Job in foster city, family of 4 (Encinitas, Rancho Santa Fe: real estate, apartment, rental)

[drums]

H has landed 2 job offers. One in la jolla and other in foster city. Both pay 165k per year. Your replies will be greatly appreciated and will help us make our decision.

We are a family of soon to be 4. We would ideally want a 3 bedroom apartment or a home. I plan to stay home for the time being.

How much would a 3 bedroom cost in some family friendly place near foster city? Under 30 minute commute.

We have no debt and hope to save 1k-2k a month. One kid in preschool. No expensive hobbies. Would you say it's doable?

We will be moving from chicago area with a salary of 135K and hope to maintain the same quality of life.
thank you!

[wooliemonster]

Rule #1 is live close to where you work.

A 3br rental in Foster City area will cost $3500-4500. The lower end, 3500, is 25% of your gross income, which is probably safe. I'd try to stay on the low side, and save more. But even at $2k/mo, it will be difficult to save for a down payment on a $1m place, which is more or less the median price around here.

[ccm123]

Remember that in addition to the high housing costs, everything else (food, utilities, insurance, etc) is higher than in Chicago. Shockingly higher.

[ilkhd2]

I disagree about food (produce is cheap because it is local) - food in Omaha is more expensive, often significantly than in Bay Area and utilities - Chicago has very cold winters and pretty hot humid summers; your heating/AC bill would be much higher in Chicago. Overall, housing is going to be biggest expense, it might be compensated by 30k difference though.

[bmw335xi]

Both are really great cities and you will be able to afford either. Visit both and decide for yourself. It basically comes down to whether you prefer SF or SD.

[lrmsd]

I replied on the SD thread, but mentioned that if you do a COL comparison, the calculator shows you'd need 183k to live in the bay area, to maintain the same standard as chicago at 135k. SD would need 148k. SD is so much cheaper than the bay area and there are so many more options to choose from re: family friendly relative to both cost and commute time. I've lived in both places and have a family, and know others with similar experiences. Some friends moved from their tiny, semi-cra*py little home on the peninsula (their words) to one of the most affluent areas of SD-Encinitas-and bought a lovely [not giant but definitely more spacious and nicer] home, with less commute time and top schools in the Rancho Santa Fe district. I think they paid around 700k. There are just more options in SD to do that, vs. the bay area, where bridges, traffic and fewer good school districts to choose from are big challenges.

That said, I also mentioned that the bay area will have an intellectual climate, far more sophisticated/cosmopolitan amenities and will feel more vibrant. It also 'feels' liberal, although SD is very laid back and live and let live. Bay Area food is about a billion times better, and access to redwoods, etc is a huge bonus, IMO. For a family with young children and the stated salary, I think SD is a better choice. More time with and for the family and more for your rental or real estate dollar. Also, the OP wants to save 1-2k a month. That's much easier to do in SD, with the given salary and costs.

Also, I don't love SD or so cal at all. I prefer the bay area amenities for the most part. So my recommendation is pragmatic and due to experience in both and with a family. I gotta give SD the 'great place for families' credit (as is always said about the city-it's very true, IMO.)

[silverkris]

Your money is going to go farther, in terms of housing, in SD as opposed to the SF Bay Area, no doubt.

However, what about professional or career development? Depending on what your profession is, your future career prospects might be better in the Bay Area. Are you in biotech by chance (I'm guessing Gilead Sciences, which happens to be in Foster City)? If so, the SF Bay Area is by far better and might be worth the tradeoff in higher housing costs.