Can the average doctor afford to live in Hillsborough? What kind of people loan afford to live there? (Saratoga: mortgage, house)

[HockeyMac18]

Originally Posted by Bisaro TMF

Average Doctor meaning, Family Medicine? No. Internist/Hospitalist? General Surgeon? No. Psychiatrist? No Average Plastic Surgeon, yes, Average Neurosurgeon Yes, Average Radiologist yes. Gastroenterologist? Yes, Average Doctor depends on the specialty you're speaking about

Also does that person have family money? Low amounts of student loan debt? How old are they when they acquire enough money to buy a Hillsborough house (Would it make sense to buy a 8 bedroom mansion when you're in your mid/late 50's, and your children are all moved out?).

The people that are buying in Hillsborough today are probably very wealthy - and probably not just from their main job. They likely acquired wealth, and a significant amount of it, beyond just taking in a salary every year and putting it into a savings account.

These people aren't "typical/average". There are likely doctors in Hillsborough, but not average doctors with average doctor salaries (which are great, but not Hillsborough great).

[EdJS]

I know one person who lives in Hillsborough. He's a very senior software engineer, and his wife is a retired software engineer. I'm sure he makes a good living, but more importantly he has been living in his house a very long time.

[ambient]

You pretty much have to be worth millions to get in there now.

[hsw]

Basic arithmetic

Acre of land in West Atherton (Hillsborough is an ok town but fairly irrelevant in modern era) costs ~$4MM

Moderately upscale 6K sf house costs ~$2.5MM to build

Most such ~$7MM new houses are cash buys

So it's far more likely buyer is someone <40yo w/small kids who's made money working in software or in hedge funds

Those who can't afford to live in a new 6K sf house in an Atherton, etc but work as service providers, like doctors, dentists, lawyers, maids, etc, generally choose to commute from somewhere that makes more sense: their time is clearly less valuable, as their incomes and skills (per market prices) indicate

Anyone semi-intelligent has known that, for past 25+yrs, biggest money is largely made in either hedge funds or software....so any allegedly intelligent doc or lawyer, etc complaining abt low pay/net worth today is victim of own self-inflicted career choices...and prob revealing own dubious IQ

[calicoastal]

Atherton doesn't appeal to me very much, I find many of the houses too gawdy, maybe because many were built since the 80's. And it is mostly flat and I prefer some hills. I'd take the "old money" houses of lower Hillsborough, upper Piedmont, and Pacific Heights. I also prefer Los Altos Hills, Woodside, and Ross for the amazing natural beauty around.

[Ultrarunner]

The Docs I know live in Piedmont, Oakland Hills, Orinda and Alamo...

I do know someone that started as a receptionist at 18 where I work... she is 40 now and did buy a home in Atherton... it was the least expensive home sold in 2011??? and she works from home and is single.

How did she do it?

She is highly sought after for daycare and does in home for some very well to do clients... makes around 200k and has taken some phenomenal overseas trips to Europe and beyond as a Nanny...

Last time I saw her parents they were saying her timing was perfect as there is no way she could afford to buy today... and her business is VERY good...

[Jockeyer]

About the author seeing no perceived differences between properties across the street in Hillsborough. However there is a fairly significant tangible difference which, IMHO, justifies the huge price difference. Lots in Hillsborough are mandated by the city to be at least 1/2 acre (OVER 22,000 sq f)t. Compare this to average lots in San Mateo which barely holds the footprint of a modest house.. Most Hills residents places a premium on privacy, such as gated entrances, houses recessed from the street, dense landscaping, etc. I found that people who never enjoyed the privacy of a large lot invariably miss this key point. Of course, there are negative side to extreme privacy. It is not unusual to live decades here and rarely talk or even see their neighbors outside of their cars. But for those seeking the plus side of privacy, Hillsborough is the place to live, if you can afford it.

[Perma Bear]

Originally Posted by hsw

Basic arithmetic

Acre of land in West Atherton (Hillsborough is an ok town but fairly irrelevant in modern era) costs ~$4MM

Moderately upscale 6K sf house costs ~$2.5MM to build

Most such ~$7MM new houses are cash buys

So it's far more likely buyer is someone <40yo w/small kids who's made money working in software or in hedge funds

Those who can't afford to live in a new 6K sf house in an Atherton, etc but work as service providers, like doctors, dentists, lawyers, maids, etc, generally choose to commute from somewhere that makes more sense: their time is clearly less valuable, as their incomes and skills (per market prices) indicate

Anyone semi-intelligent has known that, for past 25+yrs, biggest money is largely made in either hedge funds or software....so any allegedly intelligent doc or lawyer, etc complaining abt low pay/net worth today is victim of own self-inflicted career choices...and prob revealing own dubious IQ

I think this is proof of the next bubble being ready to pop. When people think being an average software engineer is more prestigious/ a better career choice than a doctor

[gone down south]

Originally Posted by Perma Bear

I think this is proof of the next bubble being ready to pop. When people think being an average software engineer is more prestigious/ a better career choice than a doctor

You're new here, you don't know HSW.....

[peninsular]

Two things. First, there is a vast difference between being able to live somewhere and being able to afford to buy there, especially now. Second, with very few exceptions if the majority of your income comes from your salary, you can't afford Hillsborough.