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hi Dansdrive! I agree with your comment/question Is the salaries that much better in LA and NYC on average than say Raleigh area? Is the cost of non housing related items that much cheaper in LA and NYC area to allow people to spend more on their housing? I think not. Definitely not. The salaries are a little bit better in NY than other parts BUT the price of housing is out of control. Clients I speak to work 2 and 3 jobs (I am one of them working 2 right now) to pay their mortgages...at one point I was working 3 jobs, 7 days a week to pay my mortgage, common fees $334 per month & HOA assessment of $230 per month. It is definitely supply and demand, and where I am in Westchester county is a prime location BUT I question (not out loud of course) how some people are affording homes in the 700K-900K range (3 or 4 bedrooms) and are able to pay their taxes 12-18K approx...without having a second or 3rd job...not everyone is a doctor or lawyer...or are they???
hi Dansdrive! I agree with your comment/question Is the salaries that much better in LA and NYC on average than say Raleigh area? Is the cost of non housing related items that much cheaper in LA and NYC area to allow people to spend more on their housing? I think not. Definitely not. The salaries are a little bit better in NY than other parts BUT the price of housing is out of control. Clients I speak to work 2 and 3 jobs (I am one of them working 2 right now) to pay their mortgages...at one point I was working 3 jobs, 7 days a week to pay my mortgage, common fees $334 per month & HOA assessment of $230 per month. It is definitely supply and demand, and where I am in Westchester county is a prime location BUT I question (not out loud of course) how some people are affording homes in the 700K-900K range (3 or 4 bedrooms) and are able to pay their taxes 12-18K approx...without having a second or 3rd job...not everyone is a doctor or lawyer...or are they???
Hi Anne and I would say No they are not. I lived in upstate NY and use to travel down state NY with my job and remember the high cost of real estate near NY city area. Even upstate NY taxes were $8 - $15k per year on a single family home. Good luck in selling your condo and hopefully you can move down here and get a great house and do it all with just one job! Happy Holiday's.
On another thread here on the board I made the comment that many families living in million dollar homes are one or two paychecks away from being homeless...
According to stats, most true millionaires aren't living in million dollar homes - in fact, most live in homes under $500k.
I had a few friends who lost their homes in swanky parts of surrounding L.A. when on spouse lost a job... The first few times, I was surprised (because I thought the families were wealthy), but now it doesn't surprise me anymore.
I had another friend who was staring on a television sitcom (making VERY, VERY good money by anyone's standards), and his accountant told him that he couldn't afford to by a home that was comparable to the apartment he was living in.
Shortly before I moved, an article came out in the news saying that 80% of 2 income families can NOT truly afford to buy a home in L.A.
Quote:
Originally Posted by Grass Is Greener
Wow it's hard to look at that picture! "Open and airy floor-plan." must be sarcasm! And the "Nice size lot." must be a joke!
Yes, housing in L.A. is a joke. Unfortunately, that listing is real.
Now you see why transplants who come here (even Durham) and RAVE.
And a detached garage! That poor little house looks like the garage itself.
Charlie Brown Christmas tree of homes :-(
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) and RAVE.
