Is Los Angeles a good place long term to live financially?

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GrayS26
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Is Los Angeles a good place long term to live financially?

Post by GrayS26 »

I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

I have around ~820k, and get about ~100k a year. I also have access to more if I needed it, but would hopefully never need to spend more. I also have money I’ll get later in my life, but it’s when I’m much older.
MotoTrojan
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Re: Is Los Angeles a good place long term to live financially?

Post by MotoTrojan »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

I have around ~820k, and get about ~100k a year. I also have access to more if I needed it, but would hopefully never need to spend more. I also have money I’ll get later in my life, but it’s when I’m much older.
#3 almost reads as satire, but probably a good city for the beauty at-least :).

A “very big house” will be very expensive in LA. Otherwise the cost of living isn’t insane and can fit any budget. I make a similar amount and haven’t thought about buying a home seriously yet.

Good luck in life!
SrGrumpy
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Re: Is Los Angeles a good place long term to live financially?

Post by SrGrumpy »

You'll hate it. And the Kardashians are taken.

(We have too many people here already.)
mega317
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Re: Is Los Angeles a good place long term to live financially?

Post by mega317 »

1. I'm sure they have MBA schools.
2. "Good paying" can be defined a number of ways.
3. Counterpoint--in LA there are lots of beautiful men with high net worth competing for those women. (Edit: I don't like how I phrased this. I think the point I was trying to make is apparent, but I didn't do it well. Sorry.)
4. HAHAHA. With savings of 800k and income of 100k you'd be lucky to afford a 1BR. I just looked up on Zillow the 550 square foot apartment I used to rent in Santa Monica, which is now estimated at 1.3 million. Good luck.

I guess "access to more if I need it" leaves a lot of possibilities.
Last edited by mega317 on Tue Apr 17, 2018 5:02 pm, edited 1 time in total.
Thesaints
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Re: Is Los Angeles a good place long term to live financially?

Post by Thesaints »

LA is big. It is possible to find affordable big houses, but that's not where beautiful high net worth women hang out.
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Re: Is Los Angeles a good place long term to live financially?

Post by Freefun »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

I have around ~820k, and get about ~100k a year. I also have access to more if I needed it, but would hopefully never need to spend more. I also have money I’ll get later in my life, but it’s when I’m much older.
Post that on Craigslist / LA and maybe someone will contact you with all 4 at the same time.
Or maybe just #3. Can't hurt to try.
Remember when you wanted what you currently have?
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Re: Is Los Angeles a good place long term to live financially?

Post by Grt2bOutdoors »

Craigslist personal ads have been removed from the board, but OP can write an ad and see what sticks.
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Pajamas
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Re: Is Los Angeles a good place long term to live financially?

Post by Pajamas »

L.A. is expensive but many people obviously do find it worthwhile to live there. The weather in southern California is certainly pleasant compared to some other areas.

The number of spots in good business schools is limited, so start applying to see which ones in L.A. will admit you. Depending on your flexibility, you could also consider going to a good business school somewhere else and then finding a job in L.A. and moving there.
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Re: Is Los Angeles a good place long term to live financially?

Post by stuper1 »

Tell us a bit more about yourself and your interests. Do you have any hobbies? What do you like to do with your free time?

Frankly, I'm thinking that if you have to ask whether LA is expensive, then it's probably more expensive than you will be comfortable with. I bet the wise people on this forum can suggest some better places for you to live that don't cost so much if we just know a bit more about what makes you tick.

You can get a good education, a good job, a good wife, and a good house in a lot of places. Life can be a lot more enjoyable if you aren't a slave to your job just to pay the bills.

By the way, here's a little free advice on looking for a wife: don't worry so much about how she looks; worry more about whether you have a good time together. Does she make you laugh? That's a good sign. If you marry just for looks, you have a large chance of ending in divorce. And then there goes half of all your assets, not to mention the emotional damage.
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Re: Is Los Angeles a good place long term to live financially?

Post by VictoriaF »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
The best market for beautiful rich women is New York City. If you are any good, organize an auction.

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Re: Is Los Angeles a good place long term to live financially?

Post by Jack FFR1846 »

You should be able to find a reasonable, standard size spot to park yourself for about $150k.

Of course, I'm talking about a single parking space.
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Re: Is Los Angeles a good place long term to live financially?

Post by tesuzuki2002 »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

I have around ~820k, and get about ~100k a year. I also have access to more if I needed it, but would hopefully never need to spend more. I also have money I’ll get later in my life, but it’s when I’m much older.
I've lived in LA area now for 4 years. I make roughly $130K a year. I have $1M Networth... I really want to get out.. I could make much better progress for life objectives if I were living somewhere else. Everything here is costly and while the income off sets things... it is not enough.
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Re: Is Los Angeles a good place long term to live financially?

Post by PFInterest »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

I have around ~820k, and get about ~100k a year. I also have access to more if I needed it, but would hopefully never need to spend more. I also have money I’ll get later in my life, but it’s when I’m much older.
i just cant......
its one of the most expensive areas in the nation. sure not SF or NYC but its not iowa....
depends where you live. LAC is 11MM people, and 4.5M sq miles....
there is USC and that other terrible school. where are you looking?
no guarantee of that but it depends what industry.
haha....what are you like 18 years old?
if you want a big house LA is not the place. move out to the burbs and you can size up appropriately.
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Watty
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Re: Is Los Angeles a good place long term to live financially?

Post by Watty »

LA is a funny place, some people love it and some people hate it.

I have only been there a few times but to me there are a lot better places in Southern California like San Diego or the California coast north of LA if you really want to move there.
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm Is LA expensive?
They say a picture is worth a thousand words.

I don't know the areas in LA but here is an example of the type of house you could get there for your $800K

https://www.realtor.com/realestateandho ... 711#photo0

Here is an example of the type of house you could get here in the suburbs of Atlanta for $800K

https://www.realtor.com/realestateandho ... A639371858

Yes it is expensive and not only is the housing expensive but the California income taxes are also high for someone with a high income.

One other caution. Financially even though you apparently have a lot of means from a trust or something you would be a small fish in a very big pond if you move there and got involved with the real high income crowd so you would need to be prepared for that. Reading way in between the lines I would suspect that being someplace where you could be the big fish in a medium size pond might we worth considering.
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm 3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
As the old saying goes, "Be careful what you ask for, you might get it."
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Re: Is Los Angeles a good place long term to live financially?

Post by General Disarray »

If you achieve #2 and #4, and also offer some other things of more substance (and I'm not talking about a luxury car either), perhaps you will then attain #3.

Do you have any intrinsic goals? The goals you have listed are all extrinsic ones, motivated by outward appearance/external rewards (such as the beautiful woman, big house, high income).
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bligh
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Re: Is Los Angeles a good place long term to live financially?

Post by bligh »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm Is LA expensive?
Yes. Yes it most definitely is.
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?
Pursuing your goals is always worth the cost.

Good luck!
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Re: Is Los Angeles a good place long term to live financially?

Post by GCD »

Hmmm. I lived in LA for awhile. You didn't post the skills/attributes you possess that would give some indication of whether you could get into a good MBA school or not. I suppose if you got #2 to enhance that 820K then you might get a #3.

LA has a very fitness oriented culture. It's the only place I have ever lived that had healthy fast food and restaraunts aimed at body builders. So yes, the women tend to be good looking. But you will have a lot of competition for them. And the numbers you threw out are utterly unimpressive in LA. So unless you achieve #1 on the way to #2 and enhance your assets dramatically you probably won't land a #3.

There are quite a few good looking gold diggers in West Virginia that would probably be impressed with 820K though!
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Re: Is Los Angeles a good place long term to live financially?

Post by LarryAllen »

On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
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Re: Is Los Angeles a good place long term to live financially?

Post by FireSekr »

tesuzuki2002 wrote: Tue Apr 17, 2018 5:18 pm
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

I have around ~820k, and get about ~100k a year. I also have access to more if I needed it, but would hopefully never need to spend more. I also have money I’ll get later in my life, but it’s when I’m much older.
I've lived in LA area now for 4 years. I make roughly $130K a year. I have $1M Networth... I really want to get out.. I could make much better progress for life objectives if I were living somewhere else. Everything here is costly and while the income off sets things... it is not enough.
Similar situation financially and I feel the same way. Can't wait to get out

I've lived in several other cities and this is the worst because it's not even a city its just a sprawling suburb. People are pretentious and superficial compared to other cities (yes even New York) and I think a significant drop off in IQ out here is apparent due to people spending so much time driving and not using their brain. Everything is an effort here too. Want to go get dinner with some friends? good luck getting your friends who live in different parts of the "city" to meet up because nobody wants to battle traffic so they all want to meet in the most convenient spot for them.

The only thing I like about LA is the weather and being able to go to the beach and the mountains in the same day. I also love my company and the work I'm doing. Once I stop enjoying the company/team, i'm gone.

Also, there are no good MBA programs in LA. For an MBA to be worth it you need to go to a top 10 maybe top 20. UCLA Anderson may be in the top 20 its been a while since I checked.

NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.
Last edited by FireSekr on Tue Apr 17, 2018 5:38 pm, edited 1 time in total.
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Re: Is Los Angeles a good place long term to live financially?

Post by triceratop »

LarryAllen wrote: Tue Apr 17, 2018 5:31 pm On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
I do it on a third of that.
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Re: Is Los Angeles a good place long term to live financially?

Post by Thesaints »

Guess you have owned your home for a long time.
Last edited by Thesaints on Tue Apr 17, 2018 5:41 pm, edited 2 times in total.
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Re: Is Los Angeles a good place long term to live financially?

Post by LarryAllen »

ssquared87 wrote: Tue Apr 17, 2018 5:36 pm ....
Also, there are no good MBA programs in LA. For an MBA to be worth it you need to go to a top 10 maybe top 20. UCLA Anderson may be in the top 20 its been a while since I checked.
....
I believe USC and UCLA are in the top 20 so that's what... 10% of the top 20 in one city!? That's not too shabby. Plus, the connections one would make it at SC would be well worth it.
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Re: Is Los Angeles a good place long term to live financially?

Post by LarryAllen »

triceratop wrote: Tue Apr 17, 2018 5:38 pm
LarryAllen wrote: Tue Apr 17, 2018 5:31 pm On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
I do it on a third of that.
What part of LA do you live in? Riverside? To live in the city of Los Angeles, in a decent neighborhood, I think it would be very hard to live on $100k. I'll stand by my statement. Is it possible? I suppose it's possible but it's going to be an extremely tight budget and our definitions of "decent" might be different. Good for you if I am wrong.
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Re: Is Los Angeles a good place long term to live financially?

Post by FireSekr »

LarryAllen wrote: Tue Apr 17, 2018 5:40 pm
ssquared87 wrote: Tue Apr 17, 2018 5:36 pm ....
Also, there are no good MBA programs in LA. For an MBA to be worth it you need to go to a top 10 maybe top 20. UCLA Anderson may be in the top 20 its been a while since I checked.
....
I believe USC and UCLA are in the top 20 so that's what... 10% of the top 20 in one city!? That's not too shabby. Plus, the connections one would make it at SC would be well worth it.
UCLA has an unbelievably beautiful campus too. I haven't seen USC

UCLA has far better status in the business community outside of CA. In Cali, USC Marshall is very well respected, but in NY or London they'll know UCLA Anderson but not USC Marshall.
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Re: Is Los Angeles a good place long term to live financially?

Post by tesuzuki2002 »

ssquared87 wrote: Tue Apr 17, 2018 5:36 pm
tesuzuki2002 wrote: Tue Apr 17, 2018 5:18 pm
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

I have around ~820k, and get about ~100k a year. I also have access to more if I needed it, but would hopefully never need to spend more. I also have money I’ll get later in my life, but it’s when I’m much older.
I've lived in LA area now for 4 years. I make roughly $130K a year. I have $1M Networth... I really want to get out.. I could make much better progress for life objectives if I were living somewhere else. Everything here is costly and while the income off sets things... it is not enough.
Similar situation financially and I feel the same way. Can't wait to get out

I've lived in several other cities and this is the worst because it's not even a city its just a sprawling suburb. People are pretentious and superficial compared to other cities (yes even New York) and I think a significant drop off in IQ out here is apparent due to people spending so much time driving and not using their brain. Everything is an effort here too. Want to go get dinner with some friends? good luck getting your friends who live in different parts of the "city" to meet up because nobody wants to battle traffic so they all want to meet in the most convenient spot for them.

The only thing I like about LA is the weather and being able to go to the beach and the mountains in the same day. I also love my company and the work I'm doing. Once I stop enjoying the company/team, i'm gone.

Also, there are no good MBA programs in LA. For an MBA to be worth it you need to go to a top 10 maybe top 20. UCLA Anderson may be in the top 20 its been a while since I checked.

NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.

I absolutely can not DEAL with traffic at all. I almost moved 1 week after coming here. I bought a motorcycle instead another week later. Haven't looked back. But the Taxes in general are higher, and no HSA recognition from CA. Those are big losses for me that I don't feel my income off sets. I could be in a similar income area else where and pay a bit less in taxes.. Still evaluating... You nailed it. There are only a few places in the US I can do my job and the folks on my team are world class....
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Re: Is Los Angeles a good place long term to live financially?

Post by FireSekr »

LarryAllen wrote: Tue Apr 17, 2018 5:43 pm
triceratop wrote: Tue Apr 17, 2018 5:38 pm
LarryAllen wrote: Tue Apr 17, 2018 5:31 pm On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
I do it on a third of that.
What part of LA do you live in? Riverside? To live in the city of Los Angeles, in a decent neighborhood, I think it would be very hard to live on $100k. I'll stand by my statement. Is it possible? I suppose it's possible but it's going to be an extremely tight budget and our definitions of "decent" might be different. Good for you if I am wrong.
Could also be splitting a 2 bedroom apartment between 3 or 4 people.

Just because you can get away with it doesn't mean others will be comfortable penny pinching to that degree.
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Re: Is Los Angeles a good place long term to live financially?

Post by Pajamas »

ssquared87 wrote: Tue Apr 17, 2018 5:36 pm
NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.
Actually NYC is #1 for cities with the longest commutes while LA is something like #8 or #10. U.S. Census Bureau data.
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Re: Is Los Angeles a good place long term to live financially?

Post by triceratop »

LarryAllen wrote: Tue Apr 17, 2018 5:43 pm
triceratop wrote: Tue Apr 17, 2018 5:38 pm
LarryAllen wrote: Tue Apr 17, 2018 5:31 pm On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
I do it on a third of that.
What part of LA do you live in? Riverside? To live in the city of Los Angeles, in a decent neighborhood, I think it would be very hard to live on $100k. I'll stand by my statement. Is it possible? I suppose it's possible but it's going to be an extremely tight budget and our definitions of "decent" might be different. Good for you if I am wrong.
Fair enough; while I am in LA county I am in a different city (though not that far away, and not particularly lower COL)

I also save a substantial amount of my income.

I suspect our definitions are different for “decent” but I don’t think I would/will spend much more if/when I make more.

OP, I would reconsider #3 as a priority.
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Re: Is Los Angeles a good place long term to live financially?

Post by FireSekr »

Pajamas wrote: Tue Apr 17, 2018 5:51 pm
ssquared87 wrote: Tue Apr 17, 2018 5:36 pm
NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.
Actually NYC is #1 for cities with the longest commutes while LA is something like #8 or #10. U.S. Census Bureau data.
Thats skewed up by people taking the subway long distances. Taking the subway from Upper East Side to Financial District took me about 10 minutes less than taking a train to Long island which is 30 miles further away.

If you live in NYC, you can live close to work and just walk, which is what I basically did every day. If you live in the suburb, you can do work on the train.

In Cali, you need to drive everywhere so you can't make use of the travel time. Living in NYC you can also walk to restaurants and bars. In LA, very few residential areas are walking distance to a lot of bars and restaurants (Pasadena, Santa Monica, Westwood, downtown Culver are the exceptions and even those places are huge so only portions of them are walkable)
Last edited by FireSekr on Tue Apr 17, 2018 5:58 pm, edited 1 time in total.
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Re: Is Los Angeles a good place long term to live financially?

Post by triceratop »

Pajamas wrote: Tue Apr 17, 2018 5:51 pm
ssquared87 wrote: Tue Apr 17, 2018 5:36 pm
NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.
Actually NYC is #1 for cities with the longest commutes while LA is something like #8 or #10. U.S. Census Bureau data.
If this is hard to believe consider that growing up I knew people in Manahawkin NJ who commuted to NYC.
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Re: Is Los Angeles a good place long term to live financially?

Post by mega317 »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house
Plenty of good business schools, good paying jobs, and very big houses outside of LA. #3 is a strange statement to say the least but I will say if that is truly one of your top 4 life goals there are better ways to do it than show up in LA for business school.
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Re: Is Los Angeles a good place long term to live financially?

Post by PFInterest »

LarryAllen wrote: Tue Apr 17, 2018 5:43 pm
triceratop wrote: Tue Apr 17, 2018 5:38 pm
LarryAllen wrote: Tue Apr 17, 2018 5:31 pm On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
I do it on a third of that.
What part of LA do you live in? Riverside? To live in the city of Los Angeles, in a decent neighborhood, I think it would be very hard to live on $100k. I'll stand by my statement. Is it possible? I suppose it's possible but it's going to be an extremely tight budget and our definitions of "decent" might be different. Good for you if I am wrong.
Riverside is not in LA nor LAC.
denovo
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Re: Is Los Angeles a good place long term to live financially?

Post by denovo »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
OP, I remember your previous thread that was rather lively to say the least. viewtopic.php?f=1&t=215204

The two good business schools in LA are USC and UCLA. They usually expect you to have a very good undergrad GPA, and some years of work experience. Do you have any of that? When you made that thread you were unemployed.
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denovo
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Re: Is Los Angeles a good place long term to live financially?

Post by denovo »

triceratop wrote: Tue Apr 17, 2018 5:57 pm
Pajamas wrote: Tue Apr 17, 2018 5:51 pm
ssquared87 wrote: Tue Apr 17, 2018 5:36 pm
NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.
Actually NYC is #1 for cities with the longest commutes while LA is something like #8 or #10. U.S. Census Bureau data.
If this is hard to believe consider that growing up I knew people in Manahawkin NJ who commuted to NYC.
AFAIK, I've heard of people from NJ and CT that commute to NYC.
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denovo
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Re: Is Los Angeles a good place long term to live financially?

Post by denovo »

LarryAllen wrote: Tue Apr 17, 2018 5:31 pm On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
I guess this may be the case if you consider the Platinum Triangle the only decent neighborhoods.
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stoptothink
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Re: Is Los Angeles a good place long term to live financially?

Post by stoptothink »

Sorry for likely getting this thread shut down, but let you remind you all about the OP. Read and enjoy viewtopic.php?f=1&t=215204
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Re: Is Los Angeles a good place long term to live financially?

Post by Lynette »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

I have around ~820k, and get about ~100k a year. I also have access to more if I needed it, but would hopefully never need to spend more. I also have money I’ll get later in my life, but it’s when I’m much older.
Congratulations on deciding to study further and get a job. This was one of the OP's previous posts.

viewtopic.php?f=1&t=215204
Grt2bOutdoors
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Re: Is Los Angeles a good place long term to live financially?

Post by Grt2bOutdoors »

ssquared87 wrote: Tue Apr 17, 2018 5:36 pm
tesuzuki2002 wrote: Tue Apr 17, 2018 5:18 pm
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.


NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.
You will be paying closer to 800K if you want to live within 1 hour of NYC and there are usually multiple bidders if its in a desirable town. An hour and a quarter to half commute will open up more neighborhoods. The only problem is LIRR and NJ Transit is rife with problems with Amtrak controlling the rail lines into and out of Penn Station, broken down trains and lack of money for infrastructure improvements to handle the increased ridership. Don't even think about driving into the city from the burbs, the traffic can be horrendous bordering on the infamous California creep at times.
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Re: Is Los Angeles a good place long term to live financially?

Post by FireSekr »

Grt2bOutdoors wrote: Tue Apr 17, 2018 6:46 pm
ssquared87 wrote: Tue Apr 17, 2018 5:36 pm
tesuzuki2002 wrote: Tue Apr 17, 2018 5:18 pm
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.


NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.
You will be paying closer to 800K if you want to live within 1 hour of NYC and there are usually multiple bidders if its in a desirable town. An hour and a quarter to half commute will open up more neighborhoods. The only problem is LIRR and NJ Transit is rife with problems with Amtrak controlling the rail lines into and out of Penn Station, broken down trains and lack of money for infrastructure improvements to handle the increased ridership. Don't even think about driving into the city from the burbs, the traffic can be horrendous bordering on the infamous California creep at times.
I lived in an upper middle class village on Long Island that was 45 min commute to financial district via LIRR. Median home price is about $475k there. I know that multiple bidders is a common issue now with my friends looking to buy places. Not much different in LA though. At least out there you can get an actually house for $800k as opposed to the shacks and condos you get here for that price unless you go to a shoddy neighborhood in East LA

LIRR is not perfect, but having the occasional train malfunction once or twice a month and being able to read or work on the train beats driving 12 miles in 45 minutes just to go to work, then have to battle that misery every time I want to spend time with friends or go somewhere.
Last edited by FireSekr on Tue Apr 17, 2018 7:01 pm, edited 2 times in total.
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Re: Is Los Angeles a good place long term to live financially?

Post by crystalbank »

It all depends on your individual taste and circumstances. But $800k down payment and some mortgage will get you a decent house in a nice neighborhood. Probably not in the fancy areas but definitely nicer ones.

Remember, in LA you're competing with movie producers, industry titans and of late tech bros. So the cost of living is up there along with your 'romantic goals'. I'd probably do MBA somewhere else though.
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crystalbank
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Re: Is Los Angeles a good place long term to live financially?

Post by crystalbank »

ssquared87 wrote: Tue Apr 17, 2018 5:36 pm Similar situation financially and I feel the same way. Can't wait to get out

I've lived in several other cities and this is the worst because it's not even a city its just a sprawling suburb. People are pretentious and superficial compared to other cities (yes even New York) and I think a significant drop off in IQ out here is apparent due to people spending so much time driving and not using their brain. Everything is an effort here too. Want to go get dinner with some friends? good luck getting your friends who live in different parts of the "city" to meet up because nobody wants to battle traffic so they all want to meet in the most convenient spot for them.

The only thing I like about LA is the weather and being able to go to the beach and the mountains in the same day. I also love my company and the work I'm doing. Once I stop enjoying the company/team, i'm gone.

Also, there are no good MBA programs in LA. For an MBA to be worth it you need to go to a top 10 maybe top 20. UCLA Anderson may be in the top 20 its been a while since I checked.

NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.
Funny. I felt very similarly a few years ago and after living in LA for 8 years I've decided to pull the trigger to move out. But I decided to move back eventually. Making new friends and an entire new social group is just too much trouble after a certain age. I still hate all the things you describe, but now tolerate them much better.
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Re: Is Los Angeles a good place long term to live financially?

Post by Pajamas »

denovo wrote: Tue Apr 17, 2018 6:35 pm
triceratop wrote: Tue Apr 17, 2018 5:57 pm
Pajamas wrote: Tue Apr 17, 2018 5:51 pm
ssquared87 wrote: Tue Apr 17, 2018 5:36 pm
NYC maybe a slightly more expensive city, but you'll spend way less time commuting, you can walk to meet up with people, and if you want to buy a nice house eventually there's actually public transport that will take you out to Westchester, NJ, or Long Island where you can find decent houses in the 400-800k price range within an hour door to door of the city. In LA, the only thing you're getting within an hour of downtown LA for $400k is a 1 bedroom condo.
Actually NYC is #1 for cities with the longest commutes while LA is something like #8 or #10. U.S. Census Bureau data.
If this is hard to believe consider that growing up I knew people in Manahawkin NJ who commuted to NYC.
AFAIK, I've heard of people from NJ and CT that commute to NYC.
I have known people who commuted several hours each way from the Pocono Mountains in Pennsylvania. They sleep on buses that leave in the wee hours of the morning. But just commuting from the outer boroughs into Manhattan can be well over an hour each way.
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GrayS26
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Re: Is Los Angeles a good place long term to live financially?

Post by GrayS26 »

Lynette wrote: Tue Apr 17, 2018 6:45 pm
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm I’m thinking of moving to LA and spending the rest of my life there, but I’m concerned about the cost.

Is LA expensive? And would pursuing my goals be worth the cost of living there and are the costs worth the quality of life I would have there?

Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

I have around ~820k, and get about ~100k a year. I also have access to more if I needed it, but would hopefully never need to spend more. I also have money I’ll get later in my life, but it’s when I’m much older.
Congratulations on deciding to study further and get a job. This was one of the OP's previous posts.

viewtopic.php?f=1&t=215204
Thank you! I’ve reached a point where it’s what I want to pursue and feel ready for the new journey.

————————————————————————————-

Thank you everyone for the replies.

I’ve been looking at condos to lease online and this is my thinking currently.

~$5,000 a month for rent.

~$4,000 a month for bills.

~$4,000 a month for entertainment. I’m assuming there’s plenty of fun things to do in Los Angeles, and I would love to wine and dine and all that.

So all together if I spent about $160k a year, I should be good.

I’m trying to get a grasp on how much I’ll need to have a good life in LA, and that is my guess right now.
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Re: Is Los Angeles a good place long term to live financially?

Post by celia »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house
With these goals, there are many places you can live. So, why would you choose LA?

For #3, can I suggest you limit it to women who are also Single? :oops: Without that qualifier, it could get expensive. It would also help immensely if she had a Boglehead mindset. Maybe, come visit when the L.A. Bogleheads have a meeting.
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Re: Is Los Angeles a good place long term to live financially?

Post by triceratop »

celia wrote: Tue Apr 17, 2018 7:56 pm
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house
With these goals, there are many places you can live. So, why would you choose LA?

For #3, can I suggest you limit it to women who are also Single? :oops: Without that qualifier, it could get expensive. It would also help immensely if she had a Boglehead mindset. Maybe, come visit when the L.A. Bogleheads have a meeting.
If I were a beautiful woman Boglehead with a high net worth I would not be attending future meetups (as rare as they are, anyway).
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celia
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Re: Is Los Angeles a good place long term to live financially?

Post by celia »

There must be a Boglehead somewhere who fits Gray's criteria. Whether she is at all interested in him is another thing. :!:
I'm not sure he is even a Boglehead or just decided to post here.
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Pajamas
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Re: Is Los Angeles a good place long term to live financially?

Post by Pajamas »

celia wrote: Tue Apr 17, 2018 7:56 pm Maybe, come visit when the L.A. Bogleheads have a meeting.
That is an excellent suggestion.
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Re: Is Los Angeles a good place long term to live financially?

Post by CedarWaxWing »

VictoriaF wrote: Tue Apr 17, 2018 5:08 pm
GrayS26 wrote: Tue Apr 17, 2018 3:55 pm
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
The best market for beautiful rich women is New York City. If you are any good, organize an auction.

Victoria
Did you just recommend that he auction himself off? :)
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Re: Is Los Angeles a good place long term to live financially?

Post by CedarWaxWing »

GrayS26 wrote: Tue Apr 17, 2018 3:55 pm
Some of my goals are:

1. Get an MBA at a good business school in the area
2. Find a good paying job in LA after graduating
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
4. Buy a very big house

Consider an adapted goal set:

1. Get a degree at a very good university to begin developing expertise in something you are extremely interested in and would work at even if you had not need to earn an income, but something that can pay reasonably well.

2. Find a job that pays reasonably well, working with people you respect and from whom you can learn a great deal and get a great experience in your field of study.

3. Find an attractive, physically and mentally healthy woman who is also educated and hard working, who has not had life handed to her on a silver platter and who respects that same in her co workers and friends. Try to be worthy of such a woman, and show your appreciate and support of her.

4. Explore a lot of places to visit, recreate, and explore the world around you. Many of those places are excellent places to live.

5. Work out the rest of life and up coming goals with the woman noted above if you are still great together after a suitable period of time.

6. Have fun on the other goals you have not yet considered... and be flexible.
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