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Old 11-27-2007, 01:40 PM
 
7 posts, read 38,164 times
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We are a family of 3 thinking of moving to Palo Alto. Question is how much is the rent in the area? We are looking for at least a 2 bedroom house / condo in good condition. What kind of salary is needed for a good quality of life in this area? Excellent schools , access to tennis lessons, swim lessons and other activities is an absolute must. Any help is appreciated. Is Palo Alto even affordable?
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Old 11-27-2007, 03:49 PM
 
Location: San Jose, CA
7,688 posts, read 29,156,794 times
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Rent on a 2-bedroom condo with above average amenities in Palo Alto will run about $2600, and using the 33% rule that comes to a $92K income to make it affordable. It's not as ridiculous as many people say it is, but still quite the squeeze when you consider how much goes to the government and the kinds of cars you have to drive in Palo Alto for people to not wonder what side of the freeway you live on. It's harsh, but that's how it is if you want a Palo Alto address.

The schools are outstanding. So are the ones in Los Altos, Cupertino, and western Menlo Park - and those areas can also get just as expensive.
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Old 11-27-2007, 05:25 PM
 
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Thanks Sonarrat! With prices like that, home ownership could be even more expensive. How much would a 2 bedroom condo or townhouse cost?
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Old 11-27-2007, 06:07 PM
 
Location: Northern California
3,722 posts, read 14,725,748 times
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I would guess a condo would be about $500 to $600K - maybe a little more in the north end of Palo Alto. I follow real estate around here and I can't remember seeing a house in Palo Alto for under $1 mil - and some are just post World War II tract homes.
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Old 11-27-2007, 06:52 PM
 
7 posts, read 38,164 times
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Thanks humboldtrat! How are the property taxes for this area? Any info is appreciated
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Old 11-28-2007, 02:54 PM
 
Location: Born + raised SF Bay; Tyler, TX now WNY
8,500 posts, read 4,744,511 times
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Huh? I know I posted a reply in here and it's gone...
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Old 11-28-2007, 04:07 PM
 
Location: SF Bay Area
14,317 posts, read 22,388,935 times
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Quote:
Originally Posted by jcp123 View Post
Huh? I know I posted a reply in here and it's gone...
Could it be possible that your reply had the slightest chance of being interpreted negatively? Check your inbox.
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Old 11-28-2007, 04:57 PM
 
Location: Born + raised SF Bay; Tyler, TX now WNY
8,500 posts, read 4,744,511 times
Reputation: 8414
Quote:
Originally Posted by RomanInSF View Post
Could it be possible that your reply had the slightest chance of being interpreted negatively? Check your inbox.
Nope...the only thing I said that was negative at all is that PA is expensive (although I did say "hell" once). Other than that, in short I said that PA has two great high schools, and the one I graduated from has a great reputation with colleges. Palo Alto Swim Club has a good swimming program, too.
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Old 11-28-2007, 11:36 PM
 
Location: San Jose, CA
7,688 posts, read 29,156,794 times
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Quote:
Originally Posted by move View Post
Thanks Sonarrat! With prices like that, home ownership could be even more expensive. How much would a 2 bedroom condo or townhouse cost?
Well, the least expensive property on the MLS is a $585,000 three-bedroom condo with East Palo Alto's ZIP code (but Palo Alto's school district), overlooking the onramp from Oregon Expressway onto 101 southbound. HOA fees aren't listed but I'd guesstimate $400 a month. Property tax is 1% per year, so $5,850 a year, but that can only legally increase by 2% a year unless sold no matter how much the property appreciates. (And if it depreciates - not like Palo Alto could do that! - reassess it for a lower rate).
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