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Old 03-09-2013, 04:35 PM
 
3 posts, read 4,074 times
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I'm planning on moving to San Mateo or SF Peninsula (from Europe) for a new job later in the year, with my wife and two young children.

Assuming all the usual expenses, can a family of 4 live comfortably on $180k (around $9300pm net)?

Some estimated expenses:
House rental: $3000 (I hope to rent a 2 bedroom house)
Preschool: $1500 (pre-k for one child, kindergarten for other)
Groceries: $800
Health insurance: $800
Car: $400
Car insurance: $200
TV/internet: $150
Utilities: $200
and that leaves around $2000 for everything else.

The cost of living in San Mateo (and Bay Area in general) seems very high so +/- $9000pm doesn't seem like a lot...?

Thanks!
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Old 03-09-2013, 04:37 PM
 
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You will earn enough, but make sure you keep track of your budget to avoid surprises.
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Old 03-09-2013, 05:02 PM
 
Location: East Bay, San Francisco Bay Area
23,364 posts, read 23,774,103 times
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You will be fine!
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Old 03-09-2013, 05:52 PM
 
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Some things to consider:

Just one car? The Bay Area while having so decent public transportation, can leave you wanting an extra car so think about that.

Depending on the car and distance you will commute (if you will at all) fuel for that car can easily run $400 or more per month. Gas in the Bay Area is among the most expensive anywhere. If you get a second car, add some for more insurance, fuel and of course maintenance.

You don't mention your standard of living or if both of you will be working to generate that income. If you both work, child care can be extremely expensive. That $2000 left over will barely cover it.

Entertainment is also high cost in the Bay Area, depending on the type you like. If you stay home mostly or engage in the low cost style of entertainment, no worries but if you like a dinner out once per week, a movie now and then, that will also bite into the $2000 pretty quick.

Add some to that house rental. Right now the rental market is very hot meaning there are more renters than rentals of decent quality. Good quality rentals can be had for $3000 but you might end up paying a premium for a location suited to your liking. You didn't mention specific areas other than the Peninsula but in that general area there is a lot of variance in rents.

The better the location you choose to live in the higher other costs such as child care and so on will be too. Just things to consider.

If that entire income is expendable you should do ok but there isn't going to be much saving going on unless any expenses you haven't noted are going to be very minimal.

Don't forget renters insurance, not expensive but a cost nevertheless.
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Old 03-11-2013, 06:41 PM
 
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Thanks for the responses! My wife won't work, so childcare cost isn't too much of a concern.
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