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Old 12-15-2017, 10:24 AM
 
150 posts, read 164,546 times
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Quote:
Originally Posted by vauser View Post
Oh my, that's what I thought. And given all the responses, and doing a bit more research, I can see that. But having said that, it is hard to imagine the average household income is $300K either (or is it close to that??). How do people even live in the area if $300K/year is what is required to maintain a reasonable lifestyle?
Keep in mind that there are a non-trivial number of people who have been here for a while. If you got here in 2006 and bought a house at the time (or grew up here and were smart enough to buy a house somewhere along the way), you have very reasonable living expenses. You don't need 300K to sustain your life.

And there are lots of people here who have benefitted from the stock market. Many tech companies and startups give stock as part of their compensation package. If you get a hunk of stock from your employer and that stock does well and you're able to cash it in, you can have a huge downpayment even if your salary isn't that high. And the bigger your downpayment, the lower your monthly needs are.

Wage earners who don't have that kind of windfall have to compete with these people for housing, which makes the necessary wage for newcomers (especially those who have families and need more than one room to live in) ridiculously high.
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