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Old 11-05-2011, 12:29 AM
 
39 posts, read 75,805 times
Reputation: 24

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I lived in Portland a few years ago, I know the city well and know how tough the job market can be. After a few years in Portland, I was sick of being paid $10 an hour for the same work a company on the east coast would pay me double to do. So I moved to the east coast and doubled my salary doing the same exact job. I did some city hopping for a few years and I'm living in Boston working in Nonprofit and my Fiance is attending Harvard Law School. We both come from traditional families, working dad and stay at home mom, but we have progressive views. She did a summer job in Portland last summer and was offered a position at a Portland Law Firm that will pay $100,000 plus bonus to start with both of our relocation expenses covered once she graduates and passes the Oregon Bar. For those who aren't familiar with Lawyers in big cities like NYC and Boston, the hours are super long, 80 hours a week is considered normal to reach the billable hour requirement. The Attorneys at her firm have a much lower billable hour requirement and work only 50-60 hours a week, she loves Portland and loves this firm. She wants to turn down the big city salaries for a slower pace of life, we're a simple couple and want a simple life.


Unfortunately, my salary will never be near her's and once we marry, I plan on only working part time and taking care of the home, animals and the rest of life's silly obligations. She wishes to become partner at her firm, so I'm willing to sacrifice my career at the moment to help her succeed with the least amount of gray hairs.


I plan on finding something that will bring in an extra $10,000 a year with no benefits. I hope to work at a local nonprofit/church/hospital or school. As a couple with no children and no significant debt (thank you full scholarship!), how will a $110,000 a yearish salary for a late 20's couple do in Portland? We both automatically save 25% every paycheck. We hope to buy a small 2 bedroom bungalow and rent out the basement (assuming we have a basement and city zoning allows it). Am I being too optimistic to find a part time job within one year? Is it possible to obtain a home loan on that income? I have a BA and a Graduate Certificate in Nonprofit management from a well known state university. I currently have 7 years work experience, a unique resume and good references. No criminal record and good credit score.


We looked at other cities such as Seattle, Chicago, Denver and Austin and none of them provide us with what we want. We will be moving in 2013, so hopefully the job market will improve. I thank everyone ahead of time .

Last edited by GettaJetta; 11-05-2011 at 12:44 AM..
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Old 11-05-2011, 07:49 AM
 
Location: the Beaver State
6,464 posts, read 13,409,396 times
Reputation: 3581
You can live in Portland pretty easy on $100k/year, and getting a house will be pretty easy depending on how much you have for down payment. The hardest part will be finding a bungalow at all, much less one with a basement.
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Old 11-05-2011, 10:05 AM
 
39 posts, read 75,805 times
Reputation: 24
Thanks for the reply. I guess we're not very picky about finding a bungalow, just a small house. We want to find a good life/work balance at the same time, be able to save and one day, retire. We plan on doing a 25% down payment on a fixer-upper. I have a significant carpentry/construction background. Thanks a lot, this is our dream.
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Old 11-05-2011, 10:54 AM
 
Location: Portland, Oregon
10,988 posts, read 20,508,467 times
Reputation: 8261
You will do fine with that budget. Interestingly a lot of Portland lawyers, including those at large firms, buy homes with 'potential'. The two of you will fit right in.
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Old 11-08-2011, 09:18 AM
 
Location: Nutmeg State
1,176 posts, read 2,556,547 times
Reputation: 639
That's a slam dunk. My wife and I (late 20's) just bought a house with a $45,000 annual salary (actually we got the house in only my name and my stipend is $25,500 (I'm in grad. school)). We don't overspend by any stretch, but with that kind of money you'll be VERY comfortable in Portland and will basically be able to pick almost any neighborhood you want for living. You can easily get by with only one car in this city, so there is another expense you can cut out.

As for not finding bungalows in Portland? I don't really understand that statement, almost the entire East side is bungalows. The tricky part will be finding a basement, as many houses don't have them. But with that kind of income I don't think you will need to rent out unless you really have to.

Honestly your situation sounds great and I wouldn't hesitate to do it.
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