[quote=FlyerInHi]BG, you’re opposed to any new development in San Diego so that your kids have to look for jobs elsewhere. That’s really smart. One day, you’ll retire out in the woods, and you think that your kids will make the trek to visit you every weekend?
You’re basking in self congratulation for owning a home, but San Diego is becoming so expensive that buyers need money from elsewhere or a trust fund to buy. Even if one has a good job, if you buy at the wrong time and suffer a layoff, you can lose your down payment in a forced sale due to relocation.
Bottom line, is that we need a large diversified, globally connected economy, and all the building and bright lights that come with it.
You’re lucky your kids are staying in california, but so many others have to relocate to Dallas, Phoenix, Orlando, etc…. Lots of young people will only have an average paying job. They can’t buy a normal $500k house and make it in Cali. So they will relocate. That’s fine if you believe that normal, but all the california natives who are “priced in”, their kids and grandkids will not be living near them.[/quote]
It doesn’t matter what I am opposed to, FIH. The horse sprinted through the open barn door ages ago. SD County is already developed to the max. My kid(s) who are working already make more than the “average” salary. If I should “move to the woods,” I will be 4-6 hours closer to them.
Yes, I do feel it is dicey to take out a large mortgage if any of the borrower(s) jobs are not secure. I didn’t experience that because, except for my last home purchase which I purchased on my own qualifications only, me and my “co-borrower” had very secure jobs to use when applying for the mortgages we took out over the years.
What is wrong with putting $150K – $300K down and just borrowing $300K or less? A working couple in “professional” fields can save this amount of money easily in 2-3 years by living frugally. This CAN BE DONE! One doesn’t have to have a large home, a newer home OR a perfect home for their first home.
Of course, this “savings budget” presupposes that the couple does NOT have any kids or student loans, rents a smallish unit in a cheaper area and drives paid-for vehicles while amassing their downpayment savings.
A millenial can certainly buy a smallish, older cosmetic fixer for their first home. That’s what my generation did. If this is good enough for the goose, its good enough for the gander.
The young college graduates who aren’t making a living wage today either majored in the wrong field in college and/or refuse to relocate out of a lower-paying area for a job, plain and simple.
As to your last (edited in) comment, I don’t mind that my kids have to relocate to make a living wage. This was all known to me that they would have to do this as early as 1990 (before the youngest was even born). It’s okay. I’m originally from the bay area and know my way around, lol. Their dad is a Native San Diegan with close relatives in San Jose and Castro Valley who have lived there since the early-mid ’60’s.
