Real Estate market in your area ?
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Originally Posted By: crinkles
Originally Posted By: PandaBear
800k house is very common here, at least in the NorCal. However, they are not starter home that people live in forever. Many start with a condo that cost 400k and graduate to a townhouse that cost 600k, then move to a house that cost this much.
Some people just have to have a big mortgage so their income don't hit AMT. Most family have 2 or fewer kids and an income of $110k per spouse to afford this. Property tax is only 1.2 or so % due to prop 13 but when you look at the mortgage, and after itemized deduction, federal and state income tax is nothing in comparison.
Why would people pay that much? because even a hood like Oakland would cost 400k. 800k is a recent / new upper middle class neighborhood with good school. 600k is a run down house in good neighborhood, 500k is a town house, 400k is a condo, and nothing is less than 300k usually unless you live 3 hours away from work.
Why people live in California? It is easier to find jobs if you have the skill, and typically you earn 20-40% more than the rest of the nation for the same kind of work.
you get paid more to pay more for stuff. makes no sense.
One of the best attributes of living in California, specially near the beach, is the weather. It's not too cold in winter and not too hot in summer. The heating bill for my 2800 sq-ft house is about $20-30/mo for 4 months, the cooling bill is almost nothing because we don't have air conditioning and we need to turn on the table fans about 10-20 days a year.
The second best attribute is ethnic foods, we have many outstanding foods from Indian to Chinese to Persian ...
The worst things are: state tax, high insurance premium for house and car.
Originally Posted By: PandaBear
800k house is very common here, at least in the NorCal. However, they are not starter home that people live in forever. Many start with a condo that cost 400k and graduate to a townhouse that cost 600k, then move to a house that cost this much.
Some people just have to have a big mortgage so their income don't hit AMT. Most family have 2 or fewer kids and an income of $110k per spouse to afford this. Property tax is only 1.2 or so % due to prop 13 but when you look at the mortgage, and after itemized deduction, federal and state income tax is nothing in comparison.
Why would people pay that much? because even a hood like Oakland would cost 400k. 800k is a recent / new upper middle class neighborhood with good school. 600k is a run down house in good neighborhood, 500k is a town house, 400k is a condo, and nothing is less than 300k usually unless you live 3 hours away from work.
Why people live in California? It is easier to find jobs if you have the skill, and typically you earn 20-40% more than the rest of the nation for the same kind of work.
you get paid more to pay more for stuff. makes no sense.
One of the best attributes of living in California, specially near the beach, is the weather. It's not too cold in winter and not too hot in summer. The heating bill for my 2800 sq-ft house is about $20-30/mo for 4 months, the cooling bill is almost nothing because we don't have air conditioning and we need to turn on the table fans about 10-20 days a year.
The second best attribute is ethnic foods, we have many outstanding foods from Indian to Chinese to Persian ...
The worst things are: state tax, high insurance premium for house and car.
Originally Posted By: PandaBear
In practice, police and fire fighters with over time pay can make that much. DMV? Very unlikely.
The fire fighters and public sector unions do VERY well here:
Quote:
Clark County firefighters earn an average of $180,000 a year in salaries and benefits. Members of the county's Service Employees International Union earn an average annual salary of $80,000.
http://www.lvrj.com/news/sandoval-wants-to-sideline-gibbons-bill-proposals-115337694.html?ref=694
In practice, police and fire fighters with over time pay can make that much. DMV? Very unlikely.
The fire fighters and public sector unions do VERY well here:
Quote:
Clark County firefighters earn an average of $180,000 a year in salaries and benefits. Members of the county's Service Employees International Union earn an average annual salary of $80,000.
http://www.lvrj.com/news/sandoval-wants-to-sideline-gibbons-bill-proposals-115337694.html?ref=694
Tempest, you are making a way out of context statement.
Cristobal said all (then change to most) the public employees in California make over that amount (100k), even the lowliest clerk.
The Critics said All of the government employees I worked with, had salaries between 40-75k. Department supervisors were at about 90k, and the few high-level managers were at about 110k.
I said police and fire fighters with over time pay can make that much. DMV? Very unlikely.
You said The fire fighters and public sector unions do VERY well here:
What the heck are you talking about? Las Vegas is not in California, and average salary of 80k isn't a guarantee that most make over 100k.
Cristobal said all (then change to most) the public employees in California make over that amount (100k), even the lowliest clerk.
The Critics said All of the government employees I worked with, had salaries between 40-75k. Department supervisors were at about 90k, and the few high-level managers were at about 110k.
I said police and fire fighters with over time pay can make that much. DMV? Very unlikely.
You said The fire fighters and public sector unions do VERY well here:
What the heck are you talking about? Las Vegas is not in California, and average salary of 80k isn't a guarantee that most make over 100k.
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Real Estate market in your area ?
I saw a nice graph of the Seattle area. Think of a perfect upside down V with the left leg on 2005 and the right leg on 2010 and the top at 2007.5.
We are pretty lucky as this fits us to a T, we could probably just sell the house we bought at $395K in 2005, for about $395 now. Across the road neighbors with a house value similar to ours paid $529K in 2007. Ouch.
Real Estate market in your area ?
I saw a nice graph of the Seattle area. Think of a perfect upside down V with the left leg on 2005 and the right leg on 2010 and the top at 2007.5.
We are pretty lucky as this fits us to a T, we could probably just sell the house we bought at $395K in 2005, for about $395 now. Across the road neighbors with a house value similar to ours paid $529K in 2007. Ouch.
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