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I literally just looked at home prices in the bay area. I found a literal handful of homes/apartments available in that price range. One was a 300 sq foot apart
by cannonedhamster 7y ago
I literally just looked at home prices in the bay area. I found a literal handful of homes/apartments available in that price range. One was a 300 sq foot apartment, most of the rest were unbuilt lots. I'm not sure if you're talking about auctions or foreclosures, etc. Can you elaborate on that? I can't even get a home in my much lower cost area for that price. I can tell you $1k/month for a family of three in my area is typical grocery expenses before eating out. We can certainly cut back but bargain basement is about $800/month unless we're eating nothing but ramen and cereal.
- deathanatos 7y agoI interpreted the $40-$70k/yr ($3.3-$5.8/mo) figure as the cost of the mortgage, not the home. This should correspond to a roughly $1M loan, which, with a downpayment of around $200-$300k (the cost of a house elsewhere…) gets close to $1.3M, which pretty nearly the median list for much of the Bay Area (corresponding to ~1200 sqft in SF). On the lower end ($40k/yr or $3.3k/mo), you should be able to find a studio in SF for that or for a bit more, a 1 bedroom (median 1 bed is ~$3.6k/mo in SF). (I'm not saying that's good, just that it shouldn't be as bad as you think.)
- PhasmaFelis 7y agoI'm talking about the yearly rental rate/mortgage payment. This is my main source: https://smartasset.com/mortgage/what-is-the-cost-of-living-in-san-francisco https://smartasset.com/mortgage/what-is-the-cost-of-living-i... It's possible I lowballed some things, but see my other comment. https://news.ycombinator.com/item?id=20415130 https://news.ycombinator.com/item?id=20415130
- hellisothers 7y agoTaxes and insurance on that 1.3m house are going to be another $2800/mo I say from experience. Living here is much more expensive than you’re guessing, cost of living needs to be factored in.