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Homeowners in Cali? How long did it take you to afford a house?

M

Maverick

Diamond Member
My gf and I got in the discussing of moving to cali sometime in the future. She wants to go to grad school and Missouri just has no options for it. I'm from Colorado so I miss the mountains but left Denver because of the job market there being crappy. She's from Texas and she likes the warm weather.

I suggested California as a good place where we'd both be happy. Of course the high cost of living completely deters us both. We've been talking about marriage and getting a house for the past few months. If we move to Cali the house would probably go on the backburner. Especially if one of us quits working to go back to school.

So my question is, how long did it take you homeowners in Cali to buy a house after you first moved there? Also those who grew up there, how long did it take to save enough money for some of those $300k+ houses with only 1200 sqft?
 
yeah I figured if we moved there it would probably be just for a couple years till she finishes her masters. Maybe me too if I decide to do one. Probably wouldn't be able to stay long enough to afford a house.
 
On average, most of the people I know are able to afford to buy a house around 3 or 4 years of working + saving. The average cost of their houses are around $375K. Some of my friends were able to afford $500K+ because their spouses are working as well.
 
do people make significantly more money there to afford those houses? People have told me most of the time you only make 5k-10k more, not enough to justify houses costing 3x more.
 
Maverick: well, that's a major drawback. It's not uncommon for people to pack up and move as soon as they retire. The house is almost a retirement savings plan in itself.
 
Originally posted by: Demon-Xanth
Maverick: well, that's a major drawback. It's not uncommon for people to pack up and move as soon as they retire. The house is almost a retirement savings plan in itself.
Click to expand...

Yup, the couple we bought the house from did just that. They retired and sold the house to us. I looked up their original purchase price, they made more than 2x the price they sold the house.
 
Originally posted by: kt
Originally posted by: Demon-Xanth
Maverick: well, that's a major drawback. It's not uncommon for people to pack up and move as soon as they retire. The house is almost a retirement savings plan in itself.
Click to expand...

Yup, the couple we bought the house from did just that. They retired and sold the house to us. I looked up their original purchase price, they made more than 2x the price they sold the house.
Click to expand...

Thats interesting. I've heard of people in Pleasanton doing this. Bought a house 20 years back for < 200k then end up selling it at around 750k and retiring.

I imagine the average age of houses must be much more than houses elsewhere. Any new construction probably sets you back at least a million.
 
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