How much downpayment required

[CafeMoto]

valued feedback from everyone

[nocommonsense]

I feel your frustration. It’s a shame how little 100k gets one in terms of quality of life in SoCal. My situation is very similar to yours incomewise. We rented for 3 years before we bought during which time our savings/investment nearly doubled from 130k to 200k. I’m actually not quite sure how that happend. We’re fortunate and extremely grateful that we had considerable equity from our last house which allowed us to make a big down payment. We recently moved into a dream house (a McMansion in a great neighorhood ~20 min from work) and love it. If I were you I’d continue to rent and save/invest until you could afford a dream house. What’s the point of stretching your finances to buy something that’s NOT your dream house?

[nocommonsense]

I feel your frustration. It’s a shame how little 100k gets one in terms of quality of life in SoCal. My situation is very similar to yours incomewise. We rented for 3 years before we bought during which time our savings/investment nearly doubled from 130k to 200k. I’m actually not quite sure how that happend. We’re fortunate and extremely grateful that we had considerable equity from our last house which allowed us to make a big down payment. We recently moved into a dream house (a McMansion in a great neighorhood ~20 min from work) and love it. If I were you I’d continue to rent and save/invest until you could afford a dream house. What’s the point of stretching your finances to buy something that’s NOT your dream house?

[nocommonsense]

I feel your frustration. It’s a shame how little 100k gets one in terms of quality of life in SoCal. My situation is very similar to yours incomewise. We rented for 3 years before we bought during which time our savings/investment nearly doubled from 130k to 200k. I’m actually not quite sure how that happend. We’re fortunate and extremely grateful that we had considerable equity from our last house which allowed us to make a big down payment. We recently moved into a dream house (a McMansion in a great neighorhood ~20 min from work) and love it. If I were you I’d continue to rent and save/invest until you could afford a dream house. What’s the point of stretching your finances to buy something that’s NOT your dream house?

[nocommonsense]

I feel your frustration. It’s a shame how little 100k gets one in terms of quality of life in SoCal. My situation is very similar to yours incomewise. We rented for 3 years before we bought during which time our savings/investment nearly doubled from 130k to 200k. I’m actually not quite sure how that happend. We’re fortunate and extremely grateful that we had considerable equity from our last house which allowed us to make a big down payment. We recently moved into a dream house (a McMansion in a great neighorhood ~20 min from work) and love it. If I were you I’d continue to rent and save/invest until you could afford a dream house. What’s the point of stretching your finances to buy something that’s NOT your dream house?

[nocommonsense]

I feel your frustration. It’s a shame how little 100k gets one in terms of quality of life in SoCal. My situation is very similar to yours incomewise. We rented for 3 years before we bought during which time our savings/investment nearly doubled from 130k to 200k. I’m actually not quite sure how that happend. We’re fortunate and extremely grateful that we had considerable equity from our last house which allowed us to make a big down payment. We recently moved into a dream house (a McMansion in a great neighorhood ~20 min from work) and love it. If I were you I’d continue to rent and save/invest until you could afford a dream house. What’s the point of stretching your finances to buy something that’s NOT your dream house?

[UCGal]

Be sure to do your research on schools – not just listen to peoples broad opinions. I’ve been surprised to see Mira Mesa (SDUSD) schools doing pretty well on API scores. Steady improvement and starting to seriously compare with wealthier parts of SDUSD. In the past, based on NO research, I would have discounted Mira Mesa because of the schools – now I don’t.

They may not be the absolute highest scoring schools in the county – but they’re respectable and when you look at the price of homes in Mira Mesa vs the price of homes anywhere in the Del Mar school district…

(Props to AN for pointing this out a while back – prompting me to go look up the data.)

[UCGal]

Be sure to do your research on schools – not just listen to peoples broad opinions. I’ve been surprised to see Mira Mesa (SDUSD) schools doing pretty well on API scores. Steady improvement and starting to seriously compare with wealthier parts of SDUSD. In the past, based on NO research, I would have discounted Mira Mesa because of the schools – now I don’t.

They may not be the absolute highest scoring schools in the county – but they’re respectable and when you look at the price of homes in Mira Mesa vs the price of homes anywhere in the Del Mar school district…

(Props to AN for pointing this out a while back – prompting me to go look up the data.)

[UCGal]

Be sure to do your research on schools – not just listen to peoples broad opinions. I’ve been surprised to see Mira Mesa (SDUSD) schools doing pretty well on API scores. Steady improvement and starting to seriously compare with wealthier parts of SDUSD. In the past, based on NO research, I would have discounted Mira Mesa because of the schools – now I don’t.

They may not be the absolute highest scoring schools in the county – but they’re respectable and when you look at the price of homes in Mira Mesa vs the price of homes anywhere in the Del Mar school district…

(Props to AN for pointing this out a while back – prompting me to go look up the data.)

[UCGal]

Be sure to do your research on schools – not just listen to peoples broad opinions. I’ve been surprised to see Mira Mesa (SDUSD) schools doing pretty well on API scores. Steady improvement and starting to seriously compare with wealthier parts of SDUSD. In the past, based on NO research, I would have discounted Mira Mesa because of the schools – now I don’t.

They may not be the absolute highest scoring schools in the county – but they’re respectable and when you look at the price of homes in Mira Mesa vs the price of homes anywhere in the Del Mar school district…

(Props to AN for pointing this out a while back – prompting me to go look up the data.)

[UCGal]

Be sure to do your research on schools – not just listen to peoples broad opinions. I’ve been surprised to see Mira Mesa (SDUSD) schools doing pretty well on API scores. Steady improvement and starting to seriously compare with wealthier parts of SDUSD. In the past, based on NO research, I would have discounted Mira Mesa because of the schools – now I don’t.

They may not be the absolute highest scoring schools in the county – but they’re respectable and when you look at the price of homes in Mira Mesa vs the price of homes anywhere in the Del Mar school district…

(Props to AN for pointing this out a while back – prompting me to go look up the data.)

[an]

nocommonsense, unfortunately, not all of us are lucky enough to double our investment in 3 years and sell before the pull back. Also, dream house to me is just that, a dream. Maybe I just dream too big. My dream house is panoramic ocean view on a quiet cul-de-sac in excellent school area. But unfortunately, it’ll still a dream probably for the rest of my life, unless I win the lottery.

With only $100k/yr. income, we all have to make sacrifice and find the balance for us individually. What’s a right balance for me is not a right balance for you or others.

I totally agree with UCGal though. Do your research in the schools and don’t just listen to generalization of anyone area. Since 100k doesn’t go very far in SoCal, I chose to get a house in an area that’s 9/10th as good but at a price that 100-300k less. Which allows me the ability to live on one income so my wife can stay at home w/ the kid if she choose to w/out and worry about finances. I personally think have a stay at home parent who tutor the kids (in a school that’s 9/10th of the best) will yield a better result than both parents working and leaving it all up to the school even when the school is the best. No one know your kid better than you. Commute time is also huge for me, so 15 minute is the max I’d be comfortable with (regardless of everyday traffic).

I guess what I’m trying to say is, look past the generalization stigma against/for any one area and look at the data. Some area might surprise you and other might become not worth it to you.

[an]

nocommonsense, unfortunately, not all of us are lucky enough to double our investment in 3 years and sell before the pull back. Also, dream house to me is just that, a dream. Maybe I just dream too big. My dream house is panoramic ocean view on a quiet cul-de-sac in excellent school area. But unfortunately, it’ll still a dream probably for the rest of my life, unless I win the lottery.

With only $100k/yr. income, we all have to make sacrifice and find the balance for us individually. What’s a right balance for me is not a right balance for you or others.

I totally agree with UCGal though. Do your research in the schools and don’t just listen to generalization of anyone area. Since 100k doesn’t go very far in SoCal, I chose to get a house in an area that’s 9/10th as good but at a price that 100-300k less. Which allows me the ability to live on one income so my wife can stay at home w/ the kid if she choose to w/out and worry about finances. I personally think have a stay at home parent who tutor the kids (in a school that’s 9/10th of the best) will yield a better result than both parents working and leaving it all up to the school even when the school is the best. No one know your kid better than you. Commute time is also huge for me, so 15 minute is the max I’d be comfortable with (regardless of everyday traffic).

I guess what I’m trying to say is, look past the generalization stigma against/for any one area and look at the data. Some area might surprise you and other might become not worth it to you.

[an]

nocommonsense, unfortunately, not all of us are lucky enough to double our investment in 3 years and sell before the pull back. Also, dream house to me is just that, a dream. Maybe I just dream too big. My dream house is panoramic ocean view on a quiet cul-de-sac in excellent school area. But unfortunately, it’ll still a dream probably for the rest of my life, unless I win the lottery.

With only $100k/yr. income, we all have to make sacrifice and find the balance for us individually. What’s a right balance for me is not a right balance for you or others.

I totally agree with UCGal though. Do your research in the schools and don’t just listen to generalization of anyone area. Since 100k doesn’t go very far in SoCal, I chose to get a house in an area that’s 9/10th as good but at a price that 100-300k less. Which allows me the ability to live on one income so my wife can stay at home w/ the kid if she choose to w/out and worry about finances. I personally think have a stay at home parent who tutor the kids (in a school that’s 9/10th of the best) will yield a better result than both parents working and leaving it all up to the school even when the school is the best. No one know your kid better than you. Commute time is also huge for me, so 15 minute is the max I’d be comfortable with (regardless of everyday traffic).

I guess what I’m trying to say is, look past the generalization stigma against/for any one area and look at the data. Some area might surprise you and other might become not worth it to you.

[an]

nocommonsense, unfortunately, not all of us are lucky enough to double our investment in 3 years and sell before the pull back. Also, dream house to me is just that, a dream. Maybe I just dream too big. My dream house is panoramic ocean view on a quiet cul-de-sac in excellent school area. But unfortunately, it’ll still a dream probably for the rest of my life, unless I win the lottery.

With only $100k/yr. income, we all have to make sacrifice and find the balance for us individually. What’s a right balance for me is not a right balance for you or others.

I totally agree with UCGal though. Do your research in the schools and don’t just listen to generalization of anyone area. Since 100k doesn’t go very far in SoCal, I chose to get a house in an area that’s 9/10th as good but at a price that 100-300k less. Which allows me the ability to live on one income so my wife can stay at home w/ the kid if she choose to w/out and worry about finances. I personally think have a stay at home parent who tutor the kids (in a school that’s 9/10th of the best) will yield a better result than both parents working and leaving it all up to the school even when the school is the best. No one know your kid better than you. Commute time is also huge for me, so 15 minute is the max I’d be comfortable with (regardless of everyday traffic).

I guess what I’m trying to say is, look past the generalization stigma against/for any one area and look at the data. Some area might surprise you and other might become not worth it to you.

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