Rent on the Peninsula or buy in the East bay? (Oakland: house, buying)

[ssmaster]

Originally Posted by NoMoreSnowForMe

Here's a cute old house near old downtown San Leandro:

https://www.redfin.com/CA/San-Leandr...7/home/1933560

I grew up in San Leandro. I like the little old homes with yards. A lot of developments happened there after the Korean war in the 1950's/1960's where veterans could afford to buy homes on the GI bill (special programs for vets to buy homes), which is how my folks bought our home there. They often have nice features like hardwood and retro tile, are made pretty solid and have old trees and landscaping. May not be your thing, but I like old houses and the old neighborhoods aren't so ticky tacky where they all look the same.

The elementary and middle school are ranked 2
And private school does not appear to be an option

[ssmaster]

I love the Bay Area but have you considered relocation ? unless you start pulling in a lot more bank I don't see how you can afford a home in an area with good schools or pay for private schools,save for retirement and save for college for 2 kids.

[aslowdodge]

I already knew you were priced out of Fremont. I think my choice would be Castro Valley north of the Blvd. On the east end I think you are priced out. CV is safe, has good schools, and sort of a main drag and village.
Next would be San Lorenzo, schools are ok there. My buddy lives in a condo there and seems ok with the schools as he has 3 kids. He teaches at Mission San Jose in Fremont which is highly sought after school, probably the top one in Fremont, so i assume he is going to be fairly aware of what is a good school.
San Leandro and Hayward are my last choices at your price point. I grew up in Hayward so all these areas are my old stomping ground.
Something to consider is appreciation if it continues makes your selection of housing diminish if you wait. Rising interest rates will also be a concern that you miss out on the good rates now.
The big thing is you only plan to stay 5 years so maybe renting is the better option. Housing may go down and who knows when, but it will rebound. You have to have the time to absorb it if needed and 5 years good put you in an awkward spot.
I sold 2 houses right before the downturn. Each went up from $600K to what I sold them for at $720K in just one year.
Over the next years I watched them drop to as low as $450k. The owners remained and here it is 10 years later and they are worth just under a million. Had they only had a 5 year timeline they would have sold at a loss.

[mmccrr82]

lots of food for thought! We should hear soon about mortgage preapproval and then we can go from there - Castro valley is still at the top of my list. Good points made re. best to buy now before prices rise even further, and using it as a kind of 'rent control'. If I can get a job next year that should help the $$$

[tstieber]

Good luck in your pursuits! It's a tough real estate market out there but ultimately, if you buy something in a good location, it'll be a good investment.

[netaxcat]

According to this Pacific Union article, people in Alameda [Fremont] are the happiest residents in the nation.

East Bay City Again Claims America’s Happiest Residents in 2018

For the second year in a row, Alameda County’s Fremont is home to the happiest people in the nation.

California cities account for nearly half of the nation’s happiest 20 places to call home, with an Alameda County community taking the top spot for the second consecutive year.

That’s according to an annual WalletHub study that ranks more than 180 U.S cities for happiness on a 100-point scale based on three major criteria: emotional and physical well-being, income and employment, and community satisfaction. The 28 individual gauges of happiness within those main categories range from life satisfaction and expectancy to income growth to weather patterns.

As in last year’s happiness report, Fremont ranks as 2018’s most content place in America, with a score of 79.89, up from 77.55 in 2017. The Alameda County city takes the No. 1 spot in the community and environment category and ranks No. 3 for emotional and physical wellness. Fremont has the country’s lowest separation and divorce rate and ranks in the top five for the highest number of residents who participate in sports.

https://blog.pacificunion.com/east-b...dents-in-2018/

[fluffythewondercat]

Originally Posted by netaxcat

According to this Pacific Union article, people in Alameda [Fremont] are the happiest residents in the nation.

The OP is priced out of Fremont.

I think Castro Valley is a better place, anyway.

[mmccrr82]

Update! We have a house! In Hayward, bought for under our budget of what turned out to be $550k FHA approval. It's in a "5" rated elementary district and compromised by being on a busier road and needs cosmetic updating. But it's ours to do what we want with it. And 10 minutes drive to the work shuttle across the bridge. Thanks to all for weighing in.

[netaxcat]

Originally Posted by mmccrr82

Update! We have a house! In Hayward, bought for under our budget of what turned out to be $550k FHA approval. It's in a "5" rated elementary district and compromised by being on a busier road and needs cosmetic updating. But it's ours to do what we want with it. And 10 minutes drive to the work shuttle across the bridge. Thanks to all for weighing in.

Congrats! Enjoy your new home!

[Ruth4Truth]

Originally Posted by mmccrr82

Update! We have a house! In Hayward, bought for under our budget of what turned out to be $550k FHA approval. It's in a "5" rated elementary district and compromised by being on a busier road and needs cosmetic updating. But it's ours to do what we want with it. And 10 minutes drive to the work shuttle across the bridge. Thanks to all for weighing in.

Thanks for the update--I love happy endings! But just curious; what job would you get, with two pre-school-age kids at home?