For those who moved "to CA"

TrumpetDoc

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    Hello, wanting to get some perspective here.
    Considering a job in S. CA. Have a family of 5 (5,2and 1 yr olds). Pay will be around 170/hr from what I gather. While seems great I know the C.O.L. is a far cry from Nevada.
    Just wondering of any other fairly large family guys/gals out there have any input as to what size place one cab realistically get (no second income)? Are most renting? Looking NW LA county/ T. O. / that area to live.
    Why? Family just really needs a change. We have family in the area and there is just so much to offer family wise. Visit there a bunch but not until recently, considered the move and financials.
    Thanks!
     

    The White Coat Investor

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      You have to make a serious commitment to that cost of living. You will work longer, live in a smaller house, have crappier stuff, and take fewer nice vacations by making the decision to live in California. To make matters worse, instead of getting the higher pay that most Californians get, you'll get lower pay due to crappy reimbursements, crappy MediCal, lots of non-paying illegal immigrants etc. Then, on what little income you make, you'll have to pay 9.3% state tax on. That's precisely 9.3% higher than Nevada's tax. Or, on a typical emergency doc's income about $25K a year.

      Sure, you get lots of sunshine, beach time, and Disneyland, but only you can decide if it is worth it.

      That said, if you think it is worth it, now may be a decent time to go. Interest rates at all time lows and housing prices way down from the peak. Could be worse times to buy a house. But keep in mind any decent house in California requires a jumbo loan, which is tough to service even on a doctor's income.

      $170K/hour*140 hours/month*12 months= $285K. Subtract out maybe $60K for federal taxes, another $25K for California taxes, another $75K a year for a mortgage and property taxes on a million dollar house, $50K a year in some kind of retirement savings plan and you're left with $6K a month to live on. Can you do that? Probably, but it will amaze you how quickly nearly $300K a year can disappear.
       

      EctopicFetus

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        You have to make a serious commitment to that cost of living. You will work longer, live in a smaller house, have crappier stuff, and take fewer nice vacations by making the decision to live in California. To make matters worse, instead of getting the higher pay that most Californians get, you'll get lower pay due to crappy reimbursements, crappy MediCal, lots of non-paying illegal immigrants etc. Then, on what little income you make, you'll have to pay 9.3% state tax on. That's precisely 9.3% higher than Nevada's tax. Or, on a typical emergency doc's income about $25K a year.

        Sure, you get lots of sunshine, beach time, and Disneyland, but only you can decide if it is worth it.

        That said, if you think it is worth it, now may be a decent time to go. Interest rates at all time lows and housing prices way down from the peak. Could be worse times to buy a house. But keep in mind any decent house in California requires a jumbo loan, which is tough to service even on a doctor's income.

        $170K/hour*140 hours/month*12 months= $285K. Subtract out maybe $60K for federal taxes, another $25K for California taxes, another $75K a year for a mortgage and property taxes on a million dollar house, $50K a year in some kind of retirement savings plan and you're left with $6K a month to live on. Can you do that? Probably, but it will amaze you how quickly nearly $300K a year can disappear.

        +1 great post.. keep in mind the 6k is stuff for kids, vacations, loans, cars etc.
         
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        docB

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          The COL in NV is no where near as low as it used to be in comparison to CA. As we've caught up in terms of social problems (infrastructure, schools, homelessness, etc.) we've lost some of that big bonus you get by living here. I'd say that at this point the biggest difference is in the 10% you pay in state income tax. You also get more house for your money here but that's also because we have the worst housing market in the country.
           

          The White Coat Investor

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            The COL in NV is no where near as low as it used to be in comparison to CA. As we've caught up in terms of social problems (infrastructure, schools, homelessness, etc.) we've lost some of that big bonus you get by living here. I'd say that at this point the biggest difference is in the 10% you pay in state income tax. You also get more house for your money here but that's also because we have the worst housing market in the country.

            Vegas has its issues, but to think the biggest difference between Southern California and Vegas is the taxes is crazy. The average home price in Thousand Oaks is $640K (91362). That includes townhomes, condos etc.

            The current median asking price in Las Vegas is $120K.

            Seems like that makes a bit larger difference than the taxes.
             

            docB

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              Vegas has its issues, but to think the biggest difference between Southern California and Vegas is the taxes is crazy. The average home price in Thousand Oaks is $640K (91362). That includes townhomes, condos etc.

              The current median asking price in Las Vegas is $120K.

              Seems like that makes a bit larger difference than the taxes.

              Not to be picky but comparing Thousand Oaks and the Las Vegas Median is like apples and oranges, or more like mansions and trailer parks. I'll grant you that you get more hourse for your money here. But the difference is not what it used to be.
               

              bulgethetwine

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                Not to be picky but comparing Thousand Oaks and the Las Vegas Median is like apples and oranges, or more like mansions and trailer parks. I'll grant you that you get more hourse for your money here. But the difference is not what it used to be.

                I think both of your posts were 'fail'.

                No way the difference can be rationalized as just the state tax differential.

                No way comparing Vegas median is at all relevant to 1000' Oaks housing prices.
                 

                docB

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                  I'm not following you here.
                  I think both of your posts were 'fail'.
                  Ok. Got that.
                  No way the difference can be rationalized as just the state tax differential.
                  Ok. Why not?
                  No way comparing Vegas median is at all relevant to 1000' Oaks housing prices.
                  Here's where you lose me. That was my point. Are you agreeing with me and joining me in my "fail" or did you get confused about who was saying what?
                   
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                  The White Coat Investor

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                    Not to be picky but comparing Thousand Oaks and the Las Vegas Median is like apples and oranges, or more like mansions and trailer parks. I'll grant you that you get more hourse for your money here. But the difference is not what it used to be.

                    All I had to go on was the two locations the OP offered. He said thousand oaks. And he said "Nevada" so I used all of Las Vegas. Sure, he's not going to be living in a $100K house in Vegas. But truthfully, he probably won't be living in the $600K house in thousand oaks. That one is probably only 900 square feet.
                     

                    Cooperd0g

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                      Yes, but Texas has beaches, no income tax, and parts of it even have a climate.
                      .

                      Texas beaches blow. It is hot, humid, and virtually no topography for most of the state. But it does not have income tax.

                      CA sucks financially and politically. Regardless of being liberal or conservative, the state is teetering on bankruptcy. But it does have some of the absolute best geography in the 48 states.

                      I'm not a Vegas guy, but I do really like Reno. It can be rather scudzy in some places, but there are some nice neighborhoods and you have incredible access to some of the same geography as California - at least the mountains and desert stuff (You can keep the beaches).

                      Not everything can be rationalized with dollar signs though. TrumpetDoc said he needs a change. Just be sure that you are willing to accept all aspects associated with that change because some are good and some aren't. The grass is not always greener on the other side.
                       

                      SepulvedaMD

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                        All I had to go on was the two locations the OP offered. He said thousand oaks. And he said "Nevada" so I used all of Las Vegas. Sure, he's not going to be living in a $100K house in Vegas. But truthfully, he probably won't be living in the $600K house in thousand oaks. That one is probably only 900 square feet.

                        Not exactly, I looked. I'm am dead set on living in southern cal when all is said and done. In TO 600K gets you 2400sqft, but in Westchester, closer to the sand its pretty close to 900 for that price.

                        Location, location, location.

                        I as am progressing through my training I am realizing how large a task it will be to find a home, since I'm certain of staying in SoCal
                         

                        The White Coat Investor

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                          Texas beaches blow. It is hot, humid, and virtually no topography for most of the state. But it does not have income tax.

                          CA sucks financially and politically. Regardless of being liberal or conservative, the state is teetering on bankruptcy. But it does have some of the absolute best geography in the 48 states.

                          I'm not a Vegas guy, but I do really like Reno. It can be rather scudzy in some places, but there are some nice neighborhoods and you have incredible access to some of the same geography as California - at least the mountains and desert stuff (You can keep the beaches).

                          Not everything can be rationalized with dollar signs though. TrumpetDoc said he needs a change. Just be sure that you are willing to accept all aspects associated with that change because some are good and some aren't. The grass is not always greener on the other side.

                          I liked Reno too for all the same reasons. But there are only two groups really and one makes you work nights for years and the other didn't hire the year I needed a job.
                           

                          ceng2doc

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                            Not exactly, I looked. I'm am dead set on living in southern cal when all is said and done. In TO 600K gets you 2400sqft, but in Westchester, closer to the sand its pretty close to 900 for that price.

                            Location, location, location.

                            I as am progressing through my training I am realizing how large a task it will be to find a home, since I'm certain of staying in SoCal
                            +1

                            OP - I'd try Calabasas, Woodland Hills, Sherman Oaks, Tarzana, etc., too. They've good schools in those neighborhoods, and you've kids. You can hardly find an open store for shopping after 8:00pm at Thousand Oaks, and I feel no vibe in there. Even Northridge has a lot to offer, and it has CSUN close by.
                             

                            SepulvedaMD

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                              +1

                              OP - I'd try Calabasas, Woodland Hills, Sherman Oaks, Tarzana, etc., too. They've good schools in those neighborhoods, and you've kids. You can hardly find an open store for shopping after 8:00pm at Thousand Oaks, and I feel no vibe in there. Even Northridge has a lot to offer, and it has CSUN close by.

                              Yeah, the whole SF valley has nice little pockets. Toluca Lake, Burbank, Then further west is Camarillo, Newberry Park, and east is Glendale. Lots of places, not to mention that the valley does stay awake late into the night.

                              But, since it's LA it will really come down to where you will be working and how far/long you are willing to commute.

                              Happy hunting!
                               

                              roja

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                                This is a *very* personal decision. I grew up in texas, lived and trained in nyc and have been in nocal for 3 years. I don't think I will leave here anytime soon. Yes, I don't have a giant house, not even close. my 'pay' is much less than my friends in places like vegas. But I LOVE living here. I have family here, amazing friends, there are more people who are like minded than me. I love the weather. For me, it is well worth the 'downsides' to the state.

                                But again, its personal. How do you want to live? Do you have family? What type of community do you want? What are your expectations for homes, yards, things? Nope, I don't go on cruises... I hope in my economy car and drive 40 minutes to some of the most beautiful parts of the country (I think).

                                Every place has plusses and minuses. And each one weighs differently for different people. Only you can decide...

                                California is pricier.. that said, you will still live better than most of the country. Its liberal... for some, this is good, others bad. :) Its beautiful, but not some peoples kind of beautiful.
                                 

                                SepulvedaMD

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                                  Any opinions on Santa Clarita? I was looking at Sherman Oaks and Silverlake but the commute would be beyond ridonkulous, even with me doing off-hours.

                                  Not as familiar with Santa Clarita, but there are nice areas in Valencia, Granada Hills, Porter Ranch, and Saugus. These are all pretty suburban, but along the 405/5 freeway.
                                   

                                  njac

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                                    I took a job up 14. I'm actually an EM Pharmacist.

                                    But I'm almost 28 and single and scared of living up there. :scared:


                                    I like cool old houses. Those don't exist in the Antelope Valley. I have a dog so I'd like to have a yard, so that cuts out most of the apartment complexes...
                                     

                                    ceng2doc

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                                      I took a job up 14. I'm actually an EM Pharmacist.

                                      But I'm almost 28 and single and scared of living up there. :scared:


                                      I like cool old houses. Those don't exist in the Antelope Valley. I have a dog so I'd like to have a yard, so that cuts out most of the apartment complexes...
                                      Then, look for another job down in vivid L.A., my friend. Something has to give, right? :)
                                       
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