Millennials simply can't afford to live in OC (London: house, job market)

[man4857]

Originally Posted by payutenyodagimas

the OP can solved his problem by marrying a similar millennial with the same income

Lol,

https://en.wikipedia.org/wiki/Person...e_distribution

Statistics are not on your side.

[CaliRestoration]

Originally Posted by man4857

You're missed the part saying, yes you can live in the OC on 80K but you'll continue renting (which implies from the beginning of the post) you won't get anywhere.

If you think I'm the type to want it all now, you're mistaken. I'm patient enough to work for what I want, without being unreasonable about it. What's reasonable to you is not reasonable to me. The OC or SoCal in general is just absurd to me. You can keep chugging along saving money like you said, but you won't go anywhere within 10 years as a millennial. You're looking at the micro viewpoint, saving every penny you can, when your single biggest expense is housing. You'd have a much easier time if you reduce it by 50% or more. Add to that home prices and rents are expected to rise faster than incomes over the next few years in SoCal and I don't think have any signs of stopping.

Right, and that's fine. You see your salary as a static $80k, and never ever earning more, and buying in SoCal as insurmountable.

But understand, the people who do pursue to live in SoCal and end up buying a home in expensive areas like Manhattan, SF, LA, or OC are not thinking of remaining static professionally. They don't think like you. They think of how they can eventually afford a home, while you think of how you can escape to a cheaper area. Nothing wrong with either line of thinking, but it is a different mind set. I find people who do end up buying in nice areas of SoCal tend to have the former mindset, not the latter.

[k374]

Originally Posted by CaliRestoration

- Rent a room in townhome or SFH, $700-800
.

Dude, are you suggesting someone who makes $80k/yr and has a college education should be renting rooms to live in? Ridiculous!

[CaliRestoration]

Originally Posted by k374

Dude, are you suggesting someone who makes $80k/yr and has a college education should be renting rooms to live in? Ridiculous!

Why is it ridiculous?

[Finper]

Originally Posted by k374

Dude, are you suggesting someone who makes $80k/yr and has a college education should be renting rooms to live in? Ridiculous!

that's what I thought!! He is a engineer and has a masters for Gods sake.. If he makes 80k and has to rent a room and live like a pauper for 5 years just to buy a house here Ca is in a very sorry state and I don't blame him and all my friends kids for bailing to other states.

[man4857]

Originally Posted by CaliRestoration

Why is it ridiculous?

Working harder for less. Is that not such a novel concept?

[CaliRestoration]

Originally Posted by man4857

Working harder for less. Is that not such a novel concept?

I call it reducing your expenses while you plan for something bigger.

For the first 3 years of my career I made less than $50,000 annually. Even when I started my company, I didn't take a salary over $40,000 until year number 2 or 3 (pretty sure in year 3 I took home less than $75,000). I could have taken a $250,000 salary if I wanted, but I chose to reinvest as much money as possible to grow the company. But by year 5 I owned a home in SoCal, no mortgage, paid in cash (as well as a 911 Porsche Turbo).

I played the long game, but I realize most millennials are only satisfied by the short game. Nothing wrong with that, just different philosophies.

[expatCA]

Originally Posted by erickz623

Ha. I received my education and established myself in my career. Affordable housing is something that should be attainable, but that isn't the case in Southern California.

Affordable housing is attainable in the vast majority of the US. In SoCal it isn't, but that is life.

Try buying in Manhattan. There is no requirement that it be affordable in any one place and OC being highly desirable is never going to be affordable again for the average wage worker. It was when I was growing up and now it isn't. That is life. I can still afford to live there now if I wanted to (Not sure now that I do it has changed so much for the worse), but my wife does not want to move back (also a CA native). My tie to the State is 3 businesses and nostalgia. Note; I am not a college graduate but I worked hard and learned and my income is quite nice these days.

[expatCA]

Originally Posted by man4857

Working harder for less. Is that not such a novel concept?

Less what?

[expatCA]

Originally Posted by Finper

that's what I thought!! He is a engineer and has a masters for Gods sake.. If he makes 80k and has to rent a room and live like a pauper for 5 years just to buy a house here Ca is in a very sorry state and I don't blame him and all my friends kids for bailing to other states.

That is why the middle class is leaving. Those with far more money or a lot of retirement income are moving in, foreign and citizens. Would you expect $80,000.00 a year to allow you to buy a SFH in London or Paris? Why should anyone expect to be able to do so in SoCal, SF, LA, etc???