How does it feel to make 6 figures or more per year? (San Francisco: middle-class, rent)

[Oildog]

I live quite well in Texas. I may be moved out to that area, I hope I can afford more than an apartment.

[iWalkAlone]

Originally Posted by Oildog

I live quite well in Texas. I may be moved out to that area, I hope I can afford more than an apartment.

Thank you for your input I guess. That doesn't exactly answer my question though.

[bentobox34]

Not quite there, but will (just barely) pass that threshold by the end of 2015 based on predicted pay increases.

That being said, having run the numbers, passing that mark will allow me to break even on providing a modest, barely middle class lifestyle for my family while still remaining unable to save anywhere near the percentages financial advisors would recommend for retirement, down payment on a house, college savings, emergency fund, etc.

[asnboy1084]

Almost everyone lives up to what they can afford, even though I'm a single guy in the low 6 figures and live in a grungy appartment in Oakland... it feels like I'm living paycheck to paycheck! 10 years ago I used to think I'd be happy with a 50k salary. That being said my weekends are booked for the next 2 months...

[Synchromesh]

Originally Posted by FabianS

It's actually kinda miserable, especially if you've ever lived in an area where people have a real sense of shared community and personal happiness. The Bay is pretty much the ass end of the Western Progressive Nightmare right now.

Perhaps you speak of the South or something? Because I lived in MA for many years and in the last building there for 8. There were about 4 neighbors that actually recognized me by face and said hello. Everyone else - could care less and wouldn't even say thank you if I held the door for them in some cases. So sense of community my butt.

[shooting4life]

Originally Posted by bentobox34

Not quite there, but will (just barely) pass that threshold by the end of 2015 based on predicted pay increases.

That being said, having run the numbers, passing that mark will allow me to break even on providing a modest, barely middle class lifestyle for my family while still remaining unable to save anywhere near the percentages financial advisors would recommend for retirement, down payment on a house, college savings, emergency fund, etc.

It's hard here in the Bay Area. You have those that don't make very much but purchased their homes 20-30 years ago and my wife and I make 3 times as much as they do and we cannot even touch a house that is even half the value of the home they bought even though we make 150k combined.

Our salary allows us to own a home in a lower middle class area. We do not have children and still cannot put much into savings because so much goes to taxes.

I have someone who works for me that makes around 55k a year, her husband makes less, bought a house in Belmont how ever many years ago for like 200k she said. Home is worth probably near 900k at this point. A lot of people have just been lucky in the Bay Area.

All I hope is that I am in the same position she is when I am her age.

[wooliemonster]

I lived quite well in Texas, and living OK in Oakland on about 50% higher gross household income (my wife and myself). Won't be able to buy any real estate until I increase that another 50%. Also planning on getting a less expensive car.

[Larry Siegel]

Originally Posted by wooliemonster

Six figures is for boring, dead end middle managers. The real fun starts at seven.

This. $100,000 in San Francisco would feel like I'm able to continue to live there.

To the OP: An "expensive" house in the Bay Area starts around $1.3 million. At that price it would not be a mansion or anything like one. It would be a pleasant 4 bedroom home in an inner-ring suburb with good public schools. Unless you have a huge down payment, you need a $400,000 income to buy one.

[kmzizzle]

$100K in SF doesn't do anything. Enough to be able to pay rent and go out without worry, but can't lavishly spend on anything

[Teiki]

Originally Posted by asnboy1084

Almost everyone lives up to what they can afford, even though I'm a single guy in the low 6 figures and live in a grungy appartment in Oakland... it feels like I'm living paycheck to paycheck! 10 years ago I used to think I'd be happy with a 50k salary. That being said my weekends are booked for the next 2 months...

Couldn't agree more!

When I was searching for jobs post-graduation 6 years ago, I remember meeting the qualifications for a 40k position in Palo Alto and thinking that would be HUGE and I kept making a mental list of all the new things I could afford.

With a lot of luck, I miraculously snagged an 80k salary and have been raised to a six-figure salary over the past four years. Yet somehow, I'm saving LESS now than I did 4 years ago because I keep raising my standard of living with better food, trips and an addiction to Amazon.com.

It's actually a bit scary when I think about it sometimes. God forbid I lose my job, it will be a harsh wake-up call!