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Old 03-28-2015, 08:32 AM
 
Location: The analog world
17,087 posts, read 9,802,637 times
Reputation: 22736

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Quote:
Originally Posted by farscapesg01 View Post
I was originally looking at moving to the Denver area last fall.. but things didn't pan out. I may have another chance.. but I'm feeling like my "expected" salary range is scaring them off

Living in Houston now, my salary is just a little under $100k as a Sys. Admin/Engineer (IT work). With the COL adjustment... I'm asking in the $106-110k range. The company has yet to actually contact me.. but has contacted my manager with questions, including asking him how much I would want when it was already part of the application process Seems a little odd, but then again I've been out of the job hunting arena for 15 years.

Am I shooting myself in the foot with that range? I hear a lot about how the pay scale isn't matching the COL and housing increases in the area, but it's because of that increase that I can't see my family being able to make that move for less than $100k. Not to mention the company doesn't offer any relocation options for anyone less than Sr. management and/or director level.

We are a single income family of 4, at least until both kids are in school and my wife decides what she wants to do "when she grows up" She has a Chemical Engineering degree and experience working in Petrochemical... but that experience burned her out due to political/corporate/etc. experiences (ExxonMobile).
IT is a broad field, but your asking salary doesn't seem too high for someone with 15 years of experience.
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Old 03-28-2015, 08:46 AM
 
2,409 posts, read 2,628,232 times
Reputation: 1807
Quote:
Originally Posted by Lafleur View Post
It's alright. Just pay 60% of your take-home income towards rent/mortgage. At least you'll have nice views from your house, which you'll never be able to leave because you have little to no disposable income.
Sounds like you can buy a property like this:

3131 N Downing St, Denver, CO 80205 is For Sale | Zillow
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Old 03-28-2015, 09:00 AM
 
3,492 posts, read 4,934,395 times
Reputation: 5377
Another relevant piece about the rising rents encouraging people to buy:

Rising Rents Are Finally Forcing Millennials to Buy Houses - Bloomberg Business
^ This piece is focused heavily on Denver.
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Old 03-28-2015, 09:08 AM
 
2,409 posts, read 2,628,232 times
Reputation: 1807
Quote:
Originally Posted by lurtsman View Post
Another relevant piece about the rising rents encouraging people to buy:

Rising Rents Are Finally Forcing Millennials to Buy Houses - Bloomberg Business
^ This piece is focused heavily on Denver.
Denver is left out of every single list mentioned in the article.

Does Arther post in this thread, I wonder?
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Old 03-28-2015, 11:40 AM
 
Location: The Berk in Denver, CO USA
13,949 posts, read 20,201,871 times
Reputation: 22575
Quote:
Originally Posted by AmFest View Post
Denver is left out of every single list mentioned in the article.
Second paragraph:
"I pay $1,410 in rent for my one-bedroom apartment in downtown Denver, said Eric Arther, 28, who has saved about $30,000 for a down payment. If I pay that much, Id like to build some equity."
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Old 03-28-2015, 11:43 AM
 
2,409 posts, read 2,628,232 times
Reputation: 1807
Quote:
Originally Posted by davebarnes View Post
Second paragraph:
"I pay $1,410 in rent for my one-bedroom apartment in downtown Denver, said Eric Arther, 28, who has saved about $30,000 for a down payment. If I pay that much, Id like to build some equity."
Yup, that's exactly my point. Not on any single list.
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Old 03-28-2015, 12:49 PM
 
Location: Denver, CO
2,391 posts, read 1,797,592 times
Reputation: 1920
Quote:
Originally Posted by AmFest View Post
Sounds like you can buy a property like this:

3131 N Downing St, Denver, CO 80205 is For Sale | Zillow
It looks really nice. I might be putting the house buying option on the back burner for the moment though. I think I'm going to focus on paying off the rest of my student loans to better position myself for the future. And who knows, maybe I'll find a better deal later on. The market does fluctuate after all.
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Old 03-28-2015, 01:14 PM
 
2,409 posts, read 2,628,232 times
Reputation: 1807
Quote:
Originally Posted by Lafleur View Post
It looks really nice. I might be putting the house buying option on the back burner for the moment though. I think I'm going to focus on paying off the rest of my student loans to better position myself for the future. And who knows, maybe I'll find a better deal later on. The market does fluctuate after all.
I would strongly recommend that you talk to a financial planner. For such an important decision, it is worth paying for professional advice.
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Old 03-28-2015, 01:36 PM
 
Location: The North
5,070 posts, read 9,063,038 times
Reputation: 4039
Quote:
Originally Posted by AmFest View Post
I would strongly recommend that you talk to a financial planner. For such an important decision, it is worth paying for professional advice.
Good friend of mine went to a planner we both know through networking and he asked if you want the "textbook" plan or the "reality" plan as he sees it. He said buy with a 5% down loan now. Yes the PMI is a bit more costly, but get on the ladder now. Too many people say I want to wait until this happens and I pay this and I have done this. Then 20% of the people actually do that, they just add more conditions to it. Everyone wants a SFH in a nice area with nice schools...that's why they are all seemingly so expensive. Get into a condo or a smaller SFH in a less desirable, but reasonable suburban town. Start making payments and in 2-3 years if things keep going as they do you can refi and get out of the PMI, or you have at least locked in a 4% or less loan which is going to feel like an asset if interest rates become normal in those 2-3 years.

People may scream its risky or they may want to insist they are certain they will get a home for less if they wait. It all might be true, but people are lazy and risk averse and excuses for not acting now will lead to different excuses not to act in a few years. Sure one may get a job out of town and end up selling, but if you own then you set the bar higher for making such a move. I think all in all it was very fair and assessed all the benefits and risks. Nothing one decides for such a big financial asset/liability is risk free, but I think the first step people need to take is to stop aiming for perfect and start taking real action. If you really will pay down debt and save money and do it diligently month after month and then make a purchase at the time you say you will, fine go ahead and do that. However don't kid yourself, most people don't follow through in such a manner.
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Old 03-28-2015, 01:38 PM
 
Location: Denver CO
21,001 posts, read 11,633,974 times
Reputation: 31847
Quote:
Originally Posted by Lafleur View Post
It looks really nice. I might be putting the house buying option on the back burner for the moment though. I think I'm going to focus on paying off the rest of my student loans to better position myself for the future. And who knows, maybe I'll find a better deal later on. The market does fluctuate after all.
That would make sense - it doesn't seem like Denver is a great fit for you and you would likely be better off trying to pay off your debt and save up for a down payment for home in a different location. Not trying to be snarky, truly, but you seem to feel the downsides of Denver and Colorado very acutely without seeming to take a lot of pleasure in the upsides, and long term, you would probably be happier somewhere else.
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