3 ms·

It’s possible. Family of 5 renting (around 3k) in the bay with 100k salary is certainly possible. Lived like this for over a decade. Now moving onto college.

by sdan 7y ago

ModernMech 7y ago
I have no idea how that is possible. I made $100k in the bay area and it was just my wife and I. Here's how it worked out: $100k salary = $74k after tax, so that's about $6k per month take home. $3000 per month for rent leaves $3000 for everything else. My wife and I have $1000 per month on our student loans. So we're down to $2000 per month. Health insurance and medication was $600 a month for the two of us, down to $1400. Groceries worked out to about $600 a month as well, down to $800. We got around via muni, so that takes off $200 per month for passes, down to $600. Electricity, water, internet, and cell came to about $200 per month. That left $400 for entertainment, incidentals, and savings. And that was for 2 of us. I can't imagine 5, but kudos for doing it.
- nostrademons 7y ago
  I think your issue is SF. In most of the Bay Area (including desirable parts of the South Bay like Mountain View & Sunnyvale) you can get 1BRs for $2000/month or 2BRs for about $2600. Less in the East Bay. My family of 3 spends about $300/month on groceries - knowing the local immigrant grocers can shave off a lot on fresh produce, our vegetable bill is usually about $13/week for about 20 lbs. of fresh vegetables. We get meats at Costco for pretty cheap. I would also highly recommend paying off the student loans before having kids. My parents borrowed close to $100K to send my sister and I to college, and 4 years after graduation it was paid off completely, after saving 80% of my income and contributing it back to them. Because of compound interest, a few extra contributions towards the principal shorten the term of the loan dramatically, because it means that the loan balance shrinks, the amount of interest owed each month shrinks, and so a greater percentage of each payment is applied to the principal, which speeds up repayment even more.
- sdan 7y ago
  Haven't gone too much into financials (given that it was my dad who was making the salary). But I know it was right around 100k and rent is exactly 3k(live in Cupertino) a month. Not sure what other strings had to be pulled, but I'm glad I lived a decent life in SV. Kind of ridiculous part is we don't even qualify for financial aid for some colleges/application fees.

It’s possible. Family of 5 renting (around 3k) in the bay with 100k salary is certainly possible. Lived like this for over a decade. Now moving onto college.

by sdan 7y ago

It’s possible. Family of 5 renting (around 3k) in the bay with 100k salary is certainly possible. Lived like this for over a decade. Now moving onto college.

ModernMech 7y ago

I have no idea how that is possible. I made $100k in the bay area and it was just my wife and I. Here's how it worked out: $100k salary = $74k after tax, so that's about $6k per month take home. $3000 per month for rent leaves $3000 for everything else. My wife and I have $1000 per month on our student loans. So we're down to $2000 per month. Health insurance and medication was $600 a month for the two of us, down to $1400. Groceries worked out to about $600 a month as well, down to $800. We got around via muni, so that takes off $200 per month for passes, down to $600. Electricity, water, internet, and cell came to about $200 per month. That left $400 for entertainment, incidentals, and savings. And that was for 2 of us. I can't imagine 5, but kudos for doing it.

nostrademons 7y ago
I think your issue is SF. In most of the Bay Area (including desirable parts of the South Bay like Mountain View & Sunnyvale) you can get 1BRs for $2000/month or 2BRs for about $2600. Less in the East Bay. My family of 3 spends about $300/month on groceries - knowing the local immigrant grocers can shave off a lot on fresh produce, our vegetable bill is usually about $13/week for about 20 lbs. of fresh vegetables. We get meats at Costco for pretty cheap. I would also highly recommend paying off the student loans before having kids. My parents borrowed close to $100K to send my sister and I to college, and 4 years after graduation it was paid off completely, after saving 80% of my income and contributing it back to them. Because of compound interest, a few extra contributions towards the principal shorten the term of the loan dramatically, because it means that the loan balance shrinks, the amount of interest owed each month shrinks, and so a greater percentage of each payment is applied to the principal, which speeds up repayment even more.
sdan 7y ago
Haven't gone too much into financials (given that it was my dad who was making the salary). But I know it was right around 100k and rent is exactly 3k(live in Cupertino) a month. Not sure what other strings had to be pulled, but I'm glad I lived a decent life in SV. Kind of ridiculous part is we don't even qualify for financial aid for some colleges/application fees.