How do you afford to live in California? (Santa Rosa, Pasadena: to rent, car insurance)

[jaijai]

If you'll be living "who knows where" (as your post states) and you're considering all of these different areas then i assume you don't have employment?
So you're an m.d. who will be able to work anywhere in the state because why?
Just curious.
Also the communities and areas that you're considering are quite different from each other.
What are you basing your choices on?
Just curious.
Here.
Lots of stats (including annual incomes) for California communities with a population over 6000.
https://www.city-data.com/city/California.html

[k374]

Live comfortably solo? I would say for a single about $120-150k/yr will give you most things you need to live comfortably, the biggest expense is buying a home.. if you leave out the house and rent then you can half that to $75k-100k/yr.

Couples will need a minimum of around $200-300k/yr to live comfortably assuming they will have kids, need a bigger home, more unwilling to live in areas without good schools etc. Anything less than $200k/yr for a family is going to be a struggle here.

Home prices are still sky high even though they have dropped from astronomical levels but they are still very high compared to incomes. Incomes have also fallen and become much less stable than in the 70s and 80s where people had much more job security.

[mstnghu2]

If somebody is not capable of living comfortably in CA on $200k-$300k a year, they need a serious lesson in money management. It's possibly to live very well on that much income in CA, even in many of the nicer/safer areas of the state.

For the record, OP, not everybody in CA is rich (most aren't even close) and many people are not up to their eyeballs in debt.

[Snort]

Struggling is eating dirt in Bumfluk, Sudan.
Everyone's got a different definition.

[jaijai]

Originally Posted by mstnghu2

If somebody is not capable of living comfortably in CA on $200k-$300k a year, they need a serious lesson in money management. It's possibly to live very well on that much income in CA, even in many of the nicer/safer areas of the state.

For the record, OP, not everybody in CA is rich (most aren't even close) and many people are not up to their eyeballs in debt.

or a serious lesson in humility and simple living.

i assume you meant to say that many people "are up their eyeballs in debt"?

[SmoothBBQ]

Originally Posted by ragnarkar

Define "live"

I don't make anywhere near that and I "lived" on my own fine for almost 2 years..

Forgot to include my emoticon.

[jklmnop]

Originally Posted by jaijai

If you'll be living "who knows where" (as your post states) and you're considering all of these different areas then i assume you don't have employment?
So you're an m.d. who will be able to work anywhere in the state because why?
Just curious.
Also the communities and areas that you're considering are quite different from each other.
What are you basing your choices on?
Just curious.
Here.
Lots of stats (including annual incomes) for California communities with a population over 6000.
https://www.city-data.com/city/California.html

I am finishing my residency training this year and will start in July 2012. Don't have a job yet because I haven't decided which offers to take. My specialty is very flexible so I can basically choose where I want to live. Cost of living and affordability is a huge factor for me. Reasonable proximity to the ocean. Good public schools, a small garden, low crime etc.

[nullgeo]

Originally Posted by jklmnop

Yes this is a serious post. Like I said, after taxes my 20k/month becomes 14k/month. After student loans (medical school is expensive) 11k/month. 50% of my salary is gone before I know it. Mortgage for 600k home probably another 4k/month? Throw in utilities, car payments, savings/retirement, it goes pretty fast.

I wont be living the high life by any means. I will be driving a toyota tacoma to work, living in a 3bed single family home in who knows where. Hopefully somewhere nice/safe but definitely not beverly hills.

I am not complaining, just want to know how people get by on less in California? The average home in most areas I am looking at is in the 600k-700k price range. What salary do most people in these neighborhoods get by on?

Ok, serious post ... and, as I suspected, from a new MD. No, that's not a snarky comment ... I suspected because very (VERY) few people come to California with that kind of starting income and with their choice of so many places to live except doctors. Also, if you were in a financial-related field (investment banking, venture capital, etc.), or software engineering, you wouldn't have any questions about how to get by on that kind of income -- nor probably where you would be living.

So, serious answer: you'll get by almost anywhere -- once you put as much mind to personal economics as you have applied to getting through med school.

The reason you will read so many snarky comebacks here is, $200K + is a LOT of income, even for California. You are going to be very high on the scale. I understand your student loans are huge, and that is a major expense. But you are in a profession, as you know, that has no questionable future. Retirement and savings categories of your initial budget are VERY discretionary. You are not facing ANY danger of your industry suddenly taking a downturn or booting you for any reason. You can create your retirement when you have paid your student loans -- using the same budget.

Congratulations on your success entering the profession. Good luck finding the position you want. And welcome to California, the finest 163,696 sq mi on the planet earth.

[mstnghu2]

Originally Posted by jaijai

or a serious lesson in humility and simple living.

i assume you meant to say that many people "are up their eyeballs in debt"?

No, I said it right. I know a lot of people are in debt, but not everybody. The OP said that everybody seems to be rich or in tons of debt. There are a lot of people in CA who live beyond their means, but there are also quite a few of us who know how to manage our money properly.

[nullgeo]

Originally Posted by Snort

Struggling is eating dirt in Bumfluk, Sudan.
Everyone's got a different definition.

Ah yes: Bumfluk! I know it well. Gourmet dining destination. The dirt is simply and utterly unique. May I suggest a suitable red wine to go with?