Mininum salary to live in Lake Oswego for a family of four? (Portland: sale)

[burdigala]

Hi all,
I am prospecting for a job in Lake Oswego and I was wondering how much my wife and I should make if we want to live a decent area, in a 4-bedroom house? Should I budget for private schools or the public schools are OK?
Thanks!

[bobmulk]

The public schools in Lake O are fine. Actually, that entire area is good--Sherwood, Tigard-Tualatin, Wilsonville, West Linn.

Do you have to live in Lake Oswego? Any of the above communities would suffice, I would think since they are all upscale and support a mostly white-collar population that is affluent and educated. They're all above decent, way above decent! The best demographics in the state.

I would figure a minimum of $400K for a home. Since I'm a bachelor, I have no idea how much money you need for a family of four. The biggest expense will be housing, of course. Gas is $4/gallon and increasing each day like everywhere else. Food is also going up. Most of the grocery stores in the area are upscale as you can imagine so don't bet on shopping for groceries at places like Wal-Mart.

I hope I've been of some help.

[MtnSurfer]

Check out my thread on West Linn and Lake Oswego below if you haven't already. We were just there and drove thru all the surrounding neighborhoods. Your main cost will be housing. For a great overview of the current market look at milancole's website. He is a realtor on these boards who has a cool map based MLS search of properties. It doesn't get any easier than that to see prices for prospective neighborhoods.

Although West Linn and Lake Oswego are some of the most highly sought after locations you can still find some decent deals if you look. For example in WL I found some decent listing in the mid $300Ks there which you will pay in other areas as well.

We are a family of 5 looking for the same thing - great location for families in a scenic/fun area of Portland.

- Derek

[John Shaft]

Mid $300s in West Linn? For 4 BR? I think the $400K is low for 4 BR. Guess it depends on if you want 4 BR within 1700 sqft or not. As Bobmulk said, several nearby areas all have "good" areas, although Tigard/Tualatin would have more "less good" areas than the others listen. If you are really looking at LO you ought to consider upwards of $500K. That way if you do find anything below that amount, it will be a pleasant surprise--these areas are the spendiest houses in the Portland burbs.

[MtnSurfer]

Actually I didn't notice the 4 BR in the initial post. But out of curiousity I just did a quick MLS search and came up with 11 4 BRs in West Linn and 4 in LO under $375K. Now of course some of these may be fixer uppers. But in the current softened market there are some deals out there. There is a decent one in LO listed for $359K - mls#8050583. And check out this WL 4BR home which is an even better deal - mls# 7105911.

As another good option check out the Tualatin area especially east of the 5 right along the Tualatin river. That is a really nice area and one of our top choices after visiting many neighborhoods.

Lastly if you are willing to downsize slightly there are many more 3 BRs. Although we have a 4 BR here in CO we might be willing to go a little smaller for one of the better locations like WL & LO. Then you can always upgrade/expand with a great ROI.

- Derek

[Nature Girl]

Keep in mind, there usually is a reason when the price is lower than expected. The WL mls# you posted is near me and it is facing a busy road. Just something to consider.

Originally Posted by MtnSurfer

Actually I didn't notice the 4 BR in the initial post. But out of curiousity I just did a quick MLS search and came up with 11 4 BRs in West Linn and 4 in LO under $375K. Now of course some of these may be fixer uppers. But in the current softened market there are some deals out there. There is a decent one in LO listed for $359K - mls#8050583. And check out this WL 4BR home which is an even better deal - mls# 7105911.

As another good option check out the Tualatin area especially east of the 5 right along the Tualatin river. That is a really nice area and one of our top choices after visiting many neighborhoods.

Lastly if you are willing to downsize slightly there are many more 3 BRs. Although we have a 4 BR here in CO we might be willing to go a little smaller for one of the better locations like WL & LO. Then you can always upgrade/expand with a great ROI.

- Derek

[melin]

I've actually been in that house on the busy road, haha. We almost bought it. It does have a lovely creek running through the backyard and some other nice features. It also has great access to some nearby shopping and is close to Mary S Young. It has been on the market for a very long time though.

[MtnSurfer]

Yes, I bet it shows pretty well. The pictures look really nice. For a family like ours with children a home on a busy street is simply a no go.

As I have mentioned while there are some deals there may be some fixing up involved, etc... I think we would be willing to buy in a nice area like LO or WL and get a little smaller house or one which may require 'some' work. Of course I don't want to have to do a 'complete' remodel.

And obviously homes which are already in great shape with more modern features on a nice quiet street will command a higher value. If one doesn't want to compromise some of these things then moving further out is always an option.

[joggerinlakegrove]

Well no one has addressed the question. I think that if you want to live in a 4 bedroom house in a decent neighborhood in Lake Oswego you would need to earn at least 100-120K a year unless you have a good chuck of equity from the sale of a previous house. For a good size 4 BR home built in the late 80's and early 90's in a good area you will be paying between 375K to 475K. The public schools in the area are good so there is no NEED for a private school, However, some send their children to private schools. I hope this helps