Menu
This forum is no longer active. Please use the new forum at https://www.whitecoatinvestor.com/forum/

Northern California

Home Mortgages and Home Buying Northern California

  • Avatar MDaware
    Participant
    Status: Physician
    Posts: 9
    Joined: 02/12/2018

    It’s no secret how the WCI feels about NorCal. Financially I know it is not the smartest decision. However it’s possible my young family of 3 moves there as my wife is from the east bay and wants to be closer to family. Any N. California docs who don’t think it’s as bad as most make it out to seem or is it really that poor of a decision to move there?

    #238099 Reply
    Avatar G
    Participant
    Status: Physician, Small Business Owner
    Posts: 1905
    Joined: 01/08/2016

    So, east bay?  Otherwise, “norcal” is a big area.

    #238100 Reply
    Liked by adventure
    Avatar Peds
    Moderator
    Status: Physician
    Posts: 4715
    Joined: 01/08/2016

    Oaktown……no.

    #238101 Reply
    Avatar StarTrekDoc
    Participant
    Status: Physician
    Posts: 2150
    Joined: 01/15/2017
    Earnest refinancing bonus

    Purists will say NorCal is Redding 😉

    That said, Bay Area — East Bay is still a pretty wide swath ranging from Antioch to Berkeley to Oakland to Milpitas to Livermore — all with their own very unique personalities and subsequent price ranges and demographics.   The unifying factors — it’s all expensive and crowded and traffic is insane during rush hour compared to most anything outside of LA and NYC.   So is it worth it?   Well family is there — so that’s your answer #1 and really don’t get past that.

    OP if you have more specific locations and commutes and criteria, folk here can give you more insight into those markets.

    #238103 Reply
    Vagabond MD Vagabond MD
    Participant
    Status: Physician
    Posts: 3486
    Joined: 01/21/2016

    It’s no secret how the WCI feels about NorCal.

    Click to expand…

    You have to do what is best for your family, not what is best for @WCI.

    Just realize that living in the Bay Area might mean that you do not get to do other things. Your earned income just will not go as far.

    #238108 Reply
    Avatar AR
    Participant
    Status: Physician
    Posts: 874
    Joined: 03/10/2016

    Oaktown……no.

    Click to expand…

    Piedmont is probably fine.  It’s not technically Oakland, but it’s within the outer boundaries of Oakland.

    #238112 Reply
    Liked by Hank
    Avatar MDaware
    Participant
    Status: Physician
    Posts: 9
    Joined: 02/12/2018

    Sorry – should’ve been more specific. My wife’s family is in Danville and we’d probably want to be about 30 minutes or less to Danville.

    #238114 Reply
    Avatar Tim
    Participant
    Status: Accountant
    Posts: 3381
    Joined: 09/18/2018

    Just a suggestion:
    Taxes , housing , and retirement savings are the 3 big rocks for a family of three. Some areas the need for private schools plays into the housing costs.
    Compensation, job, and location.
    It’s just the math for Nocal, the taxes and housing are going to be higher. Either your retirement savings or spending will take the hit.

    Wants to live Nocal will come at a price. It’s a personal choice. By the way, proximity to family can take on various flavors. You can run the math then you have a financial/lifestyle choice to make.

    For some it’s worth it, some it’s not. Good luck.

    #238116 Reply
    Liked by Infinity
    Avatar G
    Participant
    Status: Physician, Small Business Owner
    Posts: 1905
    Joined: 01/08/2016
    probably want to be about 30 minutes or less

    Click to expand…

    so you’re saying your radius is about 2.5 miles?  😉

    Avatar StarTrekDoc
    Participant
    Status: Physician
    Posts: 2150
    Joined: 01/15/2017

    TriValley area is great please.  They don’t call is Pleasanton for no reason.  You’ll be able to get anything from Condo to starter home huge mansion within 30min of Danville.

    High end small town? – Lamorinda

    Metroish culture – Walnut creek

    CountryClub – Blackhawk and Ruby Hills

    midsize – suburbia – Danville, Pleasanton –  650/580

    Commute really does matter where you are and where the work is:  If you work in Walnut Creek, living in Danville or Pleasanton is fine, but Not Livermore.  If you work in ValleyCare in Pleasanton, don’t live in Lamorinda.

    #238120 Reply
    Avatar Tim
    Participant
    Status: Accountant
    Posts: 3381
    Joined: 09/18/2018

    Denver is not considered a LCOL place.
    You may absolutely love Danville. This one ignores taxes. My intent is simply to let you know the difference where you are moving from can be a lot different. On a physician’s compensation, you definitely can do it.
    https://www.bestplaces.net/cost-of-living/denver-co/danville-ca/300000
    2019 Cost of Living Calculator:
    Denver, Colorado vs Danville, California
    Change Places
    A salary of $300,000 in Denver, Colorado should increase to $609,986 in Danville, California (assumptions include Homeowner, no Child Care, and Taxes are not considered. Click here to customize.)
    Comparison Highlights
    – Overall, Danville, California is 103.3% more expensive than Denver, Colorado
    – Median Home Cost is the biggest factor in the cost of living difference.
    – Median Home Cost is 212% more expensive in Danville.

    #238129 Reply
    Avatar Kamban
    Participant
    Status: Physician
    Posts: 2584
    Joined: 08/01/2016
    However it’s possible my young family of 3 moves there as my wife is from the east bay and wants to be closer to family. Any N. California docs who don’t think it’s as bad as most make it out to seem or is it really that poor of a decision to move there?

    Click to expand…

    The thing no one has asked so far is what specialty are you in, what amount will you earn and if you plan to buy a house.

    If you are a invasive cardiologist or neurosurgeon making >750K then it does not matter. But if you are a family doc or pediatrician making $200K then you might have a hard time. And what does your spouse do. Does she work in tech or is a teacher or SAHM. Do you have loans to repay. Do you plan to have more children.

    Run those incomes / expenses numbers on a spreadsheet and make the decision. Relocation might be costly later.

     

    #238130 Reply
    Avatar MDaware
    Participant
    Status: Physician
    Posts: 9
    Joined: 02/12/2018

    I’m EM. 3 years out of residency. Did locums for a bit after residency so don’t have any loans. Haven’t applied in the area yet but am guessing income would be around 325-350k. Wife is currently stay at home mom. Would be planning to have more kids and would be planning to buy a house.

    #238131 Reply
    Avatar StarTrekDoc
    Participant
    Status: Physician
    Posts: 2150
    Joined: 01/15/2017

    Get a job and location.  big spaces between John Muir, Eden, ValleyCare, VA, Kaiser

    That will drive your ultimate location decisions.   Schooling for kids too:  public school will keep you in the Lamorinda vs Danville vs Pleasanton.  If private, commutes will dictate those too depending on your level of private schools (like Athenian)

    #238136 Reply
    Liked by Zaphod, SLC OB
    SLC OB SLC OB
    Participant
    Status: Physician
    Posts: 616
    Joined: 06/23/2018

    I’m EM. 3 years out of residency. Did locums for a bit after residency so don’t have any loans. Haven’t applied in the area yet but am guessing income would be around 325-350k. Wife is currently stay at home mom. Would be planning to have more kids and would be planning to buy a house.

    Click to expand…

    Where are you now? Does your wife need to be that close to her family? Would being slightly east be an option? Would think it would be cheaper in the Fairfield/Vacaville areas. Or move even farther east, to Sac/Rocklin/Roseville… I know in my area (Tahoe) that type of salary with a SAHM would be fine but on the lower side to survive with buying a home. The really nice part about us is the public schools are amazing!

    #238138 Reply

Reply To: Northern California

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear