Suspicious-Teach8788
Lifer
I was talking to my mom and she was insisting that I should live in an area with value. We live in Cupertino, CA BTW (Apple HQ) and if you know the area it's got amazing schools. The reason we live here was for my schooling. I say if we ever move out, we should never sell simply because the amazing rent income would cover living somewhere else.
My mom is into real estate and so she was going off about how this area is so great that if you bought a house 3 years ago, you have not lost money YET. So while San Jose house prices have plummeted into the ground, this area is insane. Prices have fallen, but not by much. Our neighboring West San Jose has fallen to the barely submillion range.
She goes off about my uncle's story. Bought a house for 400k, sold it for 800k. With that income, was able to move to socal, buy a $1 million house, sell that for a modest gain (not that great due to 2008 crash), move BACK into the Bay Area, and now hunt for a $1.5 million house. That's great and all if I can buy myself a house for $400k in my area. I mean even with home prices now (the 2008 drop), this whole area has skyrocketed so much in the past 15 years, it's IMPOSSIBLE (to me at least) for anyone to start easily here. Now that's quite possible if I venture 20 miles out. I told my mom that it's best for me to move to the East Bay or somewhere just ridiculously cheap. Why would I (at 22) look for a place to live where there's good schools. People don't retire here. My neighborhood is filled with kids. The sole reason they're here is for schools.
Regardless of where I choose to move out to, I still don't see how home ownership is ever easy here. I mean obviously I'm eyeing cheaper areas like Fremont or East SJ. I guess I have an advantage being Asian and being able to live at home to save money, but I really honestly don't see how people save up to buy a house here. I mean suppose you find yourself a nice 600k house here. How the hell do I put 20% down like that. BAM.
I suppose I need to think of having a SO that makes as much money as I do too, and maybe that'll make things easier.
/rant
My mom is into real estate and so she was going off about how this area is so great that if you bought a house 3 years ago, you have not lost money YET. So while San Jose house prices have plummeted into the ground, this area is insane. Prices have fallen, but not by much. Our neighboring West San Jose has fallen to the barely submillion range.
She goes off about my uncle's story. Bought a house for 400k, sold it for 800k. With that income, was able to move to socal, buy a $1 million house, sell that for a modest gain (not that great due to 2008 crash), move BACK into the Bay Area, and now hunt for a $1.5 million house. That's great and all if I can buy myself a house for $400k in my area. I mean even with home prices now (the 2008 drop), this whole area has skyrocketed so much in the past 15 years, it's IMPOSSIBLE (to me at least) for anyone to start easily here. Now that's quite possible if I venture 20 miles out. I told my mom that it's best for me to move to the East Bay or somewhere just ridiculously cheap. Why would I (at 22) look for a place to live where there's good schools. People don't retire here. My neighborhood is filled with kids. The sole reason they're here is for schools.
Regardless of where I choose to move out to, I still don't see how home ownership is ever easy here. I mean obviously I'm eyeing cheaper areas like Fremont or East SJ. I guess I have an advantage being Asian and being able to live at home to save money, but I really honestly don't see how people save up to buy a house here. I mean suppose you find yourself a nice 600k house here. How the hell do I put 20% down like that. BAM.
I suppose I need to think of having a SO that makes as much money as I do too, and maybe that'll make things easier.
/rant
