Is there anything decent I can get with my income and savings in Irvine?

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[quote author="graphrix" date=1239361700][quote author="irvine123" date=1239361057][quote author="CK" date=1239076686]



This is a great comment. Taking it a step further, it makes no difference to your future children whether their home is owned or leased --- as long as that home is safe and happy. Your children will notice if their parents are stressed out paying 40%+ of their income to maintain a depreciating asset much more than they would notice if their house is leased.</blockquote>


I agree that you shouldn't buy something you can't afford. however, your mention of 'children won't notice" is not completely accurate unless you can lease a place and stay there for a long time. Your children will notice, and their life will be affected if you have to move every 1 to 2 years.</blockquote>


Where can you cite evidence of this have to move every 1 to 2 years stuff? I'm being serious, because I think it is NAR based propaganda. 1. Because each time I have rented, I have lived there for more than three years, and both times I would have stayed longer if could. 2. Cayci has been in her condo for nearly six years. 3. All my tenants have lived in their units for more than three years. Four of the five have been there for more than five years, and yes they all got an increase of rent this year.



So please, please tell me where there is statistical information confirming the 1 to 2 years myth. Because, in my experience it sounds like it is a bunch BS.</blockquote>


You are jumping to conclusion again, and judging again....I said "not COMPLETELY accurate"; and i said "unless you can lease a place and stay there for a long time"....AND I said if your children will be affected IF you move every 1 to 2 years...I thought it made it clear...
 
Vaseline, It probably affects a kid more after settling at one location for while then to change 7 schools in one year. I have one relative and one friend who have just been byirely different people after moving away from their friends. I however do think it depends on the individual.
 
[quote author="ScubaSteve" date=1239317806][quote author="Boston2theBay" date=1239243854][quote author="ScubaSteve" date=1239020553]I guess what I'm really trying to ask is if I was a responsible buyer, how much could I afford based on my financial situation. The posts above say 3*140K = $420K property, which isn't much these days and the redfin link shows a 610K house, which seems affordable w/ a low hoa and mellaroos, however, the down payment required on that is about 193K for a conforming loan, which is something I don't have. Is 20% still the norm these days? My parents tell me that I should just put 10% down and save the cash, but I'm not sure if they are up to the times. I know I'm not, which is why I'm posting here.</blockquote>


Don't take this the wrong way but 2 income/$140K a year is not a very high income. What happens if one of you loses a job? At that income level you shouldn't be looking at anything north of $400K, and that will be a stretch. Do some yoga, get Zen and relax in your rental saving cash.</blockquote>


No offense taken. I don't think I have a "high" income as well, but I did thought it was enough to afford a house. If I had said that I make 140K alone and had a wife to support, would that really change things? I would think 140K on a single income would be considered high. Would you still ask the question, "what if u lose ur job?"



Am I missing anything here? Just seems like no one should really be buying anything in Irvine unless they are making 250K+ which is something I don't think I will ever get to.</blockquote>


SS - just calling out the potential pitfalls structuring a household budget on 2 incomes. If you were $140K as a single income the spouse could always go to work to increase income if needed.
 
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