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She’s not so down, and I’m kind of hot and cold on LB. I want property, I’m sick of living on top of other people. Honestly we’ll probably end up somewhere on the east end.
Rhode Island. I dont need to sell you on it, you know the deal. Affordable, waves, your trade is valuable in that neck of the woods....
Yeah we’ve talked about it a bit actually and I could probably keep my current position at work. I did enjoy my time I lived there a lot.
www.prnewswire.com
FTR I am a homeowner because I got in early enough.
Rhode island is like a junior state - sub par everything due to mafia control for so long. The road to recovery is long and dumb
Ah yes...Rhode Island is terrible, a veritable shithole with no waves...stay away everyone...for your own good
Most of my work is done between Ventura and San Diego. Remove LA county from the equation and I can tell you what I see, lots of of $50K+ trucks and SUVs on the road and everywhere I look there's a Tesla. That can't be cheap. Restaurants are booming everywhere. Malls are packed. Sit down in any restaurant and there's more DoorDash drivers than customers. Plenty of people renting own Sprinter vans or similar. Everyone has pets nevermind kids too. Nobody out there struggling in fact most people are doing pretty daggone good. With your negativity you won't get anywhere!
Ah yes, if it weren't for my $27 plates of avocado toast every other Sunday and $12 crowlers of craft beer I could afford a $1.4M home
Check the "should I stay or should I go" post from Boneroni. I don't know his personal finance particulars but basically a $495k condo with a $500 HOA had an estimated monthly payment of $4800. Without the HOA that would maybe get you up to $550-600k with the same payment. $600K gets you jack sh!t on the coast (as in coastal county/101 corridor, not walking distance) almost everywhere between TJ and Sonoma County.
A $4800 payment is roughly a bimonthly paycheck of a $150-160K/year W2 earner. You are well into the upper 10-15% of income earners at that point. If you need 2 paychecks to make a payment, whether from a single earner or both spouses, you probably can't afford it.
Usually in Class A+ districts it is more economical to rent than buy. The reverse is true the shittier the area/neighborhood gets.
Beware of the availability heuristic. What you see is a fraction of the populace who are doing quite well and have plenty of free time and money to spend it in high dollar districts. Beyond that there are a lot of people who you aren't seeing that do not live like that, who are the majority and the ones driving for door dash, making your coffee, teaching your kids etc. They can't afford to play as much as the others, so they don't.
I'm not being negative. Like I said, I got my piece and I'm good with it. What I am is realistic. IMO a $6500 monthly payment is irresponsible unless you make at least $200K on one income, or at best with 2 incomes that are stable (whatever that means this days) and no plans to take time off to have kids, and even then I would still question it.
What income threshold do you think someone should be at before taking on that kind of payment
Because in less than 10 years rent will be the same as that $6500 PITI, and in 20 years rent will be way, way more. Plus the value of your $1M house will probably be $2M in 20 years, you will have an asset you can sell at a $1M+ profit.
I work in both coastal and inland areas and this is what I see. People making coffee generally don't own homes anywhere. That's a starter job. I rode in a Uber Tesla to the airport last January.
Rent an apartment someplace cheaper.
A good idea would be income-based rent control and mortgage rates. @grapedrinkI'm not being negative. Like I said, I got my piece and I'm good with it. What I am is realistic. IMO a $6500 monthly payment is irresponsible unless you make at least $200K on one income, or at best with 2 incomes that are stable (whatever that means this days) and no plans to take time off to have kids, and even then I would still question it.
Do you disagree
I agree. However if you can’t afford the $6500 payment then it’s not even an option.
Um, ok? Cool story bro. I have numerous friends and colleagues who make well into 6 figures and not a single one of them own a Tesla, sprinter or an absurdly oversized truck. You are quoting easily noticeable anecdotes and extrapolating those out to the masses, which is the definition of the availability heuristic.
Ok, so now you are telling people to rent? I thought you think they should homeowners?
There have been plenty of case studies on rent control. The consensus is that they are good for individuals who lock into them but bad for overall market availability and quality, especially in high demand markets.
You rent and save like your parents did. Do you own inland or coastal? Do you have children?
