And another thing: a good house is one that keeps you and your family safe and warm and is a roof over your head.
If you don’t have 10% down on a 700k house, buy a cheaper house where your down payment is equal to 20%. Or would that house not be good enough for you?
I hear you, paramount, but one of the biggest problems with So Cal is the huge disparity in wealth and income. Back when I was growing up in L.A. during the 70s and 80s, middle-class neighborhoods were the norm. Let me define what I call “middle class”: **safe**, clean neighborhoods where the homes and yards were well-maintained, neighbors watched out for each other, usually one parent stayed home and the other worked in in jobs ranging from mechanic to engineering. The homes would range from 1,300sf to ~2,000sf, and had tile or Formica countertops and regular carpet (no marble floors for us regular folks!).
These days, those neighborhoods are in the minority. You either buy in “the hood” with SFHs filled with multiple families, gang members hanging around in driveways and on street corners, staring people down and making it VERY uncomfortable to let your kids play in the front yard or walk down the street, dirt yards filled with cars, etc…
…OR you’re forced to buy McMansions that have been built as though we are entertaining heads of state with 500sf grand foyers and granite countertops with stainless steel (commercial grade, no doubt!) appliances — for a princely sum of $800K or more.
It’s disgusting, but that’s where we are right now.
Many of us just want a safe, clean neighborhood for our kids. I’m perfectly fine with Formica countertops and linoleum/carpet flooring. We drive very basic cars and don’t wear jewelry or fancy clothing, but we DO want a clean, safe neighborhood with nice neighbors for our family. There is nothing wrong with that. What’s wrong is what people expect you to pay for it.
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Wait, you can buy a nice townhouse in PQ or Poway for (overpriced) 500K. Not a SFH, but you asked about safe place for kids, I can find you nice places.
Reminds me of a relative who replied to my hostile question “Why did you buy (at peak in 2005)” with “I dont want to live in a stupid noisy apt my whole life”. So many people justify home purchase because they weigh choice between buying 2500SF house and renting studio apt???
