Job offer, not sure if it's "worth" it? (Arlington: apartments, renter)

[backstreetsbackALLRIGHT]

Hello!

I received a job offer this week for a job in Arlington (Clarendon metro stop). I've been to the DC/NOVA area a LOT and I absolutely love it there -- so much more to do than in my Minneapolis hometown. Plus, I've grown tired of the brutal winters. I can't take it anymore. I am quite familiar with the downsides of this area though (bad traffic, sky-high cost of housing and humid summers (but I like hot & humid).

Anyway, after only applying to a handful of jobs in the area, I did get an offer as an out-of-state candidate. My skillset happened to be exactly what they're looking for and I have experience working with a particular client.

They offered me $82k, which I'm less-than-thrilled about. I currently only make $60k, but that's a decent wage in Minneapolis. Looking at various COL calculators, $82k is like taking a paycut if I move here. (Their range for this position is $80k-$110k, so I am not thrilled with being placed at the low end of the scale! I know they did this because I "only" make $60k here in MN (yes, I had to tell them my current salary). In order for this to be worth it to me, I am going to need to be near the top of their range -- I told them that, and they're discussing it internally).

A couple things: So, I have a home in Minneapolis that I am planning on renting out. Until I get renters though, I will need to pay my mortgage, association fee, etc PLUS my housing expenses in NOVA. The rental market is booming in mpls, so I don't think I'll have trouble (that, and I can pull in a decent amount of money on my home, as my mortage is dirt cheap) I have a LOT of student loan debt too. That said, I live comfortably in Minneapolis. But I hate Minneapolis!

I am looking at renting for under $1300 but I just don't know. I mean, I HAVE a home here in Mpls. My mortage is far, far less than that. It feels like $1300/month rent is like tossing money out the window. Plus, renting for under $1300 means I have to look in farflung suburbs. I did find a nice place in Dulles for $1200 for a 1br -- what kind of commute is that to Clarendon? I found a bus/metro combo that looks like it'd be about 35-40min one way...does that make sense?

I'd rather live in Arlington, but I don't know if I can afford it. I can't find anything under $1500. I just don't want to pay that much. Also, I have lived alone my entire adult life (yes, this includes college) - a roommate would be a big adjustment, especially in small living quarters like an apartment. I'd entertain the idea though -- I mean, it might be fun. But all I see on Craigslist are people who want other renters to be in their '20s. WTF?

I'd LOVE to move here because I like the area, have some friends out here, but $82K? If they were offering me $100k, I think it would make sense...right? Ugh, I just don't know and they want an answer FAST.

For the record, I'm 33, female, and have a BF.

[marie5v]

82K is a fantastic salary for a 33 year old, even in NoVa. I'd love to know what you do to earn that kind of money. I don't know anyone that young making that much. I'd grab it, even if they don't come back with a 100K offer. I can't understand why you can't pay more than 1300 a month in housing. If your student loans are that high, then you'll have to get on a different repayment plan, maybe income-based or something. But you should be able to live in Arlington or someplace reasonably close, and I'd expect to pay at least 1500 for a small place, maybe more. This area offers many opportunities, and you can always take advantage of them down the road to make more money.

Also, what about relocation? Are they paying for that? Perhaps they would do that if they won't increase the salary.

[jillybean720]

As you're finding, $1300 is going to be difficult for monthly rent budget in these parts, especially if you're trying to be closer to Arlington. I just did a search for rentals on craigslist and found multiple, albeit small (like 400-600sq ft small), apartments in or near Arlington within your budget. Also as you're finding, the further out you go, the more you can get for your money. You just have to decide your priorities/trade-off on commute versus square footage.

Originally Posted by marie5v

82K is a fantastic salary for a 33 year old, even in NoVa. I'd love to know what you do to earn that kind of money. I don't know anyone that young making that much.

I'm sure it's different by industry, but I've been making six figures annual salary in NOVA since I was 28. I don't find it all that uncommon among my peers in this area.

[tgbwc]

$82k sounds very good to me, but I don't know what career you have or how it compares to others in your field. You should have no problem living on that amount. It's $5k more than I make (and I'm almost 42).

[Forehead]

Have you looked in Prince William, the Lake Ridge area? It doesn't have nearly the nightlife of Arlington, but it's generally safe and they have a bus line that runs from the area up to Rosslyn/Ballston. It might not be a fast commute, but at least you aren't driving and can relax.

OmniRide and Metro Direct Schedules/06

There are certainly rental options lin the Lake Ridge area for under $1,500, and I'd say the commute would be better than from Dulles.

[leavingwash]

It seems like unless you have significant amount of other debt that you could easily live very comfortably off $82k/year in the area.

If the employer can't increase your salary as you are asking, it may be a viable option to ask them to cover your mortgage in MN for 3-6 months. That would give you sufficient time to find a good renter without having to pay rent here and mortgage there.

Also important to factor in quality of life. If you love this area and hate MN - there is a "value" to that and could easily offset the difference in income just so that you can enjoy the life you have.

Good luck

[dmv101010]

Folks your missing the nail in the coffin. Unless OP has a deep savings she has to essentially assume a tenet will stiff her on the rent thus having enough for mortgage/rent every month. I assume that's why OP has set a rent standard of 1300-1500.

OP, unless you have said funds in liguid reserves, say the furnace breaks thats 8k you will need to pony up ASAP as a renter will not wait. 82K for a single person is great out here its just the obligations you made would put a damper on that.

[backstreetsbackALLRIGHT]

The place I own is actually a condo, so no furnace repairs or anything like that will come up -- the association controls all that, for the most part. But yes, I am aware that problems could surface and I will be on the $$$ hook. I also plan on hiring a property manager to manage the property since I will not be local. That will eat into the rental income.

Take home pay on 82k is like around $2100 or so/every 2 weeks. Most Arlington apartments are like $1800 (!). I just can't fathom paying such a high % of my income on housing, but I do understand that's how it works in this area. I guess I'm just "cheap" lol

I did look at Craigslist today and found some SFH rentals that are budget-friendly. I even found one that I'd want to contact! My main requirement is that I have my own private bathroom. But again, I'm a little uneasy with a roommate, only for the fact that I have never, in my adult life, lived with someone else. It's not out of the question though. I just hate the age discrimiation that runs rampant on those ads -- they all want roommates in their 20s. Hell, I'm only 33, wtf? I feel like an old hag lol!

My thing is, is that is it actually financially WORTH it -- to go through with a X-country move for what amounts the same salary I'm making here and adding on an additonal 1K+ monthy rent payment? At 82k, my gut says no...but my heart says YES. Oh, and in addition to student loans (I pay way above the min every month and would like to continue this), I have a $500 car payment, but the car will be paid off in April '14.

I might not get this chance again -- it is NOT easy finding a job when you are a non-local candidate but I was lucky and I did. However, if this same job were here, offering me the same salary I make here (60K) I would NOT take it. This new company is very small, and right now I work for a F500 company, where I get 401k matching (nothing at this place), 5 weeks vacation (3 weeks at the new place) and all the benefits of working for a large organization. But the job would be AMAZING for my career...

I'm just so torn!

[airjay75]

Originally Posted by backstreetsbackALLRIGHT

This new company is very small, and right now I work for a F500 company, where I get 401k matching (nothing at this place), 5 weeks vacation (3 weeks at the new place) and all the benefits of working for a large organization. But the job would be AMAZING for my career..

I would focus on these things you have mentioned in deciding whether this move would be good for you from a financial perspective. You will definitely be taking a pay cut once you factor in the change in cost of living. It sounds like that pay cut will be amplified by a decrease in benefits and possibly job stability. But, you say this new job would be amazing for your career - so, is it short term pain for long term gain? Will this new position allow you future opportunities for advancement and increases in pay? Sounds like possibly yes. Personally, I would try to solicit advice from any personal mentors you have that are familiar with your career and profession. I just don't think we on this board are in a good position to tell you whether this is a good financial move. On numbers alone, sounds like it isn't, but there are a lot of intangibles that go into making a decision like this that may well make this move worthwhile for you.

[yolli71]

Originally Posted by backstreetsbackALLRIGHT

The place I own is actually a condo, so no furnace repairs or anything like that will come up -- the association controls all that, for the most part. But yes, I am aware that problems could surface and I will be on the $$$ hook. I also plan on hiring a property manager to manage the property since I will not be local. That will eat into the rental income.

Take home pay on 82k is like around $2100 or so/every 2 weeks. Most Arlington apartments are like $1800 (!). I just can't fathom paying such a high % of my income on housing, but I do understand that's how it works in this area. I guess I'm just "cheap" lol

I did look at Craigslist today and found some SFH rentals that are budget-friendly. I even found one that I'd want to contact! My main requirement is that I have my own private bathroom. But again, I'm a little uneasy with a roommate, only for the fact that I have never, in my adult life, lived with someone else. It's not out of the question though. I just hate the age discrimiation that runs rampant on those ads -- they all want roommates in their 20s. Hell, I'm only 33, wtf? I feel like an old hag lol!

My thing is, is that is it actually financially WORTH it -- to go through with a X-country move for what amounts the same salary I'm making here and adding on an additonal 1K+ monthy rent payment? At 82k, my gut says no...but my heart says YES. Oh, and in addition to student loans (I pay way above the min every month and would like to continue this), I have a $500 car payment, but the car will be paid off in April '14.

I might not get this chance again -- it is NOT easy finding a job when you are a non-local candidate but I was lucky and I did. However, if this same job were here, offering me the same salary I make here (60K) I would NOT take it. This new company is very small, and right now I work for a F500 company, where I get 401k matching (nothing at this place), 5 weeks vacation (3 weeks at the new place) and all the benefits of working for a large organization. But the job would be AMAZING for my career...

I'm just so torn!

Well...you could "play it safe" and stay in Minneapolis the rest of your life and wonder "what could have been" in 10 or 20 years...or you could expand your comfort zone and face a new challenge by taking a job that could be amazing for your career in an area that you say you love. Most likely scenario...you eventually get promotions and/or raises (or another job in this area) and are thankful for the decision you made to move here...realizing it was a small, temporary price to pay by leaving your old job and Minneapolis. Worst case scenario, you're unhappy and you move back to Minneapolis and pick up where you left off.