That House Costs WHAT?!?!

[sred2]

My BF and I are looking to buy in the next 6 months and with our budget of $250k we will be able to buy a 2 bed/2 bath condo. BTW we''re not even in a downtown area. We live 15 miles from downtown Seattle... if we were looking downtown Seattle a 2bed/2bath condo would be more like $700k

 

[Mara]

hee hee i would just love to have a ''decent house'' that was $350k...nevermind a BIG house!!! our townhouse would fetch a crazy amount here in CA.

thing is that here our salaries are not necessarily even proportionate to cost of living. when we researched moving out of state to PA...we could fetch about 70-80% of salaries there doing something similar, but cost of living is less than half of here. so tempting. but greg just got a new job that will keep us here for at least another year if not longer, we may not even want to move after all, we shall see!

now is a great time for us to sell and move into something larger, but we just can''t stomach the thought of starting to look in the $1m range.

 

[somethingshiny]

My house is 2700+sq ft, 4 car garage, on 1.7 acres. We''re discussing buying for $150,000. That sounds awfully inexpensive compared to some of your areas and this is why... average drive time is 35 minutes to get to any job, and closer to an hour for many. Average yearly income is $45,000-$50,000. That''s not individually, that''s family income.

 

[sred2]

Date: 4/10/2008 4:04:24 PM
Author: somethingshiny

My house is 2700+sq ft, 4 car garage, on 1.7 acres. We''re discussing buying for $150,000. That sounds awfully inexpensive compared to some of your areas and this is why... average drive time is 35 minutes to get to any job, and closer to an hour for many. Average yearly income is $45,000-$50,000. That''s not individually, that''s family income.

wow, I can''t even imagine. I don''t even make GREAT money (I''m 22, still in college aka no degree (yet!) but I work a 40 hour a week office job...) and combined with my BF we make well above that average... just crazy!

 

[HollyS]

And that, my friends, is one of the many reasons I live in Texas and have no intention of ever moving back to Illinois.

You can get a fabulous house here . . . and I do mean fabulous (designer kitchens, granite counters, ceramic tile floors or wood flooring, crown moldings, FP, master suites with huge bathrooms, etc.) . . . for $150,000 to $300,000. Anything higher priced would be pretty much a mansion in a very exclusive neighborhood. There are a few exceptions: Austin is pricey, as are some of the Dallas and Houston suburbs. But even then, similar houses like them in other major US cities would start at about $1.5 million. I''m currently working in a town close to Austin; very upscale residences and strict zoning/building codes. Houses (beautiful homes with every ammenity you would want) are being advertised here starting at $220K.

 

[somethingshiny]

I worked as an optician/optometric assistant for several years. It''s actually a high-paying job around here because there''s not many. But, my cousin was working as a receptionist in some crappy little office in Dallas and was making more than $300 a week more than me.

Cost of living in general is lower here, but things like clothes, cars, jewelry are MSRP and don''t take into consideration the area''s income, so many businesses can''t make it in our area, which in turn brings property value down. The nearest Starbucks is even 35 minutes away!

 

[violet02]

I can't believe I just stumbled upon this thread. I know the cost of houses in California are pricey but JEEEEZ. No wonder my dad was having a heart attack about housing prices out here today (he lives in Virginia). We're looking at trying to buy a 3bedroom 2 bathroom house in PERFECT GORGEOUS condition in california about 2 miles from where we work. It's only 1100 square feet though and it's 850k if you can believe that (we're going to try and go lower of course). We're trying to figure out how we're going to swing that and the wedding this year. I've never owned a home before but my FI's done it once in Denver. I really hope we can do it but it will be SUPER tight to try and swing the financing with everything else going on.

Just to put some persepctive on location, we live in Northern California right dead smack in the heart of all the biggest tech companies in silicon valley.

 

[ksinger]

Date: 4/11/2008 7:16:10 AM
Author: violet02
I can''t believe I just stumbled upon this thread. I know the cost of houses in California are pricey but JEEEEZ. No wonder my dad was having a heart attack about housing prices out here today (he lives in Virginia). We''re looking at trying to buy a 3bedroom 2 bathroom house in PERFECT GORGEOUS condition in california about 2 miles from where we work. It''s only 1100 square feet though and it''s 850k if you can believe that (we''re going to try and go lower of course). We''re trying to figure out how we''re going to swing that and the wedding this year. I''ve never owned a home before but my FI''s done it once in Denver. I really hope we can do it but it will be SUPER tight to try and swing the financing with everything else going on.

Just to put some persepctive on location, we live in Northern California right dead smack in the heart of all the biggest tech companies in silicon valley.

I live in Oklahoma. Because I (was) single, I bought a small home (1100sqf) about 10 years ago, because I didn''t want major upkeep and major repairs, (says she, as she contemplates the $6000 check she will be writing this afternoon for a new roof, and believe me, compared to some roofs, that''s CHEAP). It is a conventional foundation (yay!) with decent sized yards, perfectly gorgeous red oak floors throughout, that I had redone (did some of it myself: take my advice, DON''T do floors!!) and I paid under $60,000 for it. Right now, I could get probably $100,000 for it, with sq footage going somewhere in the mid to high $90s/ft in my area.

(Here''s a tissue for ya honey....)

''Course on the other hand some folks wouldn''t want to live here, but since I''ve lived here most of my life, it''s not a huge issue. I think I''d be more stimulated in a bigger, more cosmopolitan area, but Oklahoma has quite a bit to recommend it actually.

And now that a MAN is here

, we''re going to be building on some...after we pay off the new kitchen. That was a chunk.

 

[MichelleCarmen]

Well, I just to vent in this thread! lol

Housing in the suburbs on the east side of seattle is very pricey! The problem DH and I have is that we''re hoping to SELL our house next month. . . but, looking at the prices of other houses, we fear if we sell now, we''ll never find another house we can afford. Dh is changing jobs and so money will be tight, but possibly it''d be better to struggle to pay the mortgage for a few years, but keep our house, rather than sell, take the small profits and put that in the bank until we''re in the position to buy another home, but by then, be unable to afford a home similar to what we have now, so we may end up renting for five years.

So, we''re entirely stuck and unsure what to do.

Aahh, what a terrible mess.

We''ve been tempted to pack up our bags and just split! lol If we didn''t have kids, we would have sold the house, taken our $ and ran away to Europe for a few years!

 

[coatimundi_org]

Our house is a few blocks from the beach in Los Angeles, and WHOA!--when I read about the square footage you can get in other parts of the country for what our house is worth, sometimes, I want to MOVE. But I love our proximity to the ocean, and I do love that our property value keeps climbing.

Our house is tiny by most standards. We are planning to level it, and build up to gain space--that's all you can do in this area--no spread whatsoever.

That's LA for ya!

 

[sred2]

Date: 4/10/2008 10:15:54 PM
Author: somethingshiny
I worked as an optician/optometric assistant for several years. It''s actually a high-paying job around here because there''s not many. But, my cousin was working as a receptionist in some crappy little office in Dallas and was making more than $300 a week more than me.

Cost of living in general is lower here, but things like clothes, cars, jewelry are MSRP and don''t take into consideration the area''s income, so many businesses can''t make it in our area, which in turn brings property value down. The nearest Starbucks is even 35 minutes away!

I''m from Seattle and if the nearest Starbucks was over 35 minutes away I think I would die... hahaha!

 

[sred2]

Date: 4/11/2008 1:04:37 PM
Author: MC
Well, I just to vent in this thread! lol

Housing in the suburbs on the east side of seattle is very pricey! The problem DH and I have is that we''re hoping to SELL our house next month. . . but, looking at the prices of other houses, we fear if we sell now, we''ll never find another house we can afford. Dh is changing jobs and so money will be tight, but possibly it''d be better to struggle to pay the mortgage for a few years, but keep our house, rather than sell, take the small profits and put that in the bank until we''re in the position to buy another home, but by then, be unable to afford a home similar to what we have now, so we may end up renting for five years.

So, we''re entirely stuck and unsure what to do.

Aahh, what a terrible mess.

We''ve been tempted to pack up our bags and just split! lol If we didn''t have kids, we would have sold the house, taken our $ and ran away to Europe for a few years!

Hello, Hello! I''m on the Eastside of Seattle as well... Small world!

PS I think you should wait and sell in a few years when the market swings back to being a sellers market.. you''ll get more bang for your buck!

 

[Mara]

violet, you could at least get 1350 sq ft for that 850k!!!

that is exactly why we want to stay put in our townhouse for now. it''s 1850 sq ft, 4 years old, 3 bedrooms, 2.5 bathrooms. totally not worth it for us to move right now.

oh and we live where violet does!

 

[violet02]

Date: 4/11/2008 5:37:35 PM
Author: Mara
violet, you could at least get 1350 sq ft for that 850k!!!

that is exactly why we want to stay put in our townhouse for now. it's 1850 sq ft, 4 years old, 3 bedrooms, 2.5 bathrooms. totally not worth it for us to move right now.

oh and we live where violet does!

Mara what town do you live in? That can affect the cost. We also just saw a house two blocks from that one for 935k!!! Because the one we like is on the corner lot with one street being 'busy' it lowered the price. The house is in perfect condition though, total remodel.

 

[Mara]

we're in SJ near downtown... but i have lived in the BayArea all my life so i am familiar with what diff cities cost. my parents live in cupertino and just bought in los gatos. i don't think we'd even want to even live in a los gatos or menlo as the cost is just exhorbitant for not-better quality of house or life!! and yes it is funny how there are little micro areas that are more or less. a few blocks up from us there are $1-4m homes, we like walking through them but we don't need to live on the street hehee.

we looked at a beautiful house that was on a corner of a busy street, they had to drop it 100k before it could sell and it was next to huge beautiful expensive homes. we were so tempted because it was a great price and a total remodel as well but my dad pointed out that if they were having problems selling it, so would we. and it would not be our 'perm' home by any means so we'd def be selling it within 5 years. so we passed it up, but it was so cute.

 

[ksinger]

Date: 4/10/2008 6:06:08 PM
Author: sred2

Date: 4/10/2008 4:04:24 PM
Author: somethingshiny

My house is 2700+sq ft, 4 car garage, on 1.7 acres. We''re discussing buying for $150,000. That sounds awfully inexpensive compared to some of your areas and this is why... average drive time is 35 minutes to get to any job, and closer to an hour for many. Average yearly income is $45,000-$50,000. That''s not individually, that''s family income.

wow, I can''t even imagine. I don''t even make GREAT money (I''m 22, still in college aka no degree (yet!) but I work a 40 hour a week office job...) and combined with my BF we make well above that average... just crazy!

Ah...but what''s your buying power in your market? There''s a reason that alot of retirement planning guides suggest moving from an expensive market to a more modest one for retirement: your $$ go further.

On another note, here is an article about what the mortgage debacle is doing to the labor market and mobility in the US. It sounds as if some of you have already begun to experience this.....

http://www.nytimes.com/2008/04/03/business/03labor.html?_r=1&scp=4&sq=housing+moves&st=nyt&oref=slogin

 

[DivaDiamond007]

Date: 4/10/2008 4:04:24 PM
Author: somethingshiny

My house is 2700+sq ft, 4 car garage, on 1.7 acres. We''re discussing buying for $150,000. That sounds awfully inexpensive compared to some of your areas and this is why... average drive time is 35 minutes to get to any job, and closer to an hour for many. Average yearly income is $45,000-$50,000. That''s not individually, that''s family income.

I hear ya there! The "median income" for a two person household where I live is right around $52K annually. Yes, that''s for a married couple, not individually. Housing prices around here do vary quite a bit depending on the neighborhood but to get in somewhere decent with good public schools you''re looking at at least 130K+ so that doesn''t mesh so much with the income.

I am still in shock at how much housing costs waaaayyyyy over there in Cali. $850K for a house!? How much money are people making and what sort of jobs do they have? That is just unbelievable to me - being the Midwesterner that I am. The mortgage payment on that would be what - $7K a month or more? Ugh.

Jess

 

[Mara]

hee hee diamonddiva, not quite $7k for an 850k house. probably about $5k...but prop taxes are 1+% so you factor that in too and if its a newer development, HOA is like $200 a month. we could afford to move and get a more exp home but the extra house for the $$ seems like it's NEGATIVE...so that's why we have such a mental issue with it. why move to spend more when you seem to get LESS?

 

[violet02]

Date: 4/11/2008 6:44:05 PM
Author: Mara
hee hee diamonddiva, not quite $7k for an 850k house. probably about $5k...but prop taxes are 1+% so you factor that in too and if its a newer development, HOA is like $200 a month. we could afford to move and get a more exp home but the extra house for the $$ seems like it's NEGATIVE...so that's why we have such a mental issue with it. why move to spend more when you seem to get LESS?

We're looking at paying somwhere in the 4k range for the mortgage payment. If you're financing most of that it requires a dual income household. I'm not sure how much you have to make exactly to make that work but we're both in the 6 figure range, but not rich by any means though.

Mara, we're looking at a house in Mountain View. Since you know the area you know exactly how expensive it is to live right here in this town considering both Google and Microsoft are located in Mountain View. San Jose is a bit more affordable. I've been in the bay area for about 22 years.

This would be our first house together and real estate around here seems to just go up so I think it's a good bet for us particularly considering the location. Lots of sacrifice involved though!

 

[MichelleCarmen]

Date: 4/11/2008 6:44:05 PM
Author: Mara
hee hee diamonddiva, not quite $7k for an 850k house. probably about $5k...but prop taxes are 1+% so you factor that in too and if its a newer development, HOA is like $200 a month. we could afford to move and get a more exp home but the extra house for the $$ seems like it's NEGATIVE...so that's why we have such a mental issue with it. why move to spend more when you seem to get LESS?

It'd be closer to $7K. I just did a mortgage calculator and it came up as $6,600, not including the HOA. That is just insane, IMO! I think I'd rather live in a tent.

Sred2 - yep, we should wait a few years, but our mortgage is $4200 a month!!! (I cannot even add enough explanation points to emphasize the stress that entails.) That is why I never post new sparkilies on PS

I've found numerous rentals in the $1200-1700 range and they are sooooo tempting. We decided to wait another month before deciding whether to sell. The ridiculous thing is I've been going and getting boxes from all the liquer stores and have about 1/3 of our stuff packed in an attempt to declutter! Now, should I unpack or not? I have no idea.

 

[violet02]

Date: 4/11/2008 8:08:45 PM
Author: MC

Date: 4/11/2008 6:44:05 PM
Author: Mara
hee hee diamonddiva, not quite $7k for an 850k house. probably about $5k...but prop taxes are 1+% so you factor that in too and if its a newer development, HOA is like $200 a month. we could afford to move and get a more exp home but the extra house for the $$ seems like it''s NEGATIVE...so that''s why we have such a mental issue with it. why move to spend more when you seem to get LESS?

It''d be closer to $7K. I just did a mortgage calculator and it came up as $6,600, not including the HOA. That is just insane, IMO! I think I''d rather live in a tent.

Sred2 - yep, we should wait a few years, but our mortgage is $4200 a month!!! (I cannot even add enough explanation points to emphasize the stress that entails.) That is why I never post new sparkilies on PS

I''ve found numerous rentals in the $1200-1700 range and they are sooooo tempting. We decided to wait another month before deciding whether to sell. The ridiculous thing is I''ve been going and getting boxes from all the liquer stores and have about 1/3 of our stuff packed in an attempt to declutter! Now, should I unpack or not? I have no idea.

It really depends on how much you''re putting down and how good of an interest rate you can get and a lot of other factors. But first off we''d try to bring the price down a bit, then we''d put a down payment on it etc etc etc. Anyways it worked out to be in the 4k range. That''s way more do-able than 7k thats for sure!

 

[MichelleCarmen]

Date: 4/11/2008 8:18:24 PM
Author: violet02

It really depends on how much you''re putting down and how good of an interest rate you can get and a lot of other factors. But first off we''d try to bring the price down a bit, then we''d put a down payment on it etc etc etc. Anyways it worked out to be in the 4k range. That''s way more do-able than 7k thats for sure!

Oh that''s good. I forgot to calcutate putting anything down. Sorry, I''ve actually had a few beers here. This is NOT the time to be posting on the internet, but my kids are at grandma''s and I''m surrounded by boxes, lol, so I need an escapism. This is safer than browsing the Sephora website.

 

[Miranda]

Date: 4/11/2008 8:08:45 PM
Author: MC

Date: 4/11/2008 6:44:05 PM
Author: Mara
hee hee diamonddiva, not quite $7k for an 850k house. probably about $5k...but prop taxes are 1+% so you factor that in too and if its a newer development, HOA is like $200 a month. we could afford to move and get a more exp home but the extra house for the $$ seems like it''s NEGATIVE...so that''s why we have such a mental issue with it. why move to spend more when you seem to get LESS?

It''d be closer to $7K. I just did a mortgage calculator and it came up as $6,600, not including the HOA. That is just insane, IMO! I think I''d rather live in a tent.

Sred2 - yep, we should wait a few years, but our mortgage is $4200 a month!!! (I cannot even add enough explanation points to emphasize the stress that entails.) That is why I never post new sparkilies on PS

I''ve found numerous rentals in the $1200-1700 range and they are sooooo tempting. We decided to wait another month before deciding whether to sell. The ridiculous thing is I''ve been going and getting boxes from all the liquer stores and have about 1/3 of our stuff packed in an attempt to declutter! Now, should I unpack or not? I have no idea.

Yeah, that''s about what a mortgage of that size would run now. A few years ago when we got our jumbo there were many more favorable loan programs and rates were much better...Lucky for us. Now that home prices are down a bit (I am speaking generally for SO CA) it''s a great time to buy. Not such a good time to finance, though.

I, too, am amazed at the affordable housing in the US and at the variation in home values. At a recent party a business friend of DH''s lives in the Dallas/Ft. Worth area was telling us about the great homes in good school districts in the $130,000 range. That is just amazing to me because it seems like over here it takes a good $1,130,000 to get a great home in a good school district.

 

[bebe]

Living in Texas does have one draw back (two if you count the weather!) our property taxes are very high.
We pay close to 15K on a house that is on the tax rolls at 700,000. Our sales tax rate varies, but hovers around 8%.
We have no state income tax. There''s good and bad in every market I suppose.