salary of 175000, is that enough to ask for in LA? (Los Angeles: apartments, rent)

[Charles]

Originally Posted by harhar

Be sure to max out your 401k, or ROTH. You will be hit hard with taxes if you don't.

Roth contributions are made after taxes so there is no reduction in your tax bill now (that money is pulled out tax free later). 401(k) and traditional IRAs are pre tax (for the most part) and are taxed as ordinary income when money is pulled out of them.

[mellabella]

Thank you for taking the time to read and reply to my query.
We have an opportunity to move as a position is being offered so I am doing my homework before we get to the table to negotiate the salary and move.
We had lived in TX before and it was REALLY inexpensive to live there....but this move to CA will be very different financially.

[mellabella]

Would it be fair to say that about 50% of your gross income is deducted (this is with about 2% to 401K?
(I tried salary.com and it never allowed for the deductions of 2 children.)

[Charles]

This couple wonders if $250K/year is enough:

Would you buy a home in L.A. if you made $250K a year? - Los Angeles Times

[Undulator]

$175K may sound like a lot of money to people from other states, and when they're offered a salary like this they immediately start thinking of luxury living among the stars in Beverly Hills. Truth is $175K won't get you anywhere close to that. In reality you're probably looking at a townhouse or small SFH in the outskirts/valley, or a tiny west side condo.

Having said that, I make a little more than $175K a year and have not had any trouble living in L.A (renting in woodland hills) so far. I haven't bought a house yet but have managed to save up enough for a 50% down payment on a decent house. I had no debt (and still don't) when I began working, single, no kids etc. Live very frugally. Drive a piece of **** car converted to bio fuel and spend next to nothing on anything but the bare necessities. I have friends who are getting by at ~$60K/yr (800 sq ft. condo). I'd say that's the absolute minimum you could live in L.A for (and many struggling actors are), unless you're happy renting in the bad areas. You can forget about the nice areas of L.A. Unless you're making $500K-1M/yr there's no way you can afford a single family home in the nice areas (Bel Air, Beverly Hills, Pacific Palisades etc.). You could rent something OK in that area for around $10K/month at an income of $200K/yr but you'd be very house poor, and it's money out of the window. My advice to you... rent something in the valley for a year (if you'll settle for a townhouse with a community pool you're probably looking at around $1500+utils), and save every penny you can by living on water & bread. If you have a long commute, get a cheap 2nd hand hybrid or a bio fuel converted old timer to save money on gas. If you live like a bachelor you should be able to tuck away around $60-80K which you can then put down in a house, or wait another year to save up another $60-80K to be able to afford the full 20% down payment. Bottom line, you'll be more than fine with $175K/yr if you settle for something sub standard (relatively speaking, compared by and large to the rest of the US). It all depends on your quality of life-expectations.

[anr_black]

Originally Posted by impala666

Work out what you are worth to the company in a average year and if they can`t pay one fifth of that as your salary, then they don`t deserve to have you working for them.

This is ridiculous advice. Anyone worth their salt in high end product development, advertising, marketing, etc., SHOULD be earning their company at least 10 times what you're paid...you think the person who creates the superbowl ad you see on tv that sells millions in product brings home a million plus???

TO the OP: ask to meet your team during visits/negotiations and maybe you can get an in with someone. Do research online to see if you can find an "average" salary for your job in SoCal. Break down your budget, your projected housing costs, etc. and see what you NEED to make to replicate your lie in Toronto and go from there. Good luck!

[Randolphj]

hmmmm. I see a lot of rent and buy information here. However, I would recommend renting first to see what side of LA your personality fits. LA has lots of different hats and you may not be happy with where you first settle.

This will also give you time to grab a great deal on a foreclosed house or condo, which is really going to pick up in the next few months.



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[mellabella]

Thanks! We are only going to rent, we likely will only be here 2 or 3 years max.
My kids will think they are living in a hotel like "Zack and Cody" (kids show) if we rent a condo, they will think it's fun more than likely.
We are hoping to rent in Beverly hills to cut out the commute time and to be in a good school district. My husband will be working on Wilshire in the west end.
Maybe 175 is too low to be paid? He will be down there shortly, maybe he can get more ino ahead of time about comp so we don't waste any time.

[timelesschild]

175 sounds like a good salary to me. I don't know what the comps are in your field, but you CAN live comfortably on that, even with children. Don't let anybody tell you differently.

[NYSD1995]

If you are renting you can easily afford 4k/mo on 175k/yr. Don't let anyone fool you, you can do fine. If you want to live on the west side or Beverly Hills though, you might be disappointed with what 4k/mo will get you, I would plan on townhome / apartment in those areas. You will do better with houses in Orange County on that budget.

Also you did not mention schools... that may or make or break your decision.

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