We are thinking of relocation to Menlo Park.Is $100,000 salary enough or a family of 5?

Asked by ummtimo, Palo Alto, CA Mon Oct 22, 2012

We are looking to rent in safe child friendly area the first year then buy. Can you get a 2000 sq ft home in a decent area for under $300,000.

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Juliana Lee, Agent, Palo Alto, CA
Mon Oct 22, 2012
BEST ANSWER
You could probably buy a 3 bedroom townhome/condo in the $500,000 to $600,000 range having about 1,500 sf living area in the part of Menlo Park west of US 101.

If you find the area east of highway 101 acceptable, there are homes in the $300,000 to $400,000 range. The difference in price is due to the strong preference for being west of 101.

Buying a home with a significant mortgage while supporting a family of five on a $100,000 salary would be very challenging. Living costs besides housing are higher in the south bay area than most of the nation.

I wish you good luck with your plans.

Juliana Lee
650-857-1000
Keller Williams Realty
Web Reference:  http://julianalee.com
0 votes
ummtimo, Home Buyer, Palo Alto, CA
Tue Oct 23, 2012
After looking at home prices around Menlo Park (With 1hr drive) I realize that $300,000 is nothing. Thanks for all your advice.
0 votes
Elena Talis, Broker, Palo Alto, CA
Mon Oct 22, 2012
If you are in Palo Alto now you are probably aware of the prices in the area. $300,000 is not quite achievable for a single family home, especially in a kid-friendly area.
Web Reference:  http://talisrealestate.com
0 votes
Slater Thoms…, Agent, Los Gatos, CA
Mon Oct 22, 2012
Menlo Park sales over the past 6 months for homes ranging in size from 1800-2200 sq ft have sold from just over $1M to a highest of around $3M. Prices vary based on the school district the home is in.

There have been 3 sales in the last 6 months under $300K - a couple of 1 bed condos and a short sale 2 bed 1160 sq ft home.

Whether a $100K salary will work for a home purchase will depend heavily on how big your downpayment is.

Hope that helps. Good luck!

Stephen Slater
DRE 01886128
Web Reference:  http://FineHomeMoves.com
0 votes
, ,
Mon Oct 22, 2012
$100,000 salary is ok for renting....

That salary would be ok for owning/purchasing as well with a *significant* down payment.

Menlo Park with Menlo Park Schools (the prime school district) is the best and then there's Menlo Park City that feeds to Redwood City Schools...

Again with a lot of cash, a $100,000 salary should be fine for renting and eventually purchasing.

-Matt

650-223-9343
http://www.remaxbayarea.com
0 votes
Marcy Moyer, Agent, Palo Alto, CA
Mon Oct 22, 2012
I am sorry but that will not be enough. Homes of that size sell for a million and over.
Marcy Moyer
DRE 01191194
Web Reference:  http://www.marcymoyer.com
0 votes
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