I live in a coastal city in San Diego county. I am 5 miles from the beach. San Diego has the highest prices in California.
An average home is about $600,000 and I have seen one bedroom crap houses with no yards for over $400,000.
I live in a 3 bedroom, 2.5 bath condo. It is pretty much a regular house (2 car garage, yard, two story, no other units attached, etc.) only my home has a condo ownership, so its less money than a house.
My mother keeps talking about how one day my husband and I will want to move out of our home, but how will that be possible when a home here will make us house poor?
We could rent out our condo, but we would still need a huge loan. Or we could sell our home and put the money towards a new house but then we would still have a loan that is hundreds of thousands of dollars.
How is this possible? How do people afford to buy a home?
I can only see us buying a house out of state since California will bleed us dry!
My condo will be paid off next year. It would sell for over $400,000