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The houses he mentions are likely 4-6x his take-home. Coming from the south-east, he may well be used to a market where good houses are 2x your take-home. Some
by ip26 6y ago
The houses he mentions are likely 4-6x his take-home. Coming from the south-east, he may well be used to a market where good houses are 2x your take-home.
Some parts of the country do have similar price-to-income ratios for property as California, but in general I think you're getting a much newer & better condition house at that ratio compared to California real estate. For example much of the Bay Area was built in the 60's.
- koheripbal 6y agoThat's not the point of the comment above. The point is that he absolutely CAN afford it.
- ip26 6y agoBy SF criteria yes. But by the criteria he's used to maybe not. An adjustment period may be required. Once upon a time three times your annual gross was considered an expensive house. And a little more than ten years ago, six to eight times your gross was considered prudence.
- lotsofpulp 6y ago>you're getting a much newer & better condition house at that ratio compared to California real estate You can renovate and get a newer and better condition house. You can't get SoCal weather and natural features at any price. Hence the high prices.
- ip26 6y agoThe sad part is because it's so competitive it seems like no one has any money left over to renovate, which has the rather perverse outcome of the nicest locations in the world to live, having the worst houses to live in.
- masonic 6y agoIf you have money for luxuries, you have money to renovate. After my neighbors moved out, they had the kitchen and bathrooms gutted and redone. After the new buyers took over, they gutted it all again and threw out brand new appliances and cabinetry.