Reasonable Rent? (Oakland, Berkeley, Richmond: apartment, for rent, insurance)

[dho1981]

Hi,

A friend and I are moving out to SF in a couple weeks and I've been struggling on Craigslist finding rents in my price-range and was wondering if my standards are realistic or not. What we are looking for is a 2-bedroom within a 30-min commute via public transit or walking for $2,400 in the upper range near the office--near Union Square--or $2,000 as the upper range for areas farther away like Inner Richmond/Sunset. Is this a realistic goal for rent?

Also in terms of cost of living, we're both looking at somewhere around $2500 take home pay after taxes per month. What might be the flexible range of cost of living here that allows for some savings per month? Thanks for any advice.

-D

[astrozombies2]

check craigslist . I am thinking of renting Berkley because it seems cheaper than in the city. a 1 bedroom can cost you about 2K - 2.5 K near union square, unless you move close to the tenderloin.

Originally Posted by dho1981

Hi,

A friend and I are moving out to SF in a couple weeks and I've been struggling on Craigslist finding rents in my price-range and was wondering if my standards are realistic or not. What we are looking for is a 2-bedroom within a 30-min commute via public transit or walking for $2,400 in the upper range near the office--near Union Square--or $2,000 as the upper range for areas farther away like Inner Richmond/Sunset. Is this a realistic goal for rent?

Also in terms of cost of living, we're both looking at somewhere around $2500 take home pay after taxes per month. What might be the flexible range of cost of living here that allows for some savings per month? Thanks for any advice.

-D

[gizmo980]

Those are realistic rents for the Sunset & Richmond, and "near Union Square" if you're in the Tenderloin - which is kinda shady, but very active & centrally located. I'm more concerned about your take-home pay, which would leave you paying 50% + of your salary in rent. That is possible, but not recommended, since it won't give you any wiggle-room whatsoever. I make about $1000 more than that, and struggled when my rent was $1395... I got a third roommate which helped a lot (she pays $600), and can FINALLY save a little money now. If you're eventually going to be making more money, then I guess you could go for it - otherwise I'd suggest going even cheaper, or you'll be living paycheck-to-paycheck for a long time.

[gizmo980]

Originally Posted by astrozombies2

check craigslist . I am thinking of renting Berkley because it seems cheaper than in the city. a 1 bedroom can cost you about 2K - 2.5 K near union square, unless you move close to the tenderloin.

Welllll, Berkeley is about the same as SF, if you look at equivalent neighborhoods (in terms of safety & desirability). I wanted to move out there, since I work in the East Bay, but nothing comparable to my SF house was any cheaper - most were actually more expensive! So I decided to stay in the city for now, since I'd lose money if I moved.

[dho1981]

I'm not sure if I was clear: When I say "we're both looking at around $2500 take-home" I meant each--not total. Which means monthly within the household is $5,000, so a $2000-$2,400 rent isn't quite 50% of the combined take-home, but I understand what you are saying.

The other thing is that this is entry-level with time and a half overtime in effect, so there's actually a good possibility that our pay is going to be a bit higher than this "worst-case" scenario that we are budgeting around.

Maybe it's still a bad idea from a financial standpoint, but I figure since I'm just starting out, now's the time to take the risks. Just trying to figure out my limits. I appreciate the responses.

[astrozombies2]

so where do you recommend close to a bart station ? I am paying way too much. TIA

Originally Posted by gizmo980

Welllll, Berkeley is about the same as SF, if you look at equivalent neighborhoods (in terms of safety & desirability). I wanted to move out there, since I work in the East Bay, but nothing comparable to my SF house was any cheaper - most were actually more expensive! So I decided to stay in the city for now, since I'd lose money if I moved.

[gizmo980]

Originally Posted by astrozombies2

so where do you recommend close to a bart station ? I am paying way too much. TIA

Oakland, Albany or El Cerrito, perhaps? They are all cheaper than Berkeley (with the exception of some nicer Oakland neighborhoods), and have BART in or near the cities. You could also find great deals in Richmond, but some are great for a reason - if you get my drift.

[gizmo980]

Originally Posted by dho1981

I'm not sure if I was clear: When I say "we're both looking at around $2500 take-home" I meant each--not total. Which means monthly within the household is $5,000, so a $2000-$2,400 rent isn't quite 50% of the combined take-home, but I understand what you are saying.

The other thing is that this is entry-level with time and a half overtime in effect, so there's actually a good possibility that our pay is going to be a bit higher than this "worst-case" scenario that we are budgeting around.

Maybe it's still a bad idea from a financial standpoint, but I figure since I'm just starting out, now's the time to take the risks. Just trying to figure out my limits. I appreciate the responses.

I understood your original post, and still think it's a financial stretch... but if you're young and just starting your career, I guess it's not the worst idea. Just make sure you don't over-spend, so you at least have a LITTLE left over each month. The last thing you want is a financial emergency (medical, travel, etc), which would leave you short on rent.

To give you some examples, last week I spent $320 at the veterinarian, since all 3 of my pets needed shots & treatments... and two weeks before that, I got a speeding ticket which will set me back about $250. Stuff like this is not unusual, so you always want to be prepared with at least one month's rent in savings.

[sonarrat]

Originally Posted by dho1981

I'm not sure if I was clear: When I say "we're both looking at around $2500 take-home" I meant each--not total. Which means monthly within the household is $5,000, so a $2000-$2,400 rent isn't quite 50% of the combined take-home, but I understand what you are saying.

The other thing is that this is entry-level with time and a half overtime in effect, so there's actually a good possibility that our pay is going to be a bit higher than this "worst-case" scenario that we are budgeting around.

Maybe it's still a bad idea from a financial standpoint, but I figure since I'm just starting out, now's the time to take the risks. Just trying to figure out my limits. I appreciate the responses.

You may not qualify for a $2400 apartment. Most landlords want you to be spending no more than 30% of your income.

[dho1981]

Yeah, it's got me slightly concerned but I think ultimately I'll be all right. I don't have a car, so no car payments/insurance/gas/maintenance costs there. No pets... and I'm generally pretty good about not over-spending.

In any case, how far from Union Sq. could I live and reasonably expect a commute time of <30 min with the SF public transit system? And which neighborhoods would be good for younger people (mid-late 20s)? I've heard a lot about SF and am excited to get out there but admittedly don't know much about it.