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San Diego has been one of the cities I've been looking at to temporary relocate to. I want to relocate because all my life I went to school in Texas and my whole career has been in Texas. Nothing wrong with the state, I love the state especially my city of Houston.
But I feel that I need to diversify my resume and be able to say I worked and studied in other areas too (may consider an MBA at SDSU or University of SD--I think I saw that driving out of Hotel Circle and into Downtown). I am a 28 old year old single male and work as Database Administrator in Houston. I make a decent amount of money, almost 6 figures which is a lot in an affordable city in Houston. The problem with Houston is that the city is a huge oil/energy industry planet and I want to get out of that industry. However I worry that if I move to San Diego I will not have any money to save.
Housing is expensive and on top of that so are taxes. I also will have to pay state income tax if I move to Cali, something I haven't looked into since I never had to pay it in Texas.
I visited SD three times since January and I have to admit it is the most beautiful city in the US. It looks like the best city for any single guy too. I loved the Gas Lamp district, Pacific Beach (I would love to have a beach House), Mission Valley, La Jolla, and etc. While partying in the Gas Lamp district I noticed a lot of young people drove high end luxury cars and I asked myself how do they do it?
I mean if I wanted to, I could do it where I'm at. But in a city like SD where cost of living is so high and salaries don't match...I feel like my life would be downgraded if I relocate. Whats the secret to having a place of my own in SD and still be able to saving some money. I don't need any luxuries, I just want a decent job in SD with a house or highrise or condo of my own, and still be able to save dough.
I also looked at the job market for my field in SD and it doesn't look too good . Is it because of our current economy or are they're not a lot of DBA's in SD? A lot of people tell me I should just stay where I am at but a part of me tells me that if I get an MBA and worked in another state, it would look better on my resume.
Thanks. Other cities I'm considering are Chicago, Los Angeles (but I may scratch that one off, LA has no NFL team), and Seattle.
Thanks.
Last edited by databasegeek; 04-19-2009 at 12:41 PM..
Hardly, what you see are probably people living on debt. Or people who cashed in on the boom years, and people who have lived here for awhile. The boom did not happen in Texas like it did in California. Properties more than doubled in price for many areas, and some people were lucky enough to cash in during those times. So you're talking, for example, a person who bought Carmel Valley property at 250k 10yrs ago and sold it for 750k a few years ago, that will go along way for sure (even 400k bought to 600k sold in less than 5 years wasn't uncommon).
Other people took home equity loans based on these home values (of course now these loans are upside down), so they took a chunk of money too.
There are high paying jobs, the trick is to be one of the people that gets them.
Many people also live with roommates, so they rent a very nice house with 3-4 people and that makes the housing fairly reasonable. So you could have say 3-4 people in a $2-4k rental and it wouldn't be that bad, they could all still drive BMW's if they had a reasonable tech job.
My advice would be to stay in Texas! As beautiful as San Diego is, (and I've lived in the Bay Area, Hawaii and the east coast), it is not worth it, jmo. Sounds like you have it good where you are at, nice salary, affordable housing, low taxes. It would be a shock to the paycheck for your taxes, that I am sure of. Also, if you end up buying something here, property taxes are very high as well as one of the highest sales tax, oh and annual car tax/registration fee. This state nickel and dimes you and then asks for more. I love the weather, the beaches, the place has it's beauty, my husband has a great IT job, with a great salary and we struggle to save (I stay at home with 2 little ones). Again, if you like where you are, then don't relocate. Unless you get a job that will pay to relocate you, plus pays a high salary, you will have a hard time staying above water. We are trying to relocate out of SD, to a more affordable, has a more stable state/local gov't. Anyway, just my two cents! Good luck, wherever you choose!!!!
San Diego has been one of the cities I've been looking at to temporary relocate to. I want to relocate because all my life I went to school in Texas and my whole career has been in Texas. Nothing wrong with the state, I love the state especially my city of Houston.
But I feel that I need to diversify my resume and be able to say I worked and studied in other areas too (may consider an MBA at SDSU or University of SD--I think I saw that driving out of Hotel Circle and into Downtown). I am a 28 old year old single male and work as Database Administrator in Houston. I make a decent amount of money, almost 6 figures which is a lot in an affordable city in Houston. The problem with Houston is that the city is a huge oil/energy industry planet and I want to get out of that industry. However I worry that if I move to San Diego I will not have any money to save.
Housing is expensive and on top of that so are taxes. I also will have to pay state income tax if I move to Cali, something I haven't looked into since I never had to pay it in Texas.
I visited SD three times since January and I have to admit it is the most beautiful city in the US. It looks like the best city for any single guy too. I loved the Gas Lamp district, Pacific Beach (I would love to have a beach House), Mission Valley, La Jolla, and etc. While partying in the Gas Lamp district I noticed a lot of young people drove high end luxury cars and I asked myself how do they do it?
I mean if I wanted to, I could do it where I'm at. But in a city like SD where cost of living is so high and salaries don't match...I feel like my life would be downgraded if I relocate. Whats the secret to having a place of my own in SD and still be able to saving some money. I don't need any luxuries, I just want a decent job in SD with a house or highrise or condo of my own, and still be able to save dough.
I also looked at the job market for my field in SD and it doesn't look too good . Is it because of our current economy or are they're not a lot of DBA's in SD? A lot of people tell me I should just stay where I am at but a part of me tells me that if I get an MBA and worked in another state, it would look better on my resume.
Thanks. Other cities I'm considering are Chicago, Los Angeles (but I may scratch that one off, LA has no NFL team), and Seattle.
Thanks.
Well, I think that when you mentioned the salaries out here, you really answered your own question. Housing is VERY expensive out here (although not as expensive as it was a few years ago, i.e. 2005), and the median income is only around $50,000. That right there tells you that most people out here (I would say 80 percent, easily) are NOT rich. It may look like it at times, but the truth of it is, there are quite a few people out here who try to act like they are rich, and drive Escalades, BMW's, Mercedes', ect. but in reality, they are not even close. In fact, many of those phonies are in debt up to their eyeballs and beyond. For the most part, SD is lower to middle class. You can't really have your own place out here unless you are independently wealthy, otherwise you have to have roomates. My advice to you is to stay in Texas for now. From what I have heard and seen, the economy in Texas is doing better than any other state in the country right now (especially California). If you do decide that you want to move out here, I would save up AT LEAST $15,000 (which would be enough for you to live on your own for a few months while you look for a job, if you haven't got one lined up before you get here). Anyway, Good Luck, and by the way, Texas is a great state (I visit family in Texas once a year) with many opportunites for good jobs and outdoor recreation, I have thought about moving there from here a few times.
you can live anywhere in the world if you live within your means. just be smart. especially if you rent in san diego first. its no different from renting anywhere else. its getting a little old to hear people that so badly want to live in SD, but are afraid that they can't afford it. nonsense. just look around, dont make a hasty decision, and dont be deterred by something see or read in the media. you sound like a smart person. you can make it happen.
I agree with the rest of the posters who say that image is everything in that area. Only a few people actually have their head above water enough to afford a mortgage, nice car and a nice retirement nest egg. The rest of them are struggling to get by or else have already had their bubble burst with foreclosures and repossessions. It is a beautiful city but one where competition is everywhere, people are always trying to keep up with one another, hence the fancy cars and clothes that they can't afford. If you are 28 and making close to six figures in Houston, then that is really darn good!!
As far as your other cities, I would say no to LA as that has a lot of the SoCal culture that you also find in SD. Seattle is a great city but since you are coming from warm weather, keep in mind that the truly sunny days are rare. There is also a lot of competition for IT jobs as there has been an influx of people coupled with many area graduates. However, they pay well and cost of living is much more affordable. You would have no problem getting a condo there. Chicago is actually a very affordable large city. It has a good transit system, beautiful recreation options, and since you seem to like sports, it has every sports team you could want! The winters are harsh, but not unbearable, and my ninety and ninety-two year old great aunts still live there happily and are able to get out and about even in bad weather! So, it's not THAT bad!!
I moved to NC three years ago from a small SoCal beach town since I knew I could never afford the kind of life I wanted out there. Sure, I miss it sometimes but more because my family is there, not because I miss the lifestyle. It looks good to a lot of people, but once you live there, it is a rat race. Hope this helps!
No, everyone in SD is not rich, although many do try their hardest to look that way. It's easy to think that as a visitor, since San Diego's beautiful neighborhoods, waterfront and beaches are prominently on display.
While there is a ton of wealth in San Diego, the reality is that most of San Diego is working-to-middle class, and a large portion of that population is really just barely hanging on. You need to look to find a middle-class area in San Diego... a place like Clairemont or Imperial Beach or Escondido or Paradise Hills or La Mesa. What you will see, among the neatly kept homes and landscaped lawns and proud longtime homeowners, are rental-scarred homes with dead lawns, gangs, and failing schools, amongst a crumbling 1950's city infrastructure.
The reality is that San Diego is increasingly becoming bifurcated among rich and poor, which is already the case in other CA cities. San Diego traditionally had a larger and more stable middle class than it does now due to the military population, but that middle class is fleeing to lower-cost areas. Many formerly middle-class areas like Encinitas are now becoming enclaves for the wealthy.
My advice to you as a software developer with 10+ years experience, a high income and a young family.... stay where you are or look somewhere else. You will never make enough money to live in a nice neighborhood here. It's a lot more fun to be here when you are 23 and making 40k than it is to be 33 and making 100k with very little to show for it. The exception would be if you have a large amount of money, or the skills and time to rehab a foreclosed home, or are able to have 2 high-income earners in your family.
How about buying a vacation condo on the beach where you could get your fill of SD and still reap the rewards of your life in Houston. While you are not there- you could rent it out to vacationers. One idea to get both of the best worlds.
I mean if I wanted to, I could do it where I'm at. But in a city like SD where cost of living is so high and salaries don't match...I feel like my life would be downgraded if I relocate. Whats the secret to having a place of my own in SD and still be able to saving some money. I don't need any luxuries, I just want a decent job in SD with a house or highrise or condo of my own, and still be able to save dough.
Here is the secret- avoid mortgage interest. SD is so "unaffordable" because a $450k mortgage carries a blasphemous amount of mortgage interest with it, money that goes to the bank, that you never see in equity, basically money burned in the fireplace.
The good news is that you're in the PERFECT position to do exactly that. But there's a trade off- you have to live well below your means in Houston, meaning buying a much cheaper home than you can actually afford, paying off that home VERY early, and then all the money you would be paying in mortgage + interest, saving or investing in stable investments. If you buy a $150k home with a $1000 per month mortgage (including escrow) and pay, say, $1500 to $1800 per month until it is paid off, you could pay it off in something like 10 years. Then, save the $1500 or $1800 per month and invest it in bonds or CDs for another 7 years or so- that would be about $126k or $151k plus whatever gain you get on that money over those 7 years. Let's say it's $140k plus the gain on that money, coming to a total of $170k. Sell your $150k home, add the $170k to it, which totals $320k, take that and move to SD and put a down payment of $320k on a home. You could get a $500k home with only a $180k mortgage. Then you could pay on that mortgage as you see fit and still save some money. You'd basically be getting a $500k home without having to take out a $450k mortgage.
The trade-off is obviously living below your means and saving now and being willing to put up with a number of years in Houston, taking advantage of your particular situation of high pay and low cost of living. It can be a big trade off if you really don't like Houston, but you've got to ask yourself if you would really like it a lot more if you hurried up and moved and couldn't really live the lifestyle you wanted AND save money for retirement. If you ask me, giving up on saving for retirement just so you can live in the perfect place that carries a high price tag is a sucker's bet. And actually the advice I'm giving is the advice I'm taking. I'm living in a place I know I don't want to be, but it's giving me the opportunity to play my cards right and move to where I DO want to be later on, and doing that while being set for retirement, ie. not having to compromise on one financial goal versus another (affording a home in the city I want versus retirement stability), only compromising by spending more time where I don't want to be so that I can have BOTH financial goals in the future and be where I do want to be.
The secret is the combination of 1)time sacrifice, 2)good paying job, 3)low cost of living city. Other than that, there probably is no secret, you simply move and take on a $450k or higher mortgage and have no savings like everybody else there or pay thousands per month in rent like everybody else there, never gaining any equity.
No but SD would like you to believe everyone is rich
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. Is it because of our current economy or are they're not a lot of DBA's in SD? A lot of people tell me I should just stay where I am at but a part of me tells me that if I get an MBA and worked in another state, it would look better on my resume.
