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I was watching one of those house hunting shows and all of the houses in California were over $500,000. Do people who live there earn more money or what? I live in Michigan and my $150,000 house is just as nice or better than the ones that were selling for $500,000. I can't imagine paying a mortgage on a $500,000 house.

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Sprintx said: I was watching one of those house hunting shows and all of the houses in California were over $500,000. Do people who live there earn more money or what? I live in Michigan and my $150,000 house is just as nice or better than the ones that were selling for $500,000. I can't imagine paying a mortgage on a $500,000 house.

Interest only mortgage loans would be my guess.

::shields self from the throwing of objects:: trust fund babies?

That's why so many adults live under one roof, I'd guess.
We have friends who moved out here (East Coast) from LA about 4 years ago. They said the house they have now would probably cost well over a million, and it's smaller than ours (3200 sf). They're quite happy to be out of the 'rat race'.

How can people afford to live in California?

They're all dentists.

Sprintx said: How can people afford to live in California?

Apparently many of them can't. Are you oblivious to the whole mortgage crisis?

drug running is lucrative!

My current house was over $500,000, and it is all because I bought a home in NJ in 1996, sold it in 2006 for almost 3 times what I paid. I don't have an interest only loan, it is a 30 year fixed at 6% and my payment is just above $2000 a month including taxes.

I feel sorry for the people just starting out though.

You never know what money people may have from climbing the property ladder.

My uncle lives in California and he owns a dental lab....LOL to the dentist comment.

I live in NJ too and if I bought my house today, I couldn't afford it.

You could always buy a manufactured barn at Sam's Club and park it under the Santa Monica Pier! They won't mind!

d1sturbdapeace said: Sprintx said: How can people afford to live in California?

Apparently many of them can't. Are you oblivious to the whole mortgage crisis?


No of course not. The house across the street from me is in foreclosure as well as several others nearby. But I watched this tv show and these newlyweds were shopping $500,000 houses! So I guess some people can still afford to pay it.

I left NJ....my house is ATL is Huge and my taxes are low. But I do miss NJ! I grew up in Cherry Hill and sold that home in Southampton/Vincentown NJ.

Real Estate prices went crazy in NJ.

Sprintx said: d1sturbdapeace said: Sprintx said: How can people afford to live in California?

Apparently many of them can't. Are you oblivious to the whole mortgage crisis?


No of course not. The house across the street from me is in foreclosure as well as several others nearby. But I watched this tv show and these newlyweds were shopping $500,000 houses! So I guess some people can still afford to pay it.


Pretty sure the prices are dropping in most places like that by now...those shows were taped/produced a year or so ago.

it all depends on where in CA you are... like they always say... location location location..

My recent house purchase in Central Ca was 200k this same house in the bay area would fetch 2mil

I can live, but I'll never be able to buy a house. A $500,000 house around here is a 900 sf condo if you're lucky.

As long as there are buyers (and lenders), there will be sellers.

Presumbaly it's a combination of not living near LA, SF, or SD where the housing costs are astronomical, having a bunch of roomates (i.e. - group house or apt with roomates) or not having any savings or retirement whatsoever and sinking all of your money into a house or your rent. Or buying before it got expensive, but on CA, that would have been something like more than 30 years ago.

Not all houses in California are over $500,000. You can find houses for under $100,000 in Barstow. But then you're living in Barstow.

My current house in the San Fernando Valley isn't worth $500,000 (it has gone down recently). But the current price really has no affect on me, since I have no plans on moving. But the increase in prices since I purchased it over 10 years ago sort of hinders me from trying to buy something a bit bigger, which would be nice. Doing so would really increase my expenses. Any profit from my current house would need to be plowed into a new house, which wouldn't cover added mortgage and tax expenses. So I stay put.

But with the current economic downturn and mortgage crisis, it's no longer a sellers market. There are less buyers out there, and the buyers there are are having a harder time qualifying for mortgages.

That's the price of living in So Cal (L.A, OC, SD areas).

I wouldn't live anywhere else.

pyeed to add: I own my home, too.

I'm a part time hairstylist and hubby a handyman. We own 2 homes in SD area, well over the 500 range for each.

It can be done!

pyeed to add, no trust funds for us!

idohair said: I'm a part time hairstylist and hubby a handyman. We own 2 homes in SD area, well over the 500 range for each.

It can be done!

pyeed to add, no trust funds for us!


You must charge a fortune for those hairdos!

A haircut costs $500 and unclogging a toilet costs $1000. It can be done!

Sprintx said: idohair said: I'm a part time hairstylist and hubby a handyman. We own 2 homes in SD area, well over the 500 range for each.

It can be done!

pyeed to add, no trust funds for us!


You must charge a fortune for those hairdos!
Yep!

My home is in the 500 range, well maybe 400 now with the real estate crisis, but I paid less than 1/4 of that for it 12 years ago!

You can rent.

Sprintx said: I was watching one of those house hunting shows and all of the houses in California were over $500,000. Do people who live there earn more money or what? I live in Michigan and my $150,000 house is just as nice or better than the ones that were selling for $500,000. I can't imagine paying a mortgage on a $500,000 house.Can't answer that without knowing what people earn in the rust belt. How does that compare with salaries in Silicon Valley, for example?

It's not hard to live in California if you bought your house before prices started going crazy about 7 years ago (or if you worked in the mortgage industry LOL). Your question is really "how can people afford to buy a house in California." And I have no answer to that one.

JerseyGirl007 said: My home is in the 500 range, well maybe 400 now with the real estate crisis, but I paid less than 1/4 of that for it 12 years ago!
12 years ago was a great time to buy. Bought my house 13 years ago at a foreclosure auction. Helped that it was a rainy crappy day and auction was held early on a Monday morning and few showed up. Paid $287k for a house on the ocean in a nice Town north of Boston. Now appraised at over $700k. Funny part is I don't really remember even buying it. My mother dragged me to the auction when I was drugged out and kept raising my arm and the next thing I heard was sold and the guy pointing at me. Was probably one of the better things I did when I was messed up.

JerseyGirl007 said: My home is in the 500 range, well maybe 400 now with the real estate crisis, but I paid less than 1/4 of that for it 12 years ago!

Your taxes must be more than your mortgage..living in Jersey.

When I got my first property tax bill, I learned that the seller bought the place for $50K some twenty years ago. I felt like I got ripped off.

Calcbunny1 said: JerseyGirl007 said: My home is in the 500 range, well maybe 400 now with the real estate crisis, but I paid less than 1/4 of that for it 12 years ago!

Your taxes must be more than your mortgage..living in Jersey.


My taxes are the lowest in the State (Ocean County). I pay about $4k or $5k a year which is NOTHING compared to Bergen and northern counties. Then again, we're still assessed at the price we paid, not the price it is worth now.

JerseyGirl007 said: Then again, we're still assessed at the price we paid, not the price it is worth now.
You have not been reassessed in 12 years? My town does it like every two years.

Calcbunny1 said: JerseyGirl007 said: My home is in the 500 range, well maybe 400 now with the real estate crisis, but I paid less than 1/4 of that for it 12 years ago!

Your taxes must be more than your mortgage..living in Jersey.


We have since refinanced to a 15 year mortgage and now have about 10 years left on it. No other loans against the home. **thank gawd we never listen to people telling us to take the equity out**

What IS expensive with us is homeowners insurance. Because we live bayfront and about 1/2 mile over the bay (as the crows fly) from the ocean, we are paying premimum. We are also forced to take out flood insurance.

ThursdaysChildCan't answer that without knowing what people earn in the rust belt. How does that compare with salaries in Silicon Valley, for example?


What kind of pay do they earn in Silicon Valley?

instead of buying one house for $500,000, us in the midwest buy 2 or 3 that total $500,000...

I'm looking forward to the day when banks get smart enough (again) to demand 20% down on a mortgage and eliminate teaser rates. For those who are foreclosing on a $500,000 house, do you really think they'd be walking away losing $100,000 plus a dozen months of escrow and 6-8% interest that they've already paid? There'd be a few I'm sure, but not nearly as many as there are now.

DutchDutch said: instead of buying one house for $500,000, us in the midwest buy 2 or 3 that total $500,000...

Well lottie-freakin-da...

reassessments in NJ suck. I've heard so many horror stories. Haddon Heights is one that comes to mind. Hope they are kind to you at that time.



For the second month in a row, tensions ran high at the Borough Council Meeting in Haddon Heights, NJ. For the second month in a row, the meeting location had to be changed from the town hall to an outside venue due to the number of angry citizens trying to push their way into the meeting and voice their concerns.

The problem? Residents of Haddon Heights, NJ experienced their first property reassessment in over 10 years. Last month, they received their tax estimates and the results were not pretty. Depending on the area of town they live in, most residents experienced an increase of anywhere from 58% - 150%. There were a few who received decreases, but those are few and far between.

The town council seems to be handling the matter in a slightly evasive manner, as most government agencies tend to do. They insist that the bills residents received were only estimates and that residents will receive their actual bills in September. So - should residents put their homes on the market now, or wait?

A few residents I've met seem unconcerned, but they are few and far between. Those who have done work on their homes over the past 10 years have received steady increases over the years due to automatic reassessments at the time permits are received and work is done. Those who haven't made any changes to their homes received the shock of their life.

Most residents are concerned about their ability to continue living in Haddon Heights if the taxes are not adjusted. Increases of $3,000 or more (one citizen reported an increase of almost $12,000) leave residents wondering how they're going to pay the bills.

The township insists that the reassessment was done on county and state levels and that they are unable to help until the state reviews their appeal. Residents of Haddon Heights don't seem to want to wait that long and the newly formed Haddon Heights Homeowners Association is ready to take legal action, if necessary. Residents insist someone must have made a mistake. After all, how can land on one street be assessed at $10 per square foot while land on the next street over is assessed at $17 per square foot?

Unfortunately, if these residents can't straighten out their tax bills, we're likely to see more "For Sale" signs than ever in this quaint Camden County community. With no one moving in, and everyone moving out, what will tax bills look like next year for those who remain? Residents don't want a mass exodus from Haddon Heights. They just want a fair and reasonable assessment. Is that too much to ask?

In the meantime, town council members would benefit from continuing to plan their council meetings in larger venues. Haddon Heights residents are going to come out in full force every month until the situation is resolved.

A 2 bedroom 2 bathroom condo in my town here in north NJ is up for sale for $375,000.

Sprintx said: ThursdaysChildCan't answer that without knowing what people earn in the rust belt. How does that compare with salaries in Silicon Valley, for example?


What kind of pay do they earn in Silicon Valley?


A small house per hour

Perfect weather in CA FTW!

There's no need to spend money heating or cooling the house.

qcumber98 said: When I got my first property tax bill, I learned that the seller bought the place for $50K some twenty years ago. I felt like I got ripped off.

Well, you could have found that out on Zillow.com first

In Calif these days, it's more like how can people keep their house?

Skipping 38 Messages...
zzyzzx said: vegasdiscounts said: Do people who live there earn more money or what? Maybe, cost of living = higher pay. I know the large company I work for (GE) pays more in high cost area's for the same jobs. NY, SF,LA, Miami etc.

I work for a company that does the same thing, and I do get DC area pay, but I wouldn't want to live in CA for what I make (which I do think would be exactly the same in CA).
Ugh, when will I get paid for what I actually do? Like nevah. seems like eternity. Im drawn to the southern states but I think I have to live in calif before I really reject it!!! Ive lived there as a kid but not long enough to really enjoy it



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