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      Today, 04:06 PM   #67
NorCalAthlete
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Originally Posted by GenXer View Post
I purchased my home 4 years ago. It's affordable but it's a bit cramped. Mine was at $150/ft which is decent for a brand new house. I just wish it had a bit more land. I wouldn't mind living in a more rural area.
Average price where I'm at is around $700 / ft.

I make 6 figures and the median home price - MEDIAN, not average - is still 10x my annual income. I'd be stoked if I had even 37% like referenced earlier in this thread.
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      Today, 05:27 PM   #68
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Quote:
Originally Posted by NorCalAthlete View Post
Average price where I'm at is around $700 / ft.

I make 6 figures and the median home price - MEDIAN, not average - is still 10x my annual income. I'd be stoked if I had even 37% like referenced earlier in this thread.
What’s the “rule?” Don’t buy something more than three times your gross household income?
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      Today, 05:59 PM   #69
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What’s the “rule?” Don’t buy something more than three times your gross household income?
That basically limits you to a trailer park around here - maybe. Some of the mobile homes are still $400k.

Example 1: $458,000

Example 2: $399,000

Example 3: $367,000

There are literally only a handful (and I mean like < 5) places under $400,000 that are not mobile / manufactured homes.

Example: $399,000 1/1, 440 sqft

The adage around here is more like 8-10x your income but no more than 10x.

On the plus side, there are tons of opportunities for making $150k+ and it scales quickly if you're competent. I've gone from tech > engineer > PM in the span of about 3 years.
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      Today, 06:31 PM   #70
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Originally Posted by NorCalAthlete View Post
Average price where I'm at is around $700 / ft.

I make 6 figures and the median home price - MEDIAN, not average - is still 10x my annual income. I'd be stoked if I had even 37% like referenced earlier in this thread.
Crazy thing is it used to be more like 4-500 a square foot 10 years ago. Our last house was $413/sq ft in 2010.
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      Today, 06:35 PM   #71
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Even on a Physician salary, the nicer part of Los Angeles are unaffordable to me. I'll have to rent for years and find a spouse in a similar profession to afford a decent home. And it's not even like the homes are remotely nice for under $3 million. Most are under 2000-3000 sq ft without a yard with a view of a dumpster and built in some old neighborhood. I could always do southern Orange County (besides Newport/Laguna) but it's pretty boring out there until you have a family.

Home prices are ridiculous. Something's wrong when even people in the highest earning professions in the country are priced out!
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