have been giving thought to purchasing a home. We have a great situation right now with the house that we rent but, as my dad continually beat into my head this last week, you need a house to gain some financial stability. I guess. I think the bigger reason is that I feel that I am limited as far as my options go if I want to go in different directions (i.e. kids, credit, savings).
I have a few options to consider when purchasing a home. Condo/Townhouse, Single Family, Duplex, etc. However, with three dogs, the condo is pretty much out of the question. My brother and I have discussed the possibility of getting a duplex, but I think I am pulling farther and farther away from that option as time goes on. So that leaves a SFR. Now, the problem lies in the fact that housing in SoCal is EXTREMELY expensive. For instance, I live in Artesia. This is just about 1 step above a ghetto, still a nominal 2/3 bedroom house in this area will cost 350,000 – 450,000. Of course, a few blocks away (in all directions) is Cerritos, CA. In this fair city you can not touch a house for less then 500,000, and if you want a nicer house, you can figure on 800,000 plus.
Remember that this is not Beverly Hills, it is not even a beach or coastal area. This is just an average city in SoCal.
So whatever, if all these other people that are buying these houses can afford it then I should be able too as well right? I mean, I make good money. More then the average family anyway. Yet when I do calculations, based on income alone, about what I can afford, the most I can top out at is 265,000. So that puts me into the Norwalk one-ways, where my house would be a constant feature on the 6 o’clock news. Pass.
So what now? Who knows. I guess I will just keep looking, and hope my good rent situation does not take a nose-dive anytime soon.