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Even so, it's still crazy. An unmarried individual in the bay area earning $100k will take home about $72,000 after state and federal taxes, which is $6000 per

Even so, it's still crazy. An unmarried individual in the bay area earning $100k will take home about $72,000 after state and federal taxes, which is $6000 per month. Studio rent in San Francisco averages $1900 according to a few online sites. That means after housing and taxes in the most expensive city in the most expensive state, a single millennial making $100k per year will have $4100 per month in disposable income. That is plenty to invest, cover a car payment and some student loans, food, clothing and other essentials, and still have plenty in the bank afterwards.

sjg007 5y ago
Up to 140k for a family of four qualifies you for subsidized housing in San Mateo county.
asdffdsa 5y ago
More like 60,000 - 65,000 after health insurance, 401k. Throw in another 24,000 for rent. In practice, you'll have like 3000 a month in disposable income. Living in an expensive city that pays high salaries, you can live frugally on $1,000 so that leaves $24,000 savings a year if you live an incredibly cheap life. Entertainment, alcohol, day trips/vacations, and hobbies can easily eat that up.
- gruez 5y ago
  >Entertainment, alcohol, day trips/vacations, and hobbies can easily eat that up. $2000 seems like an insanely high amount of money to spend on "Entertainment, alcohol, day trips/vacations, and hobbies", especially when you consider that's almost double the federal minimum wage.
  - tamaharbor 5y ago
    A good hooker is $2k an hour, minimum.
  - asdffdsa 5y ago
    Ubers are $50 a pop (there and back), drinks are $15, an average lunch is $15, shows can run $30 to 90, hobbies the sky’s the limit (music you can get an instrument, mics for recording, DAW program, plugins, audio interface & cables) can add up to thousands, combat sports gyms can be $200 a month, etc.
closeparen 5y ago
Rental averages include incumbent tenancies, which is a pretty different landscape from what a newly independent young adult faces (the whole idea of rent control is to transfer housing cost burden from the former to the latter). That said I think you could make the same argument with the same numbers you point to roommate situations rather than studios. Anecdotally, most of my fellow new-grad engineering hires at around $110k had roommates. I was unique in commuting about an hour for a 1BR.
mike00632 5y ago
Millennials are in their 30s and 40s. Where are their spouses and kids going to live in this studio apartment?

sjg007 5y ago

Up to 140k for a family of four qualifies you for subsidized housing in San Mateo county.

asdffdsa 5y ago

More like 60,000 - 65,000 after health insurance, 401k. Throw in another 24,000 for rent. In practice, you'll have like 3000 a month in disposable income. Living in an expensive city that pays high salaries, you can live frugally on $1,000 so that leaves $24,000 savings a year if you live an incredibly cheap life. Entertainment, alcohol, day trips/vacations, and hobbies can easily eat that up.

gruez 5y ago
>Entertainment, alcohol, day trips/vacations, and hobbies can easily eat that up. $2000 seems like an insanely high amount of money to spend on "Entertainment, alcohol, day trips/vacations, and hobbies", especially when you consider that's almost double the federal minimum wage.
- tamaharbor 5y ago
  A good hooker is $2k an hour, minimum.
- asdffdsa 5y ago
  Ubers are $50 a pop (there and back), drinks are $15, an average lunch is $15, shows can run $30 to 90, hobbies the sky’s the limit (music you can get an instrument, mics for recording, DAW program, plugins, audio interface & cables) can add up to thousands, combat sports gyms can be $200 a month, etc.

closeparen 5y ago

Rental averages include incumbent tenancies, which is a pretty different landscape from what a newly independent young adult faces (the whole idea of rent control is to transfer housing cost burden from the former to the latter). That said I think you could make the same argument with the same numbers you point to roommate situations rather than studios. Anecdotally, most of my fellow new-grad engineering hires at around $110k had roommates. I was unique in commuting about an hour for a 1BR.

mike00632 5y ago

Millennials are in their 30s and 40s. Where are their spouses and kids going to live in this studio apartment?