Possible relocation from Chicago: Cost of living question? (Carlsbad, San Marcos: real estate, HOA fees)

[Jedi5]

Hi everyone.

Family of 4 here with a possible relocation from Chicago to Oside/Cbad.
One thing you are told growing up in the midwest as a child is how
expensive the west coast is, how the cost of living is so high, etc...

I've searched, read, done the cost of living calculators, cost of living comparisons, but I'm looking for
real time responses now from the locals who would know more.

So we have a possible relocation opportunity and we are kind of
stressing out about the cost of living and if we could live comfortably.

No childcare costs.
2 kids in middle school.
Our biggest expense would be buying a house.
For sake of conversation, let's say in the $750K price range.

Salary is still in the works but it's looking like it will in the $320-350K.

Thoughts?

[snpdragr]

In my experience, housing and taxes are basically 90% of the COL differences. This is my experience as frugal DINKs with high income.

I'd do a sample state tax return in turbotax and put in all of your information to get a good read on the tax cost. Property tax is about 1.25% of purchase price and unlike many states, the tax is basically capped forever (can only go up 2% per year max regardless of how much house appreciation you get).

In CA with a large mortgage and property tax you probably want to itemize. This can save thousands of dollars. Don't forget to include deductions for 401k and money you get from dividends/cap gains etc.

The other thing that tends to be more expensive in CA is service work. Like daycare for kids or contracting home repairs/remodeling.

Insurance might be more here but I don't think it's material. In CA you might want earthquake insurance but I think it shouldn't be more than 1k/year for a generous policy. You can get an exact quote from here: Premium Calculator - CA Earthquake Authority

[RosieSD]

Another thing to be aware of is that some of the newer master planned home communities have special tax assessments, called Mello Roos, which can be an additional housing cost that you don't have in Chicago. The assessment will vary based on the community. A good real estate agent will let you know which homes are in Mello Roos areas, but you can also check here: California Tax Data

If your budget is $750K, you might want to add San Marcos to your search.

[hitman619]

Originally Posted by snpdragr

In my experience, housing and taxes are basically 90% of the COL differences. This is my experience as frugal DINKs with high income.

I'd do a sample state tax return in turbotax and put in all of your information to get a good read on the tax cost. Property tax is about 1.25% of purchase price and unlike many states, the tax is basically capped forever (can only go up 2% per year max regardless of how much house appreciation you get).

In CA with a large mortgage and property tax you probably want to itemize. This can save thousands of dollars. Don't forget to include deductions for 401k and money you get from dividends/cap gains etc.

The other thing that tends to be more expensive in CA is service work. Like daycare for kids or contracting home repairs/remodeling.

Insurance might be more here but I don't think it's material. In CA you might want earthquake insurance but I think it shouldn't be more than 1k/year for a generous policy. You can get an exact quote from here: Premium Calculator - CA Earthquake Authority

Good Post!
But no need for earthquake insurance IMO.

[expatCA]

Originally Posted by Jedi5

Hi everyone.

Family of 4 here with a possible relocation from Chicago to Oside/Cbad.
One thing you are told growing up in the midwest as a child is how
expensive the west coast is, how the cost of living is so high, etc...

I've searched, read, done the cost of living calculators, cost of living comparisons, but I'm looking for
real time responses now from the locals who would know more.

So we have a possible relocation opportunity and we are kind of
stressing out about the cost of living and if we could live comfortably.

No childcare costs.
2 kids in middle school.
Our biggest expense would be buying a house.
For sake of conversation, let's say in the $750K price range.

Salary is still in the works but it's looking like it will in the $320-350K.

Thoughts?

You are in good shape for the areas in question. Be aware of Mello Roos as mentioned and HOA fees. Many people can do very well on your income. Your main issues should first be schools and then where will you work, as the commute can be a headache. Daily and a Very long lasting headache.

[Jedi5]

Originally Posted by expatCA

You are in good shape for the areas in question. Be aware of Mello Roos as mentioned and HOA fees. Many people can do very well on your income. Your main issues should first be schools and then where will you work, as the commute can be a headache. Daily and a Very long lasting headache.

We already know where the job is lined up, which is why I mentioned we'd be looking at Oside/Cbad.
Trying to stay to a 15... maybe... maybe even 20 minute commute to work.

Yes schools is very important to us.
But even before that, before we potentially make this move, the question we have is can we do this on the proposed salary.


Thanks.

[expatCA]

Originally Posted by Jedi5

We already know where the job is lined up, which is why I mentioned we'd be looking at Oside/Cbad.
Trying to stay to a 15... maybe... maybe even 20 minute commute to work.

Yes schools is very important to us.
But even before that, before we potentially make this move, the question we have is can we do this on the proposed salary.


Thanks.

You should have no trouble on that salary. Assuming you do not have high debt.

[NYSD1995]

Salary should not be an issue assuming Ample cash and low debt

[Jedi5]

Thanks again.

No high debt at all aside a mortgage and car payment.

[eastcoastbias]

Originally Posted by Jedi5

We already know where the job is lined up, which is why I mentioned we'd be looking at Oside/Cbad.
Trying to stay to a 15... maybe... maybe even 20 minute commute to work.

Yes schools is very important to us.
But even before that, before we potentially make this move, the question we have is can we do this on the proposed salary.


Thanks.

I would go with Carlsbad schools. BTW- You can afford both areas.

Coming from Chicago you may find out you get nickeled and dimed to death here- stupid things you can't even imagine.


And I personally like Chicago Food. You will pay Chicago prices and then some and get half the quality.