Financial Advice Needed (Sacramento, Roseville, Folsom: sales, real estate, mortgage)

[ealimbuyao]

We are looking at relocating from Texas to California. Our combined gross annual income will increase from 157k to 216k. Is that enough to live comfortably at areas like Roseville, Folsom? Knowing the high real estate properties there, will my disposable income increase?

Thanks.

[CityGirl72]

YOu'll be FINE! More then fine!

[NewToCA]

Can't analyze your disposable income without knowing what you pay now or what you'll buy in Roseville or Folsom (don't overlook Granite Bay, Lincoln or Rocklin). For basic information, a 2,500 square foot home with a 3 car garage should run from about $450 to $500K.

[cw68]

Originally Posted by ealimbuyao

We are looking at relocating from Texas to California. Our combined gross annual income will increase from 157k to 216k. Is that enough to live comfortably at areas like Roseville, Folsom? Knowing the high real estate properties there, will my disposable income increase?

Thanks.

One thing to realize is that property taxes are significantly lower here than in most parts of Texas. 1.1% of purchase price with yearly increases that are fixed at a max of 2%.

You'll be verrrry fine on your income.

[ealimbuyao]

Originally Posted by NewToCA

Can't analyze your disposable income without knowing what you pay now or what you'll buy in Roseville or Folsom (don't overlook Granite Bay, Lincoln or Rocklin). For basic information, a 2,500 square foot home with a 3 car garage should run from about $450 to $500K.

I have a house here that has 69k balance, will sell at approximately 150k. No car payments, kids (6 & 9 y/o) - might go to private schools in California, furniture debt - $6k.

Is a move at this time recommended? Buy or rent? If buying a house a must, a 2-car garage, 4-bedroom, 2200 sq foot, less than 5 yrs old house enough for us.

Thanks.

[ealimbuyao]

I pay 2,800 for my property tax here in Texas.But we don't have state tax. I am trying to decide between a move to Northern Califonia (ROseville area) and Sugarland, Texas.

TO those who have been to both places, opinions are welcome.

[NewToCA]

You should be able to purchase a 2,200 sq ft house with 2 car garage for about $400 K. If you put down about 80K, that would leave you a mortgage of $320K and a fixed 30 year mortgage payment of about $2100 plus property taxes of about $350-$380 per month.

[ealimbuyao]

Thanks so much, NewtoCA!

[lexi]

Originally Posted by ealimbuyao

We are looking at relocating from Texas to California. Our combined gross annual income will increase from 157k to 216k. Is that enough to live comfortably at areas like Roseville, Folsom? Knowing the high real estate properties there, will my disposable income increase?

Thanks.

Boy, good time to relocate since the housing market is going down especially
in Sacramento. Your money will go a lot further and with that salary you'll
be able to live very nicely. Good luck! I agree with poster above... check out granite bay and
Rocklin along with Folsom, El Dorado Hills and Roseville.

[mysticaltyger]

Originally Posted by ealimbuyao

I have a house here that has 69k balance, will sell at approximately 150k. No car payments, kids (6 & 9 y/o) - might go to private schools in California, furniture debt - $6k.

Is a move at this time recommended? Buy or rent? If buying a house a must, a 2-car garage, 4-bedroom, 2200 sq foot, less than 5 yrs old house enough for us.

Thanks.

Based on the info you gave, I'd think you wouldn't have extra disposible income and may have less, especially if you send the kids to private school. Of course, if you are willing to sacrifice on house size or area, you could maintain disposible income...but I'm thinking you won't want to do that.

Your property taxes here will be higher. The rates aren't that bad but the prices are much higher, so you'll pay more. Also, the sales tax is at least 7.75% and in some counties it's higher than that....not to mention you'll pay state income tax as well.

Yes, you can certainly live a nice lifestyle here on 217K. Thats more than most Californians make for sure....but be careful...it probably won't buy you as much as you think...even in a "reasonably priced" (by California standards) area such as suburban Sacramento.