When you say you need a "lot" of money to live in the Bay Area... (San Francisco: real estate, rentals)

[HumanUnit]

What does that mean?

Just curious. People seem to say that a lot around here. Obviously that is going to mean very different things to different people, so I was wondering if most people are thinking like $100,000 or like $10,000,000!!

So, when you say a "lot," what do you mean? Do you mean income? Do you mean savings? Or net worth? All three?

[Lulu101]

Unit,

I have no idea, what the answer to that is, but on the other thread you said you and hubby pull in 250K a year, so I wouldn't worry about it at all. Come to the bay area and cash in on the good life.

Originally Posted by HumanUnit

What does that mean?

Just curious. People seem to say that a lot around here. Obviously that is going to mean very different things to different people, so I was wondering if most people are thinking like $100,000 or like $10,000,000!!

So, when you say a "lot," what do you mean? Do you mean income? Do you mean savings? Or net worth? All three?

[redwoodlvr]

It means income to me. Net worth is pretty much non-existent if you live here unless you're really financially savvy and know what you're doing. Housing costs can do you in.

Low-mid six figures minimum is actually the average income to make ends meet comfortably* in the Bay Area & SF in particular. IMO. "A lot" to me is 200 grand plus.

*My definition of "living comfortably" is you have your own place or own property and have disposable income & investment savings at the end of the day.

[clongirl]

I think it depends on your own circumstances. If you want to live that whole American dream thing.. (You meet "Miss Right", get married, want to stay and make SF your permanent home then it's not that doable unless you are making 200k+. (Some might say more if you want a car!)

If you are fine with renting with few roommates and burritos/Chinese food are your main source of Saturday night indulgence, then it can be done on way less! The City is more expensive with food (milk, bread, basics) , gas, parking tickets/towing/car insurance (this is very commonplace!). What makes it hard on a smaller salary is all the temptation to spend what you don't have. All the nice restaurants, shops, gourmet this/that, boutiques, cool shops, entertainment etc. can add up if you are on a "smaller" salary. SF oozes wealth (or utter poverty with the homeless problem) and seems to be a constant reminder of what you don't have. My own opinion is that any income that's traditionally "middle class" cannot sustain forever.
.

[Lulu101]

"Now it seems to me, some fine things
Have been laid upon your table [microwaveable fajitas from 7-11]
But you only want the ones that you cant get"
--The Eagles

That's why it's better to live in a place like Hope, where you don't have temptations all around you all the time. We learn not to covet our neighbor's belongs. Places like SF are for weekend trips.

Originally Posted by clongirl

If you are fine with renting with few roommates and burritos/Chinese food are your main source of Saturday night indulgence, then it can be done on way less! What makes it hard on a smaller salary is all the temptation to spend what you don't have. All the nice restaurants, shops, gourmet this/that, boutiques, cool shops, entertainment etc. can add up if you are on a "smaller" salary. SF oozes wealth (or utter poverty with the homeless problem) and seems to be a constant reminder of what you don't have. .

[sonarrat]

It is expensive to live a middle-America, whitewashed suburbia with picket fences and big homes on cul de sacs kind of life in the Bay Area. If you don't mind your kids rubbing shoulders with kids who might not be rich with funny money from their daddy's job at Google, don't mind a modest house, or just don't care about wearing your ZIP code like a cumberbund, then the money you need is way less.

[jzt83]

Just research the median wages of the job industry you are interested in. Also look at wages on job listing sites. Then research rentals on craigslist or real estate values on zillow. This will give you an idea of how much money you will need.

[ImRandy]

Lifestyle aside, you also have to consider what people mean by "Bay Area". If they are talking about San Francisco, which it often seems they are, the numbers jump quite a bit. If they really mean the greater Bay Area then you can get by with a whole lot less.

[Jonotastic]

In San Francisco:

If you want to rent a decent 2/2 bedroom apt, expect AT LEAST $2500 month
If you want to buy a decent 2/2 bedroom condo expect AT LEAST $750,000
Also, many apts don't offer parking, which would be around an additional $300 month

However, you do earn a lot more in the Bay Area, not just San Francisco. I'd say, you should earn at least $60,000 per person and be aware you won't be living in a big or nice apt/condo. It's a great city, which makes up for it.

[Jonotastic]

Originally Posted by Lulu101

"Now it seems to me, some fine things
Have been laid upon your table [microwaveable fajitas from 7-11]
But you only want the ones that you cant get"
--The Eagles

That's why it's better to live in a place like Hope, where you don't have temptations all around you all the time. We learn not to covet our neighbor's belongs. Places like SF are for weekend trips.

That doesn't make any sense. It's better to live in a place where you can't even eat Chinese, Thai, Vietnamese, Indian, Morrocan, Tapas, Burmese, Danish, German because you won't feel tempted? Open your mind and experience new things. I can give you a long list of restaurants that have great food where the average entree is around $10.