight.
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Old 05-27-2008, 04:46 PM
 
Location: Las Flores, Orange County, CA
26,345 posts, read 84,701,631 times
Reputation: 17581
Quote:
Originally Posted by AlwaysDream View Post
I might have to move to Santa Monica from Minneapolis, Please I need some insight to help me make the right decision, away from the weather,
1- How much one need to make in the average class to afford 2000/month renting? how much food, outtings, cloths other will need?
2- How safe is the area compared to MN?
3- If you were living in quite safe moderate expensive state will you move to LA?

Appreciate any feedback or insight.
1) $72K/year based on rule of thumb of 1/3 gross income for housing ($6000 * 12 = $72K)

2) Did you research any crime stats? I don't feel uncomfortable from a safety perspective in SM. A little too crowded for me but not unsafe. Perfect weather.

3) It depends. Jobs, weather, and diversity vs high housing costs, traffic, challenging situation of government schools. Single maybe, married with kids not likely.
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Old 05-27-2008, 04:47 PM
 
Location: South Bay
7,141 posts, read 19,527,516 times
Reputation: 3402
if you're young, enjoy the beach and being outdoors, like living in a major metropolitan city, and make atleast $75k/year, you will probably like santa monica a lot. however, if you have kids, if you're constantly worried for your safety, or if you're not making atleast $50k santa monica will probably be a very difficult place for you to live.
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Old 05-27-2008, 05:16 PM
 
Location: MN
23 posts, read 65,431 times
Reputation: 11
Thanks for all the replies, we are married couple without kids, so no worries about school and all those things, we do like beaches and outtings but do not feel comfortable with crowded but I think we can pass that.
I think I will be making above 75K .
So the conclusion would be it is Ok to move...
one more question, is the below broke down expeses reasonable

$2000/month: 1 Bedroom apartment in Hwy 405/Santa Monica Blvd.
$500/month : Groceory
$300/month : Gas
$200/month : Utilities+ Phone+High speed internet
$400/month : Others.

I know Sales tax is 8%, but how much is the income tax on +75K?
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Old 05-27-2008, 05:30 PM
 
Location: South Bay
7,141 posts, read 19,527,516 times
Reputation: 3402
Quote:
Originally Posted by AlwaysDream View Post
Thanks for all the replies, we are married couple without kids, so no worries about school and all those things, we do like beaches and outtings but do not feel comfortable with crowded but I think we can pass that.
I think I will be making above 75K .
So the conclusion would be it is Ok to move...
one more question, is the below broke down expeses reasonable

$2000/month: 1 Bedroom apartment in Hwy 405/Santa Monica Blvd.

This will get you a very nice 1br apartment

$500/month : Groceory

We have Trader Joe's and Costco here, so unless you're shopping at Whole Foods, your groceries shouldn't be more than $200-$300 per month.

$300/month : Gas

I assume you mean gas for commuting. $300 is a lot! You could easily spend that much though if you are commuting a long way out of Santa Monica. However, if your commute isn't more than 5 miles away from your home, it should be closer to $100-$150 per month.

$200/month : Utilities+ Phone+High speed internet

This is about right.

$400/month : Others.

This one is up to you. If you like to go out a lot for dinner and/or drinks, it will certainly add up. However, if you pack your lunch and save up nights out for special occasions, you should be able to save up some money on the side too.

I know Sales tax is 8%, but how much is the income tax on +75K?
FYI, my wife and I live in SM and our combined incomes are right around $100k. Our rent is less than $2000, but we both work nearby, pack our lunches and cook our own dinners most of the time so we don't spend too much on food. We have one car payment and one sizeable student loan, but we get by just fine. In fact, we're able to put away a pretty decent amount of cash into savings every month too. As long as you're reasonable with your spending, you should have no issues living in LA. Good luck!
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