Affordable California Living?? - Beyond Tiki

H Hanalei_Pirate Member Joined: May 15, 2003 Posts: 136	H Hanalei_Pirate Posted posted on Mon, Aug 11, 2003 12:30 PM On 2003-08-08 19:11, seamus wrote: I really don't see how all the people living in these insanely expensive areas can really afford it. Especially those w/ families. This is a touchy subject because you have alot of Hoity Toitys down here in Orange County/L.A. County that are fortunate enough to own houses - don't know how they did it - if parents helped them out or if they are some of the few individuals that managed to make the money on their own, but they definitely should consider themselves fortunate to have what they have - maybe they bought a few years back, maybe they inherited some money but if you are earning less than $80K a year, they you fall into my camp which means you had better have about $135K down payment for a $365,000 house in order for you to qualify to make your $2200 a month payment - had I only put 20% down, I would not be able to afford a house here - those are realities - I had parents give and loan us money plus we had managed to get together $30K down payment from savings and IRA accounts. Me and my husband's cars aren't going to last forever - we will have to replace them within the next couple of years so hopefully we will be able to handle the mortgage and car payments but I just don't know. The current market really is unaffordable to first time home buyers - someone with $100K down is likely someone who is buying their second home and is rolling over their equity and appreciation in order to have such a large down payment. The other thing is very few of these folks in So. Calif. refuse to drive old beatup cars - they have newer cars and car payments in addition to their mortgages. Do the math. What kind of jobs or situations have allowed them to be so fortunate?

On 2003-08-08 19:11, seamus wrote:
I really don't see how all the people living in these insanely expensive areas can really afford it. Especially those w/ families.

This is a touchy subject because you have alot of Hoity Toitys down here in Orange County/L.A. County that are fortunate enough to own houses - don't know how they did it - if parents helped them out or if they are some of the few individuals that managed to make the money on their own, but they definitely should consider themselves fortunate to have what they have - maybe they bought a few years back, maybe they inherited some money but if you are earning less than $80K a year, they you fall into my camp which means you had better have about $135K down payment for a $365,000 house in order for you to qualify to make your $2200 a month payment - had I only put 20% down, I would not be able to afford a house here - those are realities - I had parents give and loan us money plus we had managed to get together $30K down payment from savings and IRA accounts. Me and my husband's cars aren't going to last forever - we will have to replace them within the next couple of years so hopefully we will be able to handle the mortgage and car payments but I just don't know. The current market really is unaffordable to first time home buyers - someone with $100K down is likely someone who is buying their second home and is rolling over their equity and appreciation in order to have such a large down payment. The other thing is very few of these folks in So. Calif. refuse to drive old beatup cars - they have newer cars and car payments in addition to their mortgages. Do the math. What kind of jobs or situations have allowed them to be so fortunate?

Post #47327 by Hanalei_Pirate on Mon, Aug 11, 2003 12:30 PM