Yeah, I know. I actually agree. I’m not thrilled to even be living in SoCal. But then again I’m already currently renting in El Cajon. (There are other more objectionable places in S.D. county I’m sure). The bottom line to me is really the bottom line. At a certain price it will make more financial sense to buy rather than rent. More and more I am finding myself in the “total cost” camp when it comes to life’s expenses. A house is nothing more than a large expense that has to be paid at some point. I don’t view a house as an investment but I’m not stupid enough to buy if I believe it is going to depreciate.
I moved to El Cajon to stop paying 2k a month in rent in the San Carlos / Lake Murray area. I would rather be renting there but it became hard to justify double the monthly cost. Part of the move here was to get my finances in order in preparation for eventually buying.
Keep in mind people were giving almost 300k for this kind of condo crap in El(Los?) “Cajones” only a year ago. I too think 100K is a lot of money, but at current rental rates it is not. I would buy the apartment I am in now for 100K in a second.
I don’t want to be a slave to a big mortgage. I want to buy a basic place, pay it off quickly, and then go on from there if I desire a better standard of living. I want to secure a greatly reduced monthly cost of living first so I don’t have to presume on my future income. I don’t see any other way than to start with a true starter home. If I can pay it off completely I will gain a lot of financial freedom.
I think financial freedom is actually the American dream and not the “home ownership” championed the last few years by government. It has sounded strange to hear the President call home ownership the American dream and point to the all time record “ownership” levels as proof that life is getting better. Debt is slavery, even if it is called “ownership”. The new home ownership is only a form of renting from the bank where you greatly overpay and sacrifice your financial future for the privelage. That will change.
If I’m willing to rent in El Cajon than I certainly am willing to buy a 2bd/2ba condo for 100K.
