California is one of the most desirable places to live in the country. With gorgeous scenery, beautiful weather practically year-round, and tons of incredible things to see and do, it is no wonder so many people want to live in the Golden State.
Unfortunately, with such a large number of people moving to the area, housing is in high demand. Because of that, housing prices are astronomically high in most parts of California. Trying to afford to buy a house on an average salary can seem like an impossible feat. It is hard to imagine how anyone could afford to buy a house that costs half a million dollars when working at an ordinary job.
As it turns out, there are quite a few methods that people use to make living in California a little bit more affordable. One way that people make do is by starting out small and moving into nicer and nicer houses over time. For instance, they may start by buying a small condo. After living there for a few years, they can sell it and reinvest the money that they made from the sale into a new property. After a few more years, they can then sell this other property and reinvest the money again, repeating this process until they have moved up into their dream home.
Other people help make their mortgages more affordable by renting out part of their house. For instance, they may convert their garage into an apartment. Having extra rental income can help offset the high cost of the mortgage, making it much easier to afford the monthly payments.
In other cases, people choose to rent an apartment rather than buying a home. The cost of rent in California is high, but at least you don’t need to come up with a down payment when you are a renter. This can make it a more attractive option for people who are just starting out and don’t have a lot of money in savings.
Another option is to live outside of a major urban area. Property values tend to decrease dramatically the further outside of a city you get. Of course, there aren’t as many jobs in rural areas, which may make it difficult to find a balance between affordable housing and having a steady income.
These are some of the ways that people afford to live in California. It isn’t always easy. However, it is possible if you are willing to be creative with your finances and flexible with your lifestyle.