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$500k a year Cali translate to $100k a year where I live. Cost of living in Cali is crazy expensive.
by smilesnd 9y ago
$500k a year Cali translate to $100k a year where I live. Cost of living in Cali is crazy expensive.
- kazinator 9y agoAlso, you're in a tax bracket where you're basically a golden egg-laying goose for the government.
- dmoy 9y agoCost of living in Cali is crazy expensive, though your example is a bit exaggerated. $250k if it's medium-ish midwest town maybe.
- smilesnd 9y agoThere is a website that calculates this kind of stuff. https://www.bestplaces.net/cost-of-living/charlotte-nc/palo-alto-ca/100000 https://www.bestplaces.net/cost-of-living/charlotte-nc/palo-... *Edited: Should also say I fully understand that if your duckduckgo skills are hardcore mode you can find a website to support anything you say.
- dmoy 9y agoSure if you cherry pick like literally the most expensive 25sq mile neighborhood, and are dead set on buying real estate and not renting. But even then, the calculation on bestplaces.net appears to be a bit farcical: Assuming you spend $8k/month on renting a large modern 2500+ sqft house, and are in the tax bracket which knocks your after-tax income to $300k from $500k, you still have ~$200k after tax and housing. The rest of your expenses are not going to be so much more expensive (~4x) that they don't vastly exceed $100k - tax (~25k) - housing (24k for similar) in NC. $250k in NC vs $500k in bay area though sure, that's in the right realm.
- arenaninja 9y agoI have lived in California and I can't think of many places in the continental US where $500k CA translates to $100k locally. And I've lived in several cities in the east coast, west coast and the Southeast