Quote:
Originally Posted by Evans, Marv
Although I've been retired for close to 20 years now, I can't imagine how people make it now days. Housing (bought and rented) in this area always runs the highest (or closed to it) in the country. Recently a local news peice reported to live a decent life and be able to afford a house in this area, a family had to make $240K/yr. That seems insane to me and doesn't surprise me tha only corporations could afford to buy houses.
|
We can't always believe in what you read. There are many people that are still buying homes they are to live in. Many I know personally some young kids that have great jobs. One I know, just had thanksgiving dinner with tonight, have been looking for the past year. He's a young engineer working for the city of LA. Just made management so he's getting a bump in pay and have been living in their parent's garage he help pay for into an ADU. His young wife works for an auction house. He has 200k saved. He will have to settle for a fixer, match box size home if he wants to stay near the city center for over 1 mil. 45 min drive out, he can get away with 8-900 for a larger, newer home to raise a family. They are 26.
My advice is to buy the damn house, doesn't matter too much on the location as long as its isn't in Compton or San Bernandino, stick around for two years, have a roommate to help out with a few bucks, sell it, keep the change and buy something else and have the tax free 500k cap. gain.