Friends (new immigrants) want to retire on $4M in San Diego

[rodi]

Instead of SD, why not consider other affordable places north of SD, such as Carlsbad, Vista, Oceanside?

I was assuming all of San Diego County. Carlsbad and San Marcos should definitely be in the mix. But since they are looking at schools, etc... not sure about Oceanside.

There are a few other San Diegans here - BBQ-nut, Lawrence, Nash.....

 

[marko]

OK, I got this far on the thread only to realize that "SD" is San Diego and not South Dakota. (was trying to figure out how high crime and and cost of living were so high)

Crap! Have to stop reading this stuff before I get my first cuppa.

 

[papadad111]

I had to look up Mello Roos which I imagined were maybe weed influenced kangas from Oz. Crickey!

 

[Koolau]

I fell in love with the SD area after visiting 3 or 4 times. I think I could have lived there, but took a better offer (Hawaii.) However, I had a friend who joined Megacorp (that's where we met.) She LEFT SD 20 years ago because of the crime (primarily), the traffic and iffy schools. In the midwest, with her salary, she could send her kids to private school if need be and still afford a house, whereas in SD, she was stuck with the schools in an area she could barely afford the housing. She and DH probably earned north of 100K at the time (compare to near 200k now.)

Not suggesting that $4Mil would not do the job. It probably would. But if it were my $4Mil, I think I would keep looking - probably outside of Calif. Nothing personal. I do love Calif., but I don't think I could afford it. Why not find a cheaper spot and then, eventually move to SD or similar once the budget issues are more concrete (health insurance, skills, jobs, etc.).

If I were coming from another country, I think I would need a lot more time to look around this big country to find a place to eventually settle. YMMV

 

[Big_Hitter]

If they were Chinese immigrants, is Idaho a good place in which to settle?

I don't see why it wouldn't be.

 

[Niuatoputapu]

I had to look up Mello Roos which I imagined were maybe weed influenced kangas from Oz. Crickey!

Your comment is hilarious! I reside in California and I had to look it up, too.

 

[explanade]

I was assuming all of San Diego County. Carlsbad and San Marcos should definitely be in the mix. But since they are looking at schools, etc... not sure about Oceanside.

There are a few other San Diegans here - BBQ-nut, Lawrence, Nash.....

I noticed Carlsbad properties are expensive but Oceanside, which is just north of it, seems to be much less.

Vista is cheaper too.

Maybe distance from San Diego?

 

[rayinpenn]

San Diego is indeed beautiful and wow that weather...but way too expensive. There are too many alternatives that are less pricey and wonderful too.


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[explanade]

Reason why I'm so curious about it is that townhomes in my area (Santa Clara Valley) are going for $700-800 per square foot right now. Little 2 bedroom places of 1100-1500 square foot are around $1 million.

When I look at real estate sites, I see what appears to be nice properties in the SD area going for $400 per square foot. Obviously not oceanfront properties but could be tempting way for people in the Bay Area to cash out.

Not sure how much longer the tech stocks which are fueling these runaway housing prices in the Bay Area will continue to rise.

 

[PawPrint53]

If they were Chinese immigrants, is Idaho a good place in which to settle?

If they are looking for SD-like weather, I'd say no. Their money could go a lot further in Boise. People in Boise are friendly, and crime is relatively low. If you are concerned about race, my son is Korean and he loves Boise. Boise has a wonderful literacy organization for helping immigrants learn English.

 

[retire2020]

My friends from overseas just got their green cards and are moving to the US. They are in their late 40s, with one kid in high school. The kid is the main reason they are moving to the US. After visiting many cities they have their heart set on SD.
They have about $4 million in savings. They were highly paid professionals in their home country but are unlikely to find full time jobs in the US. If they move here they will have to retire, which means living off savings and paying medical insurance on their own. They plan to send the child to public school and later state college. I don't think they will qualify for SS, but perhaps they are still eligible for Medicare when they reach 65.
So here is the question they want to ask (which I'm asking for them since I don't know enough about SD):do they have enough $ to retire and raise a child in SD?

I'm sure they can find work……Plenty of immigrants in their 40s here in NJ(most of them speak broken English) and working or owning a small business. Highly paid professionals with 4M in savings can invest a million in a business and can do very well.

 

[almost there]

Oceanside yes. La Jolla no,

 

[AllDone]

SD actually has a low crime rate for a big city. We're too laid back to go to the bother of committing crimes.

San Diego County's crime hit 35-year-low in 2014 | UTSanDiego.com

I think that $4M is doable as long as their housing expectations are reasonable. The further they go inland, the better. Also, if they aren't dedicated to the idea of a single family house, they should be able to afford a nicer school area. I wouldn't rule out Carlsbad at all, but the 15 corridor will offer a lot of choices for them.

They should make an effort to get some kind of job to accumulate enough work credit for Medicare. When I was an engineer, I worked with a lot of engineers who spoke marginal English (many of them American born, but that's a different story.) I think that there are some circumstances where you can buy into Medicare after 65.

Also, we have a very ethnically diverse population. There are obviously enormous Chinese, Indian, and Hispanic populations, but there's a Russian community and just about every immigrant group you could think of. Language won't be much of a barrier. Everybody wants to live in SD.

 

[wingfooted]

If they were Chinese immigrants, is Idaho a good place in which to settle?

The Boise area and just west of the Snake River in Oregon have quite a few oriental nationalities and are well respected members of the local communities.

Why ?

Well in 1942, many of the the Japanese living in California were 'relocated' to Idaho (Camp Minakota). After war fever died down, these same folks were redistributed into Oregon and Western Idaho (Boise) farm communities. After a while, they just decided to stay versus moving back to California, land was cheap, they had farming skills, they had a work ethic and there were plenty of opportunities locally. Their descendants still remain...

 

[Music Lover]

Let's be realistic. Anyone who uses a little bit of common sense and doesn't throw money away should have no problem "getting by" on $4 million. Millions of people live very well on far less than that.

 

[almost there]

What are they used to? In many areas here a million wont buy all that much home. 3-4 bedroom 2000-2500 sq ft. close to the coast. (Am using my home as an example)$450-500 sq ft./ Ok ocean view. I live in this area and am doing it on much less than they are. But the house is paid for as well as a rental in the same area. If you deduct my real-estate, I only have about a million in retirement dollars with no worries. But they are also a few years younger and looking at college costs. Am glad those days are behind me. So, yes its easily doable. Depending on their spending habits.
You can also get a nice place for 500-600k, depends where you want to live.

 

[Spanky]

You can also get a nice place for 500-600k, depends where you want to live.

Yup - you could get a nice place for a reasonable price if you are willing to live further from central San Diego.
A 3 beds 2.5 baths 1,254 sqft house in Vista, CA (~30 miles north of San Diego) is in the 400K range.

 

[explanade]

Is it because of distance from SD or something else?

It seems Carlsbad is more pricey than Vista and Oceanside even though they're all next to each other?

 

[almost there]

That's true. Oceanside is the bargain of SoCal Beach Communities.
You can get a nice place on the border of Oceanside and Carlsbad.
Oceanside prices, Carlsbad school district. (That's where my rental is located) 3-4 bedroom homes are about $450k -500k 3 miles from the coast. I live in the next city north of Oside in Orange County. Where the prices again jump back up. (Generally speaking / the further you get from the ocean the prices come down) Unincorporated Vista can be a 20 minute drive to the coast.

Prices climb as you go north on the coast as well. Dana Point, Laguna, Corona Del Mar, Newport beach, etc.

The term "San Diego" is kind of a broad statement. You could be in the desert in SD county over an hour from the coast. Google Ocotillo Wells.

 

[rodi]

Is it because of distance from SD or something else?

It seems Carlsbad is more pricey than Vista and Oceanside even though they're all next to each other?

Oceanside and Vista have the marine base factor... I worked in Oceanside right out of college and when the marines were practicing with tanks and heavy munitions, the windows would rattle and you could feel the ground shake.

Also Vista seems to have less strict zoning - so there are a lot of industrial business parks right adjacent to residential... (At least that's what it seems to me when I drive through there.) That might make it less attractive to buyers and suppress the prices some.

Carlsbad has a lot of planned communities which keep them looking nice if you don't mind covenants etc. I definitely have a strong preference for the old Carlsbad area, west of I5... but the price point is higher there. Also the homes around Elfin Forest.

If they want to be in San Diego proper - there are coastal areas (west of I-805) that are more affordable... but the issue then is schools. Using the school choice system in San Diego Unified is a solution to that...
I agree about the I-15 corridor for schools. Scripps Ranch and north. Scripps Ranch is still within San Diego unified but very good schools. Rancho Penasquitos is a neighborhood that is in San Diego but part of Poway Unified - which are excellent schools. Poway school district covers Poway, Rancho Bernardo, and 4S ranch. The temps are warmer by 10 degrees in the summer, and cooler by 10 degrees at night in the winter - so AC is probably required for summer.

FWIW - I live in the UC/UTC area. Decent schools - lots of educated immigrants because of the proximity to UCSD and all the staff and post-doc types... plus access to torrey pines (biotech) and Sorrento Valley (digital/IT jobs).

 

[AnIntentionalRoad]

Not sure how much longer the tech stocks which are fueling these runaway housing prices in the Bay Area will continue to rise.

It's been going strong since at least the mid-90`s. I would bet on it continuing for quite some time.


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[AnIntentionalRoad]

Oceanside yes. La Jolla no,

Isn't Oceanside where the big Marine Corp base is situated? I vaguely remember that area being a bit run down but I haven been there in a looong time.

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[almost there]

Yes, Camp Pendleton.
Its a fairly large area, with a population of about 175,000.
Its cleaned it self up quite a bit over the past 20 yrs,
Some parts are still substandard, other parts are really nice.
Homes go from 400k to a few million. Fire Mountain is nice, ($600k-900k range)
but some areas are not so nice. Same as any larger city I guess.
Its the most affordable beach community in SoCal.
So, its not going to compete with LaJola, Laguna, Newport back bay etc.
Just depends what your after. I have been in San Clemente the past
40 years and have seen lots of change. Population growth from 9k to about 70k.
But have no plans to ever move.

 

[Urchina]

If your friends are looking for SD specifically, then have at it. But if they are open to Coastal California / not SD but still good climate, they might want to look at San Luis Obispo. College town, solid schools, 10 minutes from the beach, but inland enough to avoid most of the fog. Little traffic, no big-city vibe.

Lower housing prices as a result.

Ventura and Carpinteria, CA, may also interest them. If they decide to look at Ventura, I'd stick with northern Ventura and avoid Oxnard.

 

[Spanky]

Orange county is another possibility. San Juan Capistrano is somewhat affordable coastal city to live. A friend of mine retired there about 10 years ago. He chose Orange County over SD County because of better health care.