Our home: the biggest expense in our lives
Housing , PART 1
Housing construction is booming in California City and a great deal of the existing homes are very new.
You won’t have much trouble finding an existing home that is move-in ready. You won’t be paying $800k for a “fixer-upper” in this city!
Can’t find exactly what you want? That’s not a problem here. The amount of open land allows you to pick open land in virtually any area that interests you. Now you just need to find that perfect floor plan.
Housing, PART 2 (doing the math)
That $800k home isn't $800k
The monthly mortgage for a home that costs $800,000 is just over $4k per month. That isn’t the scary number, look at how much that home will cost you over the life of a 30-year loan. The scary number is $1.4 million!
Ask yourself how much your salary needs to be to afford $4,000 per month just for a roof over your head.
AVERAGE HOME PRICE?
The median home price in LA is $910k. That's $1.8 MILLION at the end of the loan (or $4,600 per month).
San Francisco is even worse: $1.5 million median home price and $2.7 million dollars at the end of your loan ($7,600 per month).
California City (click this for the answer)
Homes in California City
The median home price in California City is $255k. That is only $465k after the entire 30-year loan ($1,300/mo).
Yes, you're saving $3,000 per month. Imagine giving yourself a $36k/yr raise!
Housing, PART 3 (you can still afford this)
If you come from a metropolitan area, you may be discouraged by the high prices for homes. You think, “I will be renting for the rest of my life”.
Don’t settle for that. In California City, not only can you afford a home still, but you can afford a brand new home.