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But your total projected CoL was really over 300k in the Bay Area though? You can spend 120k on a mortgage, 80k on taxes, 20k on food, 10k on commuting, 30k on
by mattnewton 6y ago
But your total projected CoL was really over 300k in the Bay Area though? You can spend 120k on a mortgage, 80k on taxes, 20k on food, 10k on commuting, 30k on miscellaneous additional costs and 40k on childcare and still have 200k left over on a 500k salary.
- bumby 6y agoIt’s nearly $100k more a year just for a median home mortgage, so I don’t think it was ludicrous. Local and state income taxes are essentially triple as well. I don’t think $80k will cover property, Federal, State, and local taxes at that level. Those taxes exacerbate the pre-tax income necessary to cover that median mortgage. Again, I’m sure I could get by just fine on under $300k in SV. But it’s still not comparable in terms of being as comfortable. For example, if I really wanted to pay off that median home in five years it’s possible elsewhere; I don’t think that’s a reasonable option in SV.