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Is $200k enough in California?
My wife and I are considering a move to Sacramento, but $200k is all we have saved for a down payment and moving expenses. We both have remote jobs earning a combined $250k annually. Is that enough to live comfortably and eventually buy a decent house, or should we consider other, more affordable states? We're not tied to California, but the job opportunities are good in our fields.
2 Answers
8
94d ago
That down payment gives you some flexibility, but an $800k mortgage in the Bay Area right now means significant monthly payments, especially with current interest rates. Look closely at property taxes and potential HOA fees, as those can add hundreds or even thousands to your monthly housing costs. Location is key; consider areas like the East Bay (e.g., Hayward, Union City) or the outer Peninsula (e.g., San Bruno, Millbrae) for more affordable options. Don't rule out fixer-uppers if you're willing to put in some work.
5
97d ago
That income should be sufficient for comfortable living in Sacramento. Focus on saving aggressively for a down payment, aiming for at least 20% to avoid PMI. Explore different neighborhoods; some are more affordable than others. Consider pre-approval for a mortgage to understand your buying power. Don't forget to factor in property taxes, which can be significant.