Quality of life @ 100K in Santa Clara (Nice, Winchester: coupons, rentals)

[aramax666]

I know variants of this questions have been asked on several occassions, and I tried reading through most of the forum, but I didnt quite get a complete picture. Here's my question:
I am 26 yrs and married, I got offered a 105K job (base (95)+bonus(10)) in Santa Clara. My wife cannot work. I dont intend to buy a house so plan to rent. Is there anybody with my situation on this forum? Or can anyone comment on what kind of lifestyle I can afford?

Any resposnse will be much appreciated...

[gooski]

For 100K and just the two of you, I think that you could have a comfortable lifestyle. You could rent a nice place - Rivermark would be a nice option in Santa Clara and you should have enough to fund your hobbies/recreation etc.

If you have kids, then you would start to look at school districts/private schools so your expenses would obviously go up.

[mdwstrnkid]

Originally Posted by gooski

For 100K and just the two of you, I think that you could have a comfortable lifestyle. You could rent a nice place - Rivermark would be a nice option in Santa Clara and you should have enough to fund your hobbies/recreation etc.

If you have kids, then you would start to look at school districts/private schools so your expenses would obviously go up.

On a $100K income for the two of you, you'll be able to have a nice, though not extravagant, lifestyle. I lived in the Rivermark area for seven years (2001-2008) and had roughly the same income when I first moved there (~$87K base + $14K bonus). I was able to live decently (though not extravagantly) and save a significant amount of money (~25% of my gross income). However, I was single at the time and rents were significantly lower. (I was paying around $1400/month for a large 1BR.) I would expect that with two of you and with the rents going up (probably around $2K for a 2BR in the Rivermark neighborhood), you probably won't be saving nearly as much money.

[aramax666]

Thank you so much for sharing so much detail.
We were looking at some condos-turned-rentals near the santana row area, for abt 1800 for a 1BR. I hope to have a competing 90K or so offer from Portland, OR, so I wonder which one is better? There are just so many factors...

[hsw]

Suspect SiliconValley is ideal for a young, ambitious, career-focused professional w/no kids...

Arguably no place in world w/greater economic/career opportunities and higher QOL than SV...

Problem many self-create is acquiring dependents too early in one's career when income isn't sufficient for a decent std of living in high COL, high-opportunity regions like SV/NYC....

[18Montclair]

you'll be okay, but learn to cut coupons and put money in the bank.

[mdwstrnkid]

Originally Posted by aramax666

Thank you so much for sharing so much detail.
We were looking at some condos-turned-rentals near the santana row area, for abt 1800 for a 1BR. I hope to have a competing 90K or so offer from Portland, OR, so I wonder which one is better? There are just so many factors...

Well, I would imagine that the $90K offer in Portland will go further than $105K offer here. That said, you would most likely have a lot more upside potential here than you would in Portland. Like hsw mentioned, there are few places in the world with as much opportunity as Silicon Valley.

If income is your metric of success, note that in the past seven years, my annual income has gone up almost 70% and that's without changing companies (though I moved into a new role three years ago). Remember, past seven years include the dot-bomb period of 2002-2004, when most incomes were static. Many of my more successful friends have seen income jumps in the same neighborhood. I don't think that there are many places where your income can increase in such leaps and bounds.

[gooski]

Originally Posted by aramax666

Thank you so much for sharing so much detail.
We were looking at some condos-turned-rentals near the santana row area, for abt 1800 for a 1BR. I hope to have a competing 90K or so offer from Portland, OR, so I wonder which one is better? There are just so many factors...

As has been said, your $90k will go farther in Portland but there is much more upside potential in SV.

Santana Row is a pretty nice hangout for the young professionals - sort of expensive but lots of nice restaurants/bars/shopping. Safeway is right on the corner of Winchester/Stevens Creek.

Nice commute into Santa Clara as you can just take side streets instead of the freeways and downtown SJ is fairly close also.

[out of bay or bust]

You can live OK but home ownership and extra cash are two things that will be hard to find.

[Luke9686]

So much of people's decisions are based on home ownership. With you not planning on owning, you will do well. Just put some money away for retirement and have a good time. Enjoy your time in California, there's nothing like it.