Any chance you could pull the numbers by month over the past 12 months or since Jan 2007 for 92127?
I can’t pull detailed numbers. I see a total of 173 houses or condos going back to bank in all of 92127 since Jan 2007.
coming to the realization that it may not be worth it to spend that much more to live in 4S.
That much more than where?
Breaking out my trusty calculator:
520K mortgage at 6.25% (you can get 6.00% without points, but let’s be conservative)
Interest $2708
Principal $493
Insurance $50
Property tax $921 (tax rate 1.7% including Mello Roos)
HOA say $100
—
total housing $4272/month. And only $2800-2900 of that is “effective rent”, the rest is tax deduction and principal payments.
At some point the house will start to appreciate with inflation. Normal monthly appreciation of a 650K house is around $1600/month.
130K income is take-home pay around $9000 after social security, medicare, etc. (married, 2 dependents). You have almost 5 grand per month left on food, utilities, clothing, entertainment. Not too shabby. Besides, incomes tend to rise and housing payments are fixed for 30 years.
Maybe I’m too conservative, but I think housing costs should be no more than 30% of one’s NET income, after taxes;
Some people are willing to make sacrifices to put their children into best schools. You’d never commit to spending more than 30% of net income, but many people would.
