Sunday, October 27, 2024

Since buying a coastal house now likely isn't possible in California with an income under 400,000 dollars a year?

I can now understand why only making 150, 000 dollars a year for a couple in California might be living paycheck to paycheck. 

For example, the daughter of a friend of my wife's who is married near Morro Bay said that in their county you cannot buy a larger parcel of land under 5 acres in that state and they at present couldn't afford to do this even though she and her husband have very good jobs. So, they are very distressed in their mid to late 30s that even with great and stable jobs they still find they cannot support their daughter and their horse or horses and buy a place which is distressing them a lot.

So, because of this, people all over California who have good incomes are having to rent parcels of land with houses on them so they can have larger animals like horses instead of being able to buy a place of their own.

My son in law in San Diego county said that they were making around 100,000 plus a year (the two of them) when their son was born and could afford barely to buy a house for 750,000 dollars around 2017. However, he then said after this that they could not longer get the credit for a loan to buy their house without an income of 400,000 dollars or more.

So, this is how distressing many 30 somethings (almost 40 or more) with kids are fairing here in California especially if they want to live in the coastal counties where property and houses are more expensive generally than inland.

However, mountain areas or near lakes can also be expensive like Lake Tahoe and other resort areas too.

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