DFresh, you ought to work for Buzzfeed, I m sure they could use your services for the discovery of t

It should come as no surprise that the L.A. and O.C. housing markets are the least affordable in the entire nation. That is right, even more unaffordable than San Francisco or New York. Why? Because even though New York and San Francisco have higher rental costs, people make more money. Should be common sense but it should be apparent that people in SoCal like stretching their budgets. It might be the Hollywood allure of “acting” rich instead of actually being wealthy. Fake it till you make it. Hence the broke older homeowners with their boomerang adult-children coming to live back home . Rents are paid by net income. There is no extra mortgage leverage that you can squeeze out of a rental payment. You either make the monthly payment or you don’t. And seeing this data simply confirms that many in SoCal would rather act the role of being rich instead of taking steps to being wealthy.
celebrity cruises shore excursions Keep in mind that the majority of those living in L.A. (the biggest county in the state) are under renting households. The trend has only magnified over the last decade celebrity cruises shore excursions given the boom and bust nature of housing. This is why it isn’t surprising that the volume of new buyers in recent years has come from many outside of the area including local, domestic, and foreign investors. That trend has slowed down but in reality, the economics for those in the area are not as hot and this new analysis from Zillow simply confirms this continuing serfdom trend for native celebrity cruises shore excursions Californians:
“( LA Times ) Housing prices celebrity cruises shore excursions here are high, though celebrity cruises shore excursions not as high as in the Bay Area, and comparable to New York, Washington and Boston. Those places score better celebrity cruises shore excursions on affordability measures, though, because people there tend to earn more than the average Southland resident . Median household income in the San Francisco area in the second quarter was $76,239, according to Zillow; in the L.A.-O.C. area it was $59,424.
What has happened at least in the last few years is that more disposable income is being consumed by housing celebrity cruises shore excursions payments celebrity cruises shore excursions here in the Southland . This obviously has bigger ramification for the region in terms of business growth and where people spend their money. Yet it also helps to underscore the massive number celebrity cruises shore excursions of people in leased cars or those up to debt to their eyeballs, including those squeezing into buying homes.
Ideally what you would be seeing is solid underlying economic growth combined with growth in housing. Yet what you find is a market where people are simply spending more and given the high number of Wall Street investors , more of this money is simply flowing out of the state.
Conversely, renting households have grown . That is the overall trend nationwide and definitely is the case here in California. It shouldn’t be a shock that the L.A. and O.C. rental markets are the least affordable in the nation. It simply reflects an “all hat and no cattle” celebrity cruises shore excursions way of living. Nothing wrong with that. If you want to spend every penny you make squeezing into a house or renting a place that is beyond your means, go for it. I know of people living in fantastic homes near the beach with hefty leases. They are happy doing so. You also have people willing to take on mega mortgages to buy a home. Nothing wrong with that either. celebrity cruises shore excursions But don’t let the status symbols fool you. We have 2.3 million grown adults living with their older parents because for many, they can’t even afford a rental given this unaffordable market. Buying a home is even further beyond their reach. This is why sales volume is incredibly pathetic in the state.
I think many older homeowners are living in what amounts to be a granite countertop, hardwood floor, recessed lighting, and red door stucco sarcophagus . Certainly not living high on the hog since a home with massive equity is not throwing off an income stream until you sell. But many are staying put and eating Friskies and Purina Dog Chow to supplement their Taco Tuesday meal plan. The vast majority are trying to keep up by going deep into debt. Even when some of these households have their act together, they will find their kids going into deep debt to pay for college. So go for it if you want to stretch your budget! #YoLoRealEstate. Go out and buy that $700,000 crap shack since it is clear from this data that people in SoCal love living beyond their means. Of course we all know what happens when those pesky recessions rear their ugly heads, but then again the last bust is ancient history.
Serendipity with the red door stucco sarcophagus comment Doctor. JUST NOW, minutes before reading this article, I had a conversation with myu neighbor here in Ropwland Heights celebrity cruises shore excursions abuout celebrity cruises shore excursions his finances. His SSecurity isn t getting it done and he s dealing with health issues and not enough income. Now he s retired law enforcement so his retirement income streams are likely better than most and he bought his house decades ago. The entirety of the SoCal Housing Market is an illusion. Whether from entertainment and tech workers leveraged to the hilt or retirees who will tank prices if they sell, but can barely afford to hold. I m young with an 80k down payment and more than happy to wait them out.
My current rental is 2K a month for a 4/3 2000SqFt fixer that ain t been fixed. I m benefiting from one of our recent immigrants who bought peak in 2006 for 600K with 300k of his own $ (probably family borrowed) and had to relocate to Texas for employment. He doesn t want to sell and take his losses and Bubble 2.0 likely has him hopeful. I don t know what the next crash will do to him but if he won t sell to me at a realistic rice of $350K (Place need A LOT of work) post bust I m sure I ll have many other options.
The Housing Perma Bulls don t get that the world wide financial system is 3 times as over leveraged as 2007! When the correction comes I don t think the world will stop, but much like 2008 deflation HAS to take hold. There is simply no other way out of this. Bubble 1.0 fleeced the sheeple. Bubble 2.0 is going to rape the specuvestors. I don t see anyway the FED can inflate a third bubble for at least a decade as there are no greater fools that actually have capital. The math is the math is the math.
DFresh, you ought to work for Buzzfeed, I m sure they could use your services for the discovery of trifling celebrity cruises shore excursions top n lists. Interestingly there are gasp cold weather inland non-mediterranean climate, can t ski/surf/sit in traffic on the same day, non-monied Chinese destinations on your list above number 12. And again, L.A. doesn t make the top ten but hey it s with the likes of Paris and London! Since Boston is at the top of the list, I guess it s with the likes of Paris and London. Boston has some great attributes celebrity cruises shore excursions and I d certainly not mind living there but one is not as likely to hear some doucher there espousing how Boston is on the level of London and Paris and then pointing to this list as supporting evidence.
In actual news that matters, this just in, L.A. s long-declining violent crime total on pace to rise this year. I know you can find a way to spin and deflect this in the classic reality celebrity cruises shore excursions glossed-over self promoting celebrity cruises shore excursions L.A. style. Maybe we re holding it wrong.
No one in this conversation really cares about your bullshit metric. celebrity cruises shore excursions Once prices stop going up the Ponzi has tanked. Any middle class or entry stucco shack is selling for at least 5% less than last year s price, and that s IF you can sell it. Your Sophmoric definition of a tank that is Ailey based on trailing indicators might fly in the CNBC forums, but not here. And of UR trolling, you re doing a pedestrian job at best
@guy from seattle we are tanking and you re playing the violin. Your presenting false information based on an unsupported position. Where s the collateral material to support your argument that we re not tanking right now?
The funny thing is they have it pending at the 619K asking (though celebrity cruises shore excursions who knows if that s what they got) yet eappraisal celebrity cruises shore excursions has it at 549K. They re usually closer to reality than Zillow, though there estimates have gotten wacky in the last year as well. The Redfin ad says: Sellers want this SOLD now! Hugh price Reduction!! celebrity cruises shore excursions Looks like those sellers are smart and not trying to fight reality. If this pending goes sold they ll be glad they didn t.
More calm little moments the increasing numbers of anxious real estate agents flyers showing up on my doorstep bringing the good news that this time is now a good time to buy one of the overpriced crapshacks in my neighborhood.
I am fortunate enough to BE rich, not just faking it. Lots of hard work for many years paid off. But I see many people faking it- Driving an S class Mercedes(leased, not owned), renting a condo in Newport Beach, because they like the lifestyle.
Taking fancy vacations that they can t really afford, celebrity cruises shore excursions but put on plastic. One couple that I know well wears the latest clothes (designer only, of course), go to Europe every year, and drive newer cars including a Porsche. When one of them lost a job, they could not make the rent! Income over 100 K, and NO savings.
The Golden Sarcophagus crowd over on the various early retirement forums debate this question endlessly. Short answer is that if you have twice as much money as whoever is posting then you re rich if you have half as much then you re a pitiful wretch doomed to struggle. This view seems to hold at net worths ranging from a few $100K to $10M+.
Rich in the heart of Los Angeles, I.e the best neighborhoods with good schools and safety? I would say an unleveraged net worth of 7 million+ with a good salary of $1.5m+ a year. Very well off? A salary of $700-1.5M, $2.5-7M net worth. Well off: at least a salary of $350K, with $1-2.5M net worth. Anything less is doing OK in l.a, if you compare the standard of living to cheap parts of the country, on a $100K/yr salary.
Question .Good question, celebrity cruises shore excursions we have what I would say a very comfortable life that said rich, for many who coudn t attain the so called rich satus all I can truly say, if you are happy with your circumstances, happy most o