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we all know that san-fran currently has the highest cost of living in the country especially considering real estate. but are there any fast food/retail workers that live there ?i dont see how $60,000 is not enough to make it in san francisco effectively living tax and rent free.
I've read that this is a significant problem there. There are people who live as far out as Sacramento and work in SF, and that is a pretty far commute. I don't know the details, but they have had to come up with some creative solutions, and I think there are some rent subsidies for the people who work in jobs like fast food, etc.
Quote:
Originally Posted by Western Urbanite
Of course, his wife is also probably making six figures, which significantly increases household income.
The issue is we have no idea how much the wife makes. The wife could have made the mistake of going to law school and have 300,000 in loans with a job that pays 40K.
Maybe he wants to retire some day and is putting 20% into a 401k or IRA.
Maybe he wants to be able to send his kids to college, and is contributing to a 529.
Maybe he wants to have a safety fund, so is trying to build up 100k worth of savings.
Maybe he wants to be able to leave his family money some day when he's no longer around.
In other words, maybe he's trying to be a responsible human being and planning ahead, while not relying on others to support him now, and in the future.
Why do corporations choose silicon valley?
It's like they are taunting their employees.
If they want to go the west coast, they are better off in Los Angeles, where housing costs can be cut in half of what you'd pay in the Bay.
Such a beautiful city too. That's why vacation exists! But I'd much rather visit LA this year.
I've read that this is a significant problem there. There are people who live as far out as Sacramento and work in SF, and that is a pretty far commute. I don't know the details, but they have had to come up with some creative solutions, and I think there are some rent subsidies for the people who work in jobs like fast food, etc.
The issue is we have no idea how much the wife makes. The wife could have made the mistake of going to law school and have 300,000 in loans with a job that pays 40K.
the article doesnt explain why this family of 4 is bankrupt with $60,000 in the bank (probably much more) after taxes and rent have been paid. this is obviously exaggerated clik-bait from an anonymous uncredited source.
I recall a news story once about an elderly veteran who was panhandling in our area. He was on a fixed income with disability. Everyone was horrified. Someone approached him to ask how they could help.
Turns out he recently purchased a brand new Toyota Camry on a lease that was a huge chunk of his income. Of course, he did what any financially literate person would and panhandled to make up the difference.
The news story was a Good Samaritan story. The gentlemen who approached the veteran got him a trade in and a smaller car payment so he could again afford his low-income housing, and the dealership the gentlemen was associated with got to make some money. Everybody wins!
$160K/yr is not much for a family of four in the most expensive place to live in the country. The COL is 62% higher than the national average. If he's only paying $3K/month for rent, then he may be in a location where he's paying to send his kids to a private school in another neighborhood. Or child care for toddlers while his SO is in school. Or maybe they have a boatload of student loans. Or one kid in college. Or they're feeding 2 teenagers in a city where the cost of food is 25% more than the national average. Who knows.
$160K/yr is not much for a family of four in the most expensive place to live in the country. The COL is 62% higher than the national average. If he's only paying $3K/month for rent, then he may be in a location where he's paying to send his kids to a private school in another neighborhood. Or child care for toddlers while his SO is in school. Or maybe they have a boatload of student loans. Or one kid in college. Or they're feeding 2 teenagers in a city where the cost of food is 25% more than the national average. Who knows.
i agree, too many holes in the original article (i dont see how that could pass as journalism). since all the sources are anonymous, my assumption is that they have large medical bills and possibly a gambling addiction or expensive drug habit.
Location: San Ramon, Seattle, Anchorage, Reykjavik
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This is not a surprise and I doubt it's because he has poor money management skills. I have lived and worked in SF. Unless you want to live a long ways out (but still near BART) living in SF with a family can be rough, especially if you recently moved there. I lived in San Ramon and had many neighbors that had dual incomes at good salaries and had issues with paying the mortgage, maintaining the house, and commuting. Even at a family salary of $300k (I would expect) they still drove 15 year old Hondas, didn't eat out, and vacation was heading to a local park. The mortgage on a $1m house is rough.
Sure, they could have lived farther out in Livermore but the prices didn't drop all that much. And that's a long drive / train ride into the city.
I'm sure it's been mentioned but it is not cheap to live in San Fran.
No one is forcing him to stay there. They need to relocate.
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