How do you afford a house in California?

marcg · Addict Joined: 16 Jan 2003 Posts: 944 City: Salt Lake City

Seriously Californian's how do you do it there?
Average jobs paying between 40-70K and the average decent house is 350K++++
Seriously, there must be some science to this that the rest of the country doesn't know. How the hell would you have any money left after the mortgage payment?

Aubs · Motorboat Queen Joined: 12 Jan 2003 Posts: 9167

win the lotto

Jester · Posted: Apr 17, 2003 7:13 am Post subject:

Not all of California is outrageously priced, just the coastal areas. There's plenty of desert that nobody wants to live in that's very affordable. Mr. Green

Seriously though, in expensive areas most of the people I know that have houses either have had them for a long time so they bought 'em when they were cheap or they inherited them from someone who bought the house when it was cheap. Then there's the lucky few that make a TON of money & are able to afford a house on their own.

PS: Median prices for a 3 bed/2 bath house in the Silicon Valley were $515,000 last time I checked.

marcg · Addict Joined: 16 Jan 2003 Posts: 944 City: Salt Lake City

Well then if thats the case we eventually will have so many sellers with
ridiculous prices and no one to buy them.....me thinks the bubble will burst just like the stock market

Grouch · Posted: Apr 17, 2003 7:57 am Post subject:

Hard Work and Perseverance Very Happy

J_DOGG · Posted: Apr 17, 2003 10:02 am Post subject:

The bubble will burst... it's already started.

I just put a bid in on a house, 1500 sq ft, 1 bedroom, 3/4 bath, 500 gallon holding tank square house in a tight lake front setting. They were asking $260,000 way over priced in my mind so I bid $210,000 thinking no way they will call me back. The house really wasn't anything I wanted but said if I get a great deal why not. Guess what they called me back to see if I would go up a little, I said no way! they called me back after talking to the seller and said I should come down to finalize the proposal cuz she wants to sell. I should have bid $180...

The best part is how I came up with my bid price, I told them I wanted the 210 team edition house to go with my 2002 team edition boat.... funny how everything in my life revolves around wakeboarding...

PEACE

marcg · Addict Joined: 16 Jan 2003 Posts: 944 City: Salt Lake City

There ya go....now everyone's property value in that area just went down.
Let the dominos fall.
That is a pretty good price for a lakefront house, even by Florida standards....and
our stuff is dirt cheap (well it used to be).

scott a · Ladies Man Joined: 13 Jan 2003 Posts: 9810

like jester said many people that live here in the bay area bought their houses when they were cheaper (MUCH cheaper).

marcq- i dont think that house prices will go down much (at least in cali)...even with the economy down people are still buying 2 bed/2 bath homes for $700K. sure the price may drop a little but not more than $100K

Nor*Cal · Ladies Man Joined: 12 Jan 2003 Posts: 9479 City: Sac

Supply and Demand. In those areas where the houses are outrageous people still but them. My parents how will probably sell for 220g-240g's this summer. It's a 4bed 3bath w/pool outside of Sac. I guess it's just a fact of life. Living here I never thought about it... Rolling Eyes

RYDOG · Outlaw Joined: 13 Jan 2003 Posts: 163 City: NOR CAL

Live in the central valley. Dirt cheap compared to the Silicon valley area.

Sean_Brinston · Posted: Apr 17, 2003 11:54 am Post subject:

J-doog so since you got 2 boats you wont mind giving me one? Laughing

jk
marc- Whats the retail on a small place on a lake in winter haven or orlando?

OttoNP · Addict Joined: 13 Jan 2003 Posts: 848 City: MI

You either don't live in a decent house or don't have much else. A 350,000 house would have mortgage of 2126, plus taxes, insurance, probably 2500. This is 30,000 a year, which would be 39,500 a year of your pre tax salary going for your house. So, if you lived at min you could do this making around 50,000 a year though you'd be pressed really thin though at 70,000 you could do it and live pretty good.

Nick
________
Uggs

Partyb · Posted: Apr 17, 2003 12:21 pm Post subject:

Here is my oversimplified plan for getting rich (and being able to afford a house in CA) Three rules. One, get married, but never get divorced. Two, do not have kids. Three, work just a little harder then the guy next to you. Simple and effective.

marcg · Addict Joined: 16 Jan 2003 Posts: 944 City: Salt Lake City

Sean, Winter Haven will be way cheaper for lake front because its BFE, there ain't
nothing out there, tons of lakes and property for super cheap though....in the Orlando
area expect to pay around $250,000++ for a nice 3/2 on a lake front...again it depends
on the location, this place is pretty spread out...there are quasi BFE areas that might
be a little cheaper.

marcg · Addict Joined: 16 Jan 2003 Posts: 944 City: Salt Lake City

Here is a good question...what to property values if the big one hits (ah yes San Andreas runs right through old SILLY-ICON Valley)

scott a · Ladies Man Joined: 13 Jan 2003 Posts: 9810

marcq- it's hard to say what will happen. either people will freak out and sell their home or people will shrug it off because it was bound to happen sooner or later. then you have the people that think that "the big one" will break part of cali into the ocean and make it an island. who knows what THAT will do to property value.

silly-icon valley? did you come up with that all by yourself?

marcg · Addict Joined: 16 Jan 2003 Posts: 944 City: Salt Lake City

...well there would be a whole bunch of new beach front property owners $$$$$

Sean_Brinston · Posted: Apr 17, 2003 7:51 pm Post subject:

Thanks Marc

K-dub · Ladies Man Joined: 12 Jan 2003 Posts: 14760

All I know is that there are houses for sale all over in my "neck" of Silicon Valley,(Campbell/Saratoga/Los Gatos). It seems to becoming more of a buyers market up here than a sellers. There are alot of people that are out of work, and leaving this area. As well as, more houses for rent, with the rent prices dropping around this area as well. I've noticed a few houses around here that were for sale a few months ago that are now up for rent. It makes me wonder....

Syth · Addict Joined: 13 Jan 2003 Posts: 661 City: Brentwood

Most of the houses here in Santa Cruz people have owned for a while, i think my parents paid 65k? for their house and backyard about 30 years ago. We had it appraised a year ago and it was well over a M-note for both.

What i feel bad for is people that bought acreage for office buildings, just million dollar buildings when the .com was still growing, and now have empty buildings with no leasing, thats gotta hurt

Jester · Posted: Apr 18, 2003 7:16 am Post subject:

Yeah, but that's what happens when you try to cash in on the flavor of the month. I mean, who really DIDN'T see the end of the whole dot-com thing? One of my buddies has been with a dot-com for 3 years & they're still basically right where they started.

Mister C · Posted: Apr 20, 2003 10:20 pm Post subject:

I wouldnt recommend getting a house in California right about now. A little piece of crap house down the street that is on a half-lot and has 2 bed/1 bath just sold for 400k. Thats nuts!!

wake152 · Posted: Apr 20, 2003 10:23 pm Post subject:

they need to do something down there keep those damn californians out of oregon we are getting invaded Smile

No offence to the Nor Cal crew

Mister C · Posted: Apr 20, 2003 10:30 pm Post subject:

Haha, why would anyone wanna go to oregon? Whats there to do there?

wake152 · Posted: Apr 20, 2003 10:35 pm Post subject:

Depends what your into but there is actually quite a bit if you like the outdoors. We have 4 seasons here so you can do lots of fun stuff. Late spring summer and early fall is all at the lake. Then you get to college football season and hunting season. Then its time to break out the snowboard. Then for a few weeks its just kinda chill till next weekend fishing season opens up and you hit the rivers and lakes right up till boarding season. Oh and you drink beer. Lots and lots of beer.

Mister C · Posted: Apr 21, 2003 6:09 pm Post subject:

Sounds like fun, in california its pretty much the same thing.

$-[]0[][]V[][]0-$ · Criminal Joined: 12 Jan 2003 Posts: 99 City: san jose

Marry some unfortunate guy and wham,your now a homeowner,and don't forget you also get monthly payments from the same unfortunate guy.No,don't know from expierience but rather witnessed this scenario many times whether it be a friend or a coworker etc.A good topic:Ladies,what is the meaning of marriage(sp?)?Why is it females find a guy, marry him,change him to their liking,and then divorce him because he's not the same guy they fell in love with in the first place?

jbelson · Guest

Cuzz chicks are crazy Exclamation

But then again, guys are morons, so it all evens out.
The best way top buy a home in Cali is to wait for an earthquake, then swoop in. After the northridge quake, everyone wanted to get the "F" out. Home prices sank like a boat w/o a plug, and people got some really good deals. Unfortunately, my parents lost their house because they had more invested thatn they could ever sell for after the quake.