Can my family afford to live in the Bay Area? (Fremont: condo, crime)

[cuesta1992]

You will definitely not find a decent place in the silicon valley for $400,000. San Jose is one of the most expensive, if not the most expensive, metros in the country. I know if you are looking for an average neighborhood in San Jose, you would be at least in the $600,000 range. An upscale neighborhood in silicon valley, you are looking at $1 million easy.

[whiterabbit2]

Originally Posted by CT_trackstar

I'd be looking for a 4BR house (doesn't need to be big) in a family friendly community (great schools, parks, low crime) on a budget of about $400k, within a reasonable commuting distance of either Oakland or SJ. Is that feasible, or should I pass?

What's "reasonable commute" and where is the job in San Jose? You don't want to live in South San Jose and commute to the North part, traffic.

You can buy a 4bdr house for $400K and below in East and East North San Jose, but you have to be selective about a particular area, some places in South San Jose, Castro Valley, Newark, probably Oakland. It woudn't be great, and most likely short sale, i.e. it would require some renovation and possibly permits. I know the prices because I'm shopping for a house myself. You may check prices for particular areas on RedFin.com.

[dmode]

Since you are considering Oakland, I would also ask in the San Francisco board. They would be able to point you to cities in East Bay that would be in your price range. Overall, I would say the pay is good, and many people in the bay get by much less. The key is where would you compromise.

[OrangeSunset]

There are definitely places in your price range but you will need to commute. How long of a commute are you willing to endure to take the job? There are places like Fremont, Castro Valley, and Tri-Valley (Dublin Pleasanton and Livermore) which are safe and have good schools, but it is a 30 to 50 minute commute. You could take the ACE train from either Pleasanton or Livermore too and take the company shuttle or bus at Great America station. The South bay/Sillicon Valley itself is probably out of your price range. There are places like Morgan Hill and Scotts Valley you might be able to find something but no matter what you are looking at commuting a little ways. And commuting in the bay area is not pretty, specially in/out of Silicon Valley.

[Guru_Swami]

We moved to San Jose a while ago and have started our home search. We've been looking in Fremont/Hayward/Dublin/Pleasanton/Livermore with a budget of $450-$500k for a SFH, anywhere from 2500-3500 sq ft. Coming from the midwest, that budget and size would get us a pretty highend place. We've quickly discovered that trying to find an area with good schools means we'll be paying, at minimum, $800-$900k for a home like that. Now keep in mind we're looking mainly at new homes or homes that are just a few years old.

Coming from CT, you may have a basement and a substantial yard...forget about both of those out here. Basements don't exist in California (LOL) and yards, well they call them public parks and open spaces out here. The house hunt has been quite depressing to say the least, as what we'd pay for a 7 bedroom mansion back home will net you a 3 bedroom fixer out here if you're lucky. Really stinks since we both love the weather and the atmosphere out here (getting to the beach in 30 mins with no traffic is just amazing!) but we've started to think about a move back out of Cali just so we can actually afford a home the size of what we need for our family.

You will definitely need to adjust your lifestyle to afford to live out here. If it were just the two of us and the dog with no kids, we'd have no worries. But trying to find good public schools out here is like trying to hit the lottery. The majority of folks I work with send their kids to private schools...I'm still trying to figure out how the heck they can afford private grade school for two kids, a house, and two BMW's...I must definitely be on the low end of the payscale around here! LOL

[Wintermomma]

Originally Posted by sadie123

I would pass, $400,000 won't buy what you want. Or take the job and rent. Real estate may still come down.

In regards to the San Jose area, I agree. Also $125K is a stretch unless your kids are all in public school and your cars are already paid off and you don't plan to go back to visit Connecticut all that often (or anywhere else requiring plane tickets and hotel costs).

But Coastal N. California is pretty much the best thing since sliced bread.

[Wintermomma]

Originally Posted by CT_trackstar

Just to clarify, I would be looking at the suburbs. Is there a rental market for SFH's? Apartments are out of the question.

I'm no expert, but I'm pretty sure all of Silicon Valley is a suburb, it's still very pricey. THAT was a shocker to me, too! I thought of it as a 'burb of SF so it wouldn't be so high - WRONG.

[mysticaltyger]

Originally Posted by Guru_Swami

You will definitely need to adjust your lifestyle to afford to live out here. If it were just the two of us and the dog with no kids, we'd have no worries. But trying to find good public schools out here is like trying to hit the lottery. The majority of folks I work with send their kids to private schools...I'm still trying to figure out how the heck they can afford private grade school for two kids, a house, and two BMW's...I must definitely be on the low end of the payscale around here! LOL

This sentiment is echoed over and over again not just in San Jose/Silicon Valley, but in all of the California coastal metro areas. Living here is great if you earn a decent income and don't have kids. If you do have kids, you need to earn a fabulous income to afford an "ordinary nice" house in a decent (not great) school district.

Those people with the BMWs and kids in private school most likely can't really afford their lifestyles and/or have inherited money/property from family or have some other advantage that most of us don't.

[Nell Plotts]

Or they could be drowning in debt.

[fakeplastictrees]

Originally Posted by mysticaltyger

Those people with the BMWs and kids in private school most likely can't really afford their lifestyles and/or have inherited money/property from family or have some other advantage that most of us don't.

I don't know about this...I grew up in a well-to-do area in the East Bay. My parents weren't crazy rich and I had the crappiest car in the high school parking lot. My friends' parents aren't living beyond their means...they just make a ridiculous amount of money. Doctors, lawyers, engineers, etc make a lot of money...especially when you have both parents with jobs like that. My old neighbors across the street are retired and the husband's pension is over a million dollars a year. The Bay Area just has a lot of ridiculously rich people. It's kind of depressing when you're a teacher trying to get by. Definitely not having kids for awhile!