Considering a move to Cali - Can I afford it?

[mjshira]

I grew up in Alameda Ca. I moved away in 1994 to go to school and have not moved back since. I am considering moving back in a few years to enjoy the car culture and also to be in a bit more dynamic and diverse environment.

Can I afford it?

[Porsche-O-Phile]

No.

[kaisen]

In a few years? Who knows, maybe RE prices will slip from astronomical to merely outrageous. Evansville, IN is *really cheap*..... get ready for housing sticker shock.

[stomachmonkey]

Tough one James. You lived in NYC which is comparable pricewise. Now you are in Indiana. You may have gotten used to making your $'s go farther.

Scott

[mjshira]

is 200-250 a year enough? I hate to talk numbers but I am trying to estimate and without getting specific, I think I'd have 50-100 to put down on something. Plus no short term debt, eg car payments, cards, etc.

What is the 'tipping point' earnings wise?

I think LA area would be the location.

Scott, I hear you, I think NYC is 'easier' because you don't need a car, you don't have a yard, etc.

[stomachmonkey]

Originally posted by mjshira
is 200-250 a year enough? I hate to talk numbers but I am trying to estimate and without getting specific, I think I'd have 50-100 to put down on something. Plus no short term debt, eg car payments, cards, etc.

What is the 'tipping point' earnings wise?

I think LA area would be the location.

Scott, I hear you, I think NYC is 'easier' because you don't need a car, you don't have a yard, etc.

No amount is ever enough. You can get by on that.

Scott

[mjshira]

I guess it looks like I'd be moving to Watts or Compton. Everywhere else is crazy cost wise and I don't want one of 'those' type of home loans.

[Hugh R]

Depends on where you'd be working. Riverside has a nice car culture. With 200-250/year you can do OK, here, but not spectacularly. Unless your single.

[Rick Lee]

Originally posted by mjshira
I guess it looks like I'd be moving to Watts or Compton. Everywhere else is crazy cost wise and I don't want one of 'those' type of home loans.

If you're putting money down, then it's not one of "those" types of loans.

[mjshira]

I was thinking maybe a wise move would be start with a condo and then move in 5 years. OR buy a dump in the hood and be the first yupi to move in. The banks will loan me silly money, thats not the issue. The issue is, where is a good place to live and what is a smart way to move there in SoCal. I don't need to be in the best development or keep up with the Jone's, etc. I am happy to live in a modest if yet well kept place - my main issue is I have 4 cars and no plans to sell any of them ;-)

[JavaBrewer]

How about moving here and renting? Gives you time to get reaquanted with the area and decide where you would most like to live. Values are on the decline in most areas in SoCal so you time on your side there too.

200-250, you mean in K right? Depending on your standards/expectations you'll have no problem.

[Porsche-O-Phile]

If you have to ask. . .

Seriously, wait 2-3 years. By then this whole thing will have played out and there's one of two possible scenarios as I see it:

1. RE prices will have dropped 50% to near-affordable levels so average people can actually buy without resorting to idiotic "creatively financed" mortgages to buy.

and/or

2. The area will still be hopelessly f*cked up, illegals will have taken over the region even worse than today, it'll be hopelessly gridlocked with crumbling infrastructure and it'll cost twice as much as today to live in a glorified third-world country.

Anybody's guess at this point which way it'll go.

[Hugh R]

Again, where would you be working? That's a biggie for not living on the freeways. On the other hand, maybe you don't have to work and live off of a trust. In that case, move to Ventura

[mjshira]

yeah I mean K. And I was hoping to not need my wives income which is not reflected here. I also like to save money e.g. for that rainy day. We try and save 12-20 percent a year. It means we don't do somethings because I have an addition ahhh I mean hobby that is not cheap ;-)

[cantdrv55]

200K is more than enough for most places in CA as long as you have no debt and have a good downpayment.

[mjshira]

No, I HAVE to work, but thanks for the vote of confidence. Probably LA. Probably in relation to banking, IT or studio's. Work is not an option so I would probably try and be as close to work as I can. But since I live here in BFE right now, I've gotten in the habit of getting up early, I get to work at 630 AM so I could do the same there too...

[tabs]

By 6:30 AM the Freeways are bumper to bumper, try 4 AM...

[mjshira]

wow!!!! so are people going to work at 4:30 and coming home at 3 in the afternoon?

[tabs]

Originally posted by Porsche-O-Phile
If you have to ask. . .

Seriously, wait 2-3 years. By then this whole thing will have played out and there's one of two possible scenarios as I see it:

1. RE prices will have dropped 50% to near-affordable levels so average people can actually buy without resorting to idiotic "creatively financed" mortgages to buy.

and/or

2. The area will still be hopelessly f*cked up, illegals will have taken over the region even worse than today, it'll be hopelessly gridlocked with crumbling infrastructure and it'll cost twice as much as today to live in a glorified third-world country.

Anybody's guess at this point which way it'll go.

The way things are going in America I would bet on being hoplessly fked up. This is not a Liberal or Conservative postion, both partys are doing their damdest to fk things up. Both sides blame each other, when the real culprit is the money/power/perks that are waved in front of the most well meaning Elected Officals. There is no resolve to right the problems that are facing America other than just maintaining the status quo. Meanwhile the problems grow worse and just compound themselves. Sooner or later the system will reach a critical mass and will collapse. Meanwhile it will be one he11 of a wild ride straight into the abyss.

[Hugh R]

You can't command that kind of money and be that naive. Nuf said.