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Old 02-04-2013, 07:06 PM
 
31 posts, read 33,928 times
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I was shocked to see home prices in Menlo Park today and I don't live there but was curious for anyone that lives there currently how do you afford it? Cost of Living is insane and housing is off the charts.
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Old 02-04-2013, 07:08 PM
 
Location: SF Bay Area, CA
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Many folks traded up, or used Silicon Valley stock options to afford the down payment, or paid in cash for their homes.
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Old 02-04-2013, 07:16 PM
 
31 posts, read 33,928 times
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Originally Posted by ccm123 View Post
Many folks traded up, or used Silicon Valley stock options to afford the down payment, or paid in cash for their homes.
That's just insane so what is the price point to live comfortably there with a family of four? 300k? 500k? Amazing and disgusting @ the same time imho.
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Old 02-04-2013, 07:19 PM
 
262 posts, read 423,691 times
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I once asked a saratoga realtor how people in this area afford houses (Saratoga, Los gatos, Los altos, etc...) and she said most use/cash out stock. So those "rich" people living in the 2-4 million dollar house likely have a lot of money in stocks
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Old 02-04-2013, 07:22 PM
 
31 posts, read 33,928 times
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Originally Posted by StandingRoomOnly View Post
I once asked a saratoga realtor how people in this area afford houses (Saratoga, Los gatos, Los altos, etc...) and she said most use/cash out stock. So those "rich" people living in the 2-4 million dollar house likely have a lot of money in stocks
And for the folks that work in dead end jobs that is just wack-a-doodle to think how they are making it happen. It is sadly ironic that a liberal area like Silicon Valley has such a huge gap between the rich and poor, don't really see much room in here for a "middle class".
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Old 02-04-2013, 07:30 PM
 
262 posts, read 423,691 times
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My guess....it is much easier to make money when you have money. You are also willing to take more risks with it IMO in regards to investments. i think the rich or upper middle class tend to spend time with others who are in the same "league" and have more insider knowledge and connections to investing and making more money...or making wiser investments with the money they have, than say, the average joe working a blue collar job who may know little about how to invest money, other than keeping it in a bank account or putting it into real estate. Working for a company that offers excellent stock options is a huge plus.
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Old 02-04-2013, 07:32 PM
 
31 posts, read 33,928 times
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Originally Posted by StandingRoomOnly View Post
My guess....it is much easier to make money when you have money. You are also willing to take more risks with it IMO in regards to investments. i think the rich or upper middle class tend to spend time with others who are in the same "league" and have more insider knowledge and connections to investing and making more money...or making wiser investments with the money they have, than say, the average joe working a blue collar job who may know little about how to invest money, other than keeping it in a bank account or putting it into real estate. Working for a company that offers excellent stock options is a huge plus.
That's true. Kinda sucks but true
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Old 02-04-2013, 09:34 PM
 
Location: A bit further north than before
1,522 posts, read 1,810,038 times
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BS. All it takes are two good salaries and the discipline to save aggressively for a few years to get a downpayment set aside.
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Old 02-04-2013, 09:47 PM
 
31 posts, read 33,928 times
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Originally Posted by gone down south View Post
BS. All it takes are two good salaries and the discipline to save aggressively for a few years to get a downpayment set aside.
U mad bro? We're discussing how much it takes to live comfortably annually in terms of salary.
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Old 02-04-2013, 10:13 PM
 
262 posts, read 423,691 times
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Originally Posted by gone down south View Post
BS. All it takes are two good salaries and the discipline to save aggressively for a few years to get a downpayment set aside.
Speaking of a 600k-1 mil house yes, with good incomes (circa 200k-300k) and some thriftiness you can absolutely save for a downpayment in a few years. Stocks are a faster means of reaching your goal without having to pinch pennies (for those who know where to invest their money, other than sticking it in the bank). And at the 2 mil house level, those buying most definitely have used stocks as a means of paying a down payment or all cash.
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