Would you do this relocation? NC to CA (San Diego, Irvine: rentals, insurance)

[jobaba]

Originally Posted by RamenAddict

Keep in mind that many of the millions living there either a) don't own homes or b) bought homes when it was a lot cheaper. You are looking to move when your wife is not working and for only a 50% bump from what you make now in a lower COL area. That doesn't make any sense.

You certainly aren't going to get to "live close to the beach" if you have a limited budget. The homes the closest to the beach are the most expensive. If you want to live close to the beach, find an area that has cheap homes close to the beach. There are several cities like that. I just left an area where you could live close to the beach for relatively cheap, but the weather wasn't that great and you might get storms.

Just stay where you are for now until your kids are either of school age and you can both look for work or something better comes along and you can make more than 50% more than what you are making now. It is definitely not a better deal.

Yes, but don't forget.

Whatever he sells his current home for becomes a downpayment on his next home.

So, maybe he buys a $600,000 house in Garden Grove, pays off half of it.

A 15 year mortgage of 300K by a couple that makes 200K a year is certainly reasonable, even in Los Angeles. And interest rates are low.

[CGab]

Originally Posted by pjnugget

Yes, probably short term for 1 or 2 years until my oldest goes to school then it would only be 1 kid in daycare.

I guess my question is there are millions of people living there...how are they doing it?

They are getting paid ALOT!! And trading a SF home for a townhouse is a big difference as well! I sure the heck wouldn't do it with 2 kids!! It's not just the housing, it's a higher COL all the way around and OC is one of the highest! If your wife waits 1-2 years before working could you sustain on one income? Have you looked into the cost of homes there? property taxes, gas, food, etc. Do your homework!!

[CGab]

Originally Posted by jobaba

Yes, but don't forget.

Whatever he sells his current home for becomes a downpayment on his next home.

So, maybe he buys a $600,000 house in Garden Grove, pays off half of it.

A 15 year mortgage of 300K by a couple that makes 200K a year is certainly reasonable, even in Los Angeles. And interest rates are low.

Did I miss this somewhere? He has a $600k home now in NC & he'll walk away with $300k??? If that's the case he can sell that & pay cash for a new home in NC and be mortgage free, therefore keeping his wife a SAHM! That scenario must be made up! What if he only walks away with $25k from the sale of their home? And right now he doesn't make $200k a year! He's guessing that's what they'll make AFTER his wife goes back to work in 2 years!

I'd stay put!

[tnff]

Originally Posted by pjnugget

what if we always wanted to live there and we love that type of weather and living close to the beach?

We would be potentially close to 200k when my wife goes back to work. we understand traffic will be an issue, we are from the Northeast.

I think we might be ok just renting a townhome and maybe buying a townhome eventually (no yard work).

if the housing market the biggest deterrent of it? It would also be a good career advancement for me..

With a 50% pay bump AND your wife going back to work to reach $200K, what is your combined income now (or when she goes back to work in RTP?). Something around $125 - $150? So figure you'll be living equivalently to around $80K in RTP. My house, here, is no more than the dinky apartment we had there years ago. With kids do you really want to give up the yard?


And as far as doing things outside, in RTP you can be pretty much out of the city in 20-30 minutes. That's one of the things we hated most while living out there. Great mountain parks to visit. Hours of driving to reach them in killer traffic.


I'll make a prediction. Other than the first year just to say you've done it, you will visit the beaches in NC or Myrtle more often than you would LA. And Myrtle is way nicer as a beach.

[jobaba]

Originally Posted by CGab

Did I miss this somewhere? He has a $600k home now in NC & he'll walk away with $300k??? If that's the case he can sell that & pay cash for a new home in NC and be mortgage free, therefore keeping his wife a SAHM! That scenario must be made up! What if he only walks away with $25k from the sale of their home? And right now he doesn't make $200k a year! He's guessing that's what they'll make AFTER his wife goes back to work in 2 years!

I'd stay put!

Meh. Details.

In any case, 200K household will get it done in LA, SF, NYC. You might not be living high off the hog, but it'll get you membership into the club.

[james777]

Originally Posted by blueherons

Yes, I would definitely do it in your income bracket. I'm assuming you will be in the $120-$150K bracket?

I have friends in both places and the quality of life in Southern California is much higher.

Also, RTP gets the WORST weather in the south for some reason.

Hurricanes? They all go through RTP and bring down trees and flooding.

Charlotte gets three inches of snow? RTP gets two feet.

Winter rain? RTP gets ice storms.

Summer? Humidity hell.

You've already said you would both like to live there.

You'll regret not going if you don't. If you do and hate it, you can always move back.

Other than the weather, what makes the quality of life in Southern California so much better?

For the OP, are you sure you wouldn't mind downsizing from a single detached house to a townhouse? If I were making the decision, it would depend on how much home equity you have, and how far that cash could get you in the Orange County housing market.

[cyberfx1024]

I am from Greensboro and came here to Pasadena for a high paying job 5 years ago. I make over $100k after taxes with a SAHM as well and I am looking to move back to NC as we speak. The COL is outrageously expensive and your $300k down payment on a home will still leave you around $4-500k left to pay on a house if your lucky. Orange County is nice but you will be paying out the but for it unless you plan on leaving in Corona and commuting but good luck on the 91.

Yes the beaches are really nice not going to lie, but the water is cold compared to the East Coast beaches like Carolina/Kure or Topsail.

It looks good on paper but I would say look a little harder if you are really serious.

[jade408]

Originally Posted by cyberfx1024

Yes the beaches are really nice not going to lie, but the water is cold compared to the East Coast beaches like Carolina/Kure or Topsail.

I used to live in Myrtle Beach and I would describe the water temps in terms like this:
February - crazy people
late Feb - Northern California temp
March - Southern California temp
April - really nice southern california warm
May - perfect
June - decent
July - a bit too warm
August/September - bathwater (blech)

You get nicer beach days in the Carolinas in my book, but Cali beaches are prettier. Carolina ones are more fun if you want to go in the water or hang out (and do not surf).

[RamenAddict]

Originally Posted by jobaba

Yes, but don't forget.

Whatever he sells his current home for becomes a downpayment on his next home.

So, maybe he buys a $600,000 house in Garden Grove, pays off half of it.

A 15 year mortgage of 300K by a couple that makes 200K a year is certainly reasonable, even in Los Angeles. And interest rates are low.

If you move from a low COL area to a high COL area and still have a mortgage on your current home, that sale isn't going to make a dent. The real figure is more likely to be under $100K, which is probably not even going to be enough for a no-PMI conventional loan over there!

And again, the couple WILL NOT MAKE $200K a year for at least a few years because the OP's wife is going to be a SAHM until the older child is in school. Usually two years of income is required to qualify for a mortgage, so they're not necessarily going to count the wife's income the second she gets a new job after several years outside the workforce. Whatever they buy will likely have to be on the husband's income only.

[Sand&Salt]

My sister couldn't find a rental for under $3,000 a month, so be prepared for that. She could hardly find any rentals at all and ended up in Placentia!


You might end up having to live/buy in the "Inland Empire" and commute for hours! Double


I grew up in Orange County, but you almost have to go back in time to buy there now....wish I still had my Mission Viejo house!


Love the beaches but terrible traffic to get to them, and hard to find parking...


Can't beat the weather, though, if within a few miles of the beach. My other sister in Encinitas uses no heat or a/c.