What's up with Bay Area real estate?
My ma and I are looking for a townhouse to purchase. It’s time to stop renting and put all the hard-earned dollars to an investment.
If you don’t know, California real estate is expensive, especially in the Bay Area. I scratch my head everytime I calculate mortgage payments. How do people afford even the entry level homes which are priced between $500k to $600k. It’s RIDICULOUS! With the uncertainty of the economy and the threat of offshoring, how can i live my American dream? Mortgage payments on a $450k loan works out to $2500+ per month—mortgage and property tax payments. It’s somewhat doable, but why strap myself down to a 30 year ball and chain when renting will allow me to sleep much easier at night?
Chris Rock talked about wealth and being rich. Shaq Diesel is rich. He can buy a Bentley on a whim. Jerry Buss, the Lakers owner, is wealthy. He writes checks to Shaq, but he makes much more than those checks in revenues off of O’Neal’s popularity (as well as his teammates). Buss can prolly buy an island on a whim. He has the ability to quit his ventures and continue to spend at the same speed. Man, it must be nice to have $$$.
I’m fretting over finances on a Saturday night. Shameful.