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Old 09-11-2012, 11:41 AM
 
2 posts, read 7,795 times
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Default Salary 80k enough for a family of 3 in bay area??

Hi,

I ll b moving to bay area with my husband and 3 month old baby.will 80k b enough to stay in bay area?

Any suggestion.

Thanks
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Old 09-11-2012, 11:46 AM
 
256 posts, read 394,965 times
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Yes, you can live off of 80k in the Bay Area.

Do you plan on renting or buying? What is your housing budget? Where in the Bay Area are you looking to live?
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Old 09-11-2012, 11:48 AM
 
2 posts, read 7,795 times
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Hi,

I ll b renting house. How much much wud 1 bhk cost .and ideal place to stay ?
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Old 09-11-2012, 02:02 PM
 
457 posts, read 570,633 times
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You are being way too vague. Where would the job be? Where would you want to live? Tolerance for a commute? Housing expectations?
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Old 09-13-2012, 08:38 AM
 
476 posts, read 551,517 times
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It would be tight eventually, but with a baby I think it's fine. School-aged child would be tight on that income.
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Old 09-13-2012, 01:17 PM
 
1,030 posts, read 1,490,974 times
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It would be exceptionally tight. Lets do the math:

Income - $80k year = $6,667 month
Assume 1/3 is taken out for taxes = $4,444 month remaining
Average 2 bedroom apartment in Silicon Valley = $2,500 = $1,944 remaining
Food expenses = $500 month = $1,444 remaining
Car Payment = $400/month = $1,044 remaining
Insurance (auto/home/health) = $400/month = $644 remaining
Utilities/phone/cable/internet = $300 month = $344 remaining
Clothing = $200/month = $144 remaining
Gas = $150 month = already under by $6/month

This doesn't even factor critical things like miscellaneous expenses, savings (emergency fund, retirement, college fund), entertainment expenses, travel, etc. I also don't think what I've listed above is out of line. If anything, the numbers are probably higher than what I've listed. I just don't see how you can do it and expect a middle class standard of living.
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Old 09-13-2012, 01:28 PM
 
13,820 posts, read 11,368,333 times
Reputation: 9736
Quote:
Originally Posted by roadwarrior101 View Post
It would be exceptionally tight. Lets do the math:

Income - $80k year = $6,667 month
Assume 1/3 is taken out for taxes = $4,444 month remaining
Average 2 bedroom apartment in Silicon Valley = $2,500 = $1,944 remaining
Food expenses = $500 month = $1,444 remaining
Car Payment = $400/month = $1,044 remaining
Insurance (auto/home/health) = $400/month = $644 remaining
Utilities/phone/cable/internet = $300 month = $344 remaining
Clothing = $200/month = $144 remaining
Gas = $150 month = already under by $6/month

This doesn't even factor critical things like miscellaneous expenses, savings (emergency fund, retirement, college fund), entertainment expenses, travel, etc. I also don't think what I've listed above is out of line. If anything, the numbers are probably higher than what I've listed. I just don't see how you can do it and expect a middle class standard of living.
Maybe I'm out of touch, but isn't $2500 a little high for a 2BR? You can probably get one for 2K per month. Plus, not everyone has a car payment. (Of course, if you pay cash for your cars, then the $400 would need to go into savings for the purchase of the next car). But I do agree with your overall assessment. Even with that extra $900 per month wiggle room, that's a tight budget if you don't want to live payday to payday for the rest of your life.
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Old 09-13-2012, 01:33 PM
 
1,030 posts, read 1,490,974 times
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Quote:
Originally Posted by mysticaltyger View Post
Maybe I'm out of touch, but isn't $2500 a little high for a 2BR? You can probably get one for 2K per month. Plus, not everyone has a car payment. (Of course, if you pay cash for your cars, then the $400 would need to go into savings for the purchase of the next car). But I do agree with your overall assessment. Even with that extra $900 per month wiggle room, that's a tight budget if you don't want to live payday to payday for the rest of your life.
2 bedrooms here in Mountain View for newer apartments are over $3,000. Even in North SJ, they're in the $2,500-3,000 range for newer places. You might be able to still get a 2 bedroom in the $2k range, if you want something older/more run down, in a bad neighborhood, or both. Still, it is becoming less prevalent with the increases in rent prices.

Sure, some people don't have car payments, but older cars do break down. It is inevitable that if you don't have one now, you'll probably have one in the near future. And, at $80k for a family in 3, you're not likely to have the cash to pay for it outright at the time of purchase.
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Old 09-14-2012, 12:20 AM
 
Location: Pleasanton Ca
816 posts, read 1,160,982 times
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If they are willing to live in Hayward, Brentwood, Concord, and a few other places they drop rent by about $1000 a month. I just rented a house in Concord in an okay area ( not great schools though) for $1600 and the house has been remodeled.
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Old 09-14-2012, 09:58 PM
 
13,820 posts, read 11,368,333 times
Reputation: 9736
Quote:
Originally Posted by aslowdodge View Post
If they are willing to live in Hayward, Brentwood, Concord, and a few other places they drop rent by about $1000 a month. I just rented a house in Concord in an okay area ( not great schools though) for $1600 and the house has been remodeled.
Sure, but most of that $1000 "savings" is eaten up with increased gas costs and more wear and tear on your car, not to mention higher health care costs from living in your car all the time.

Long commute time linked with poor health, new study shows
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