Millennials simply can't afford to live in OC (Los Angeles, Long Beach: purchaser, median income)

[expatCA]

Originally Posted by seain dublin

Home ownership is out of sight for many in Southern CA, the home prices are ridiculous. But you make it sound like once you leave CA it's easy street all the way. Any idea what some people pay in other states(like Texas) in property taxes?

But no State income tax and the actual amount in property taxes is less than what is typically paid in CA, due to the huge difference in housing costs.

When I moved from TX back to CA, my taxes on a 3.5 acre piece of property with a nice 3bdrm 2bath 2 car garage home with a 2000 sq ft barn and 5 minutes from the city and with a 25000 gallon pool and several nice out buildings, were the same I paid on my new home in CA on a 7000 sq ft lot. Oh and I paid ZERO State income taxes in TX and paid a LOT in CA for the same income (6 figure).

[Mach50]

Originally Posted by Electrician4you

Ok. Where? Because I know a lot of people who moved to other states and make nowhere near what they made here

I know people living in Denver, Minneapolis, Chicago, Portland and Austin making exactly what they did in SoCal. I never took a cut coming to Denver and 10 years after moving away from SoCal I make around the same still. However, I own a 2400sq ft house with character and a huge yard in Denver proper for 478k and good public schools to boot.

Looking back on my move out of OC, I was scared, but it was actually one of the best decisions I have ever made.

[CaliRestoration]

Originally Posted by Mach50

I know people living in Denver, Minneapolis, Chicago, Portland and Austin making exactly what they did in SoCal. I never took a cut coming to Denver and 10 years after moving away from SoCal I make around the same still. However, I own a 2400sq ft house with character and a huge yard in Denver proper for 478k and good public schools to boot.

Looking back on my move out of OC, I was scared, but it was actually one of the best decisions I have ever made.

[Finper]

Originally Posted by Mach50

I know people living in Denver, Minneapolis, Chicago, Portland and Austin making exactly what they did in SoCal. I never took a cut coming to Denver and 10 years after moving away from SoCal I make around the same still. However, I own a 2400sq ft house with character and a huge yard in Denver proper for 478k and good public schools to boot.

Looking back on my move out of OC, I was scared, but it was actually one of the best decisions I have ever made.

I know someone who moved to Portland. He's making more there then here doing the same thing and just bought a craftsman house there.

[payutenyodagimas]

Originally Posted by Finper

I know someone who moved to Portland. He's making more there then here doing the same thing and just bought a craftsman house there.

I submit where you live is where you find a good paying job. its not about taxes

[LuvSouthOC]

Originally Posted by payutenyodagimas

I submit where you live is where you find a good paying job. its not about taxes

To be fair, Finper was talking about Tucson as a place to retire too (not now, but in the future). There are many considerations that go into the equation and obviously these don't apply very much to young millennials.

As far as millennials are concerned, per the LAtimes article, they are moving to the I.E.:

A new generation of young home buyers is tiptoeing into the market
A new generation of young home buyers is tiptoeing into the market - LA Times

Newly married and in their mid-20s, San Clemente residents Josh and Kayleigh Hyink were ready for the next step in their “master plan.”

So the couple ditched their $1,644 one-bedroom apartment in Orange County and this spring purchased a new $430,000 house in the Riverside County city of Murrieta, becoming homeowners for the first time.

Even though the move meant that Josh’s commute to his Huntington Beach job ballooned to 75 miles, the couple said it was worth it to get a large house — something they couldn’t afford closer in. The median home price in Riverside County was $365,000 in July, compared with $690,000 in Orange County, according to CoreLogic.

“We wanted to get out of renting,” Josh said. “We wanted to move toward starting a family.”
...

Given the high cost of housing in urban and coastal areas, many are choosing a single-family house inland.

The Hyinks said that near the coast they couldn’t afford the large house they wanted for their dog and future children. In Murrieta, they have a brand-new, three-bedroom house with a three-car garage. As an added plus, they are near Temecula, where they both grew up.

...

“It was cool out there for a while,” Kayleigh, a 26-year-old teacher, said of Orange County. “But we’d never have a yard.”

[Electrician4you]

Originally Posted by Mach50

I know people living in Denver, Minneapolis, Chicago, Portland and Austin making exactly what they did in SoCal. I never took a cut coming to Denver and 10 years after moving away from SoCal I make around the same still. However, I own a 2400sq ft house with character and a huge yard in Denver proper for 478k and good public schools to boot.

Looking back on my move out of OC, I was scared, but it was actually one of the best decisions I have ever made.

So 10 years later you make the same money now as you did then? what are the house prices and wages NOW? AFAIK Denver has gotten very expensive and crowded.

To counter your point I have friends who moved to Texas and got paid less. Yes they bought a house for 250k and are paying the same amount of property taxes that I'm paying on a 500,000k house

75% of my current rentals are occupied by people coming out of state to relocate here. The average difference between the former wages to Ca wages were about 30% with one guy winning at 50%

[Electrician4you]

Originally Posted by LuvSouthOC

To be fair, Finper was talking about Tucson as a place to retire too (not now, but in the future). There are many considerations that go into the equation and obviously these don't apply very much to young millennials.

As far as millennials are concerned, per the LAtimes article, they are moving to the I.E.:

A new generation of young home buyers is tiptoeing into the market
A new generation of young home buyers is tiptoeing into the market - LA Times

Newly married and in their mid-20s, San Clemente residents Josh and Kayleigh Hyink were ready for the next step in their “master plan.”

So the couple ditched their $1,644 one-bedroom apartment in Orange County and this spring purchased a new $430,000 house in the Riverside County city of Murrieta, becoming homeowners for the first time.

Even though the move meant that Josh’s commute to his Huntington Beach job ballooned to 75 miles, the couple said it was worth it to get a large house — something they couldn’t afford closer in. The median home price in Riverside County was $365,000 in July, compared with $690,000 in Orange County, according to CoreLogic.

“We wanted to get out of renting,” Josh said. “We wanted to move toward starting a family.”
...

Given the high cost of housing in urban and coastal areas, many are choosing a single-family house inland.

The Hyinks said that near the coast they couldn’t afford the large house they wanted for their dog and future children. In Murrieta, they have a brand-new, three-bedroom house with a three-car garage. As an added plus, they are near Temecula, where they both grew up.

...

“It was cool out there for a while,” Kayleigh, a 26-year-old teacher, said of Orange County. “But we’d never have a yard.”

This is great to hear. I as well as many people are commuting. I've been doing it fir a while 23 years so I'm used to it.

[Mach50]

Originally Posted by Electrician4you

So 10 years later you make the same money now as you did then? what are the house prices and wages NOW? AFAIK Denver has gotten very expensive and crowded.

To counter your point I have friends who moved to Texas and got paid less. Yes they bought a house for 250k and are paying the same amount of property taxes that I'm paying on a 500,000k house

75% of my current rentals are occupied by people coming out of state to relocate here. The average difference between the former wages to Ca wages were about 30% with one guy winning at 50%

No, 10 years after moving to Denver and I am still inline with my SoCal friends salary.

Anyways man I am not here to argue with you. I am just sharing my experience and happiness in owning a house in Denver that I know wouldn't be possible in OC. I really see no reason to be house poor in OC when there are many other places for young families to live very comfortably.

Not only is housing still much more expensive there, but anything that is tied to a parcel of land (daycare, restaurants, shopping) is much more expensive as well.

p.s. The median house price in Denver is 372k https://www.zillow.com/denver-metro-...0/home-values/ just an FYI it is still MUCH cheaper to live here than OC.

[expatCA]

Originally Posted by Mach50

No, 10 years after moving to Denver and I am still inline with my SoCal friends salary.

Anyways man I am not here to argue with you. I am just sharing my experience and happiness in owning a house in Denver that I know wouldn't be possible in OC. I really see no reason to be house poor in OC when there are many other places for young families to live very comfortably.

Not only is housing still much more expensive there, but anything that is tied to a parcel of land (daycare, restaurants, shopping) is much more expensive as well.

p.s. The median house price in Denver is 372k https://www.zillow.com/denver-metro-...0/home-values/ just an FYI it is still MUCH cheaper to live here than OC.

And if a family the lower cost means the wife does not have to work and can care for the Children far better than a day care can or will (Or she works and you can).