5 ms·

I know this may be sacrilege to some, but: Consider moving to a less desirable place if you can. I got priced out of my hometown of Seattle. So I moved to a

I know this may be sacrilege to some, but: Consider moving to a less desirable place if you can. I got priced out of my hometown of Seattle. So I moved to a small town in rural Oregon and I couldn't be happier. The combination of spending comparatively little on housing + a tech salary is hard to beat. I have my own shop! It feels like freedom, even if it comes at the cost of being near my extended family.

hammock 5y ago
>Consider moving to a less desirable place if you can. I got priced out of my hometown of Seattle. So I moved to a small town in rural Oregon Speak for yourself. That sounds more desirable to me, not less
- alexose 5y ago
  Hah! I guess I meant generally desirable. I personally find this place desirable.
jshen 5y ago
I don’t think this is good advice financially, though there is more to life than money. First, if by “tech salary” you mean a software engineers salary or a product managers, then you should be able to afford a house in a place like Seattle. It might be tight if you are early in your career, but it is very doable. The main reason this is likely to be bad financially is that your house won’t appreciate like a house in Seattle. I’ve been doing tech for a long time at this point, and have seen people make both choices and how it plays out over the long run. Those that stayed in the big city are basically financially independent at this point, and those that moved are not. The difference in net worth after 20 years is very significant.
- t-writescode 5y ago
  I live in Seattle. I have an engineer’s salary. I cannot presently afford a condo, let alone a house. By the time I have enough for the down payment, I will again not be able to afford a home.
  - 01100011 5y ago
    You need an engineer's salary combined with another engineer's salary or very productive equity compensation. You're basically competing with folks who have both an engineer's salary(or two) combined with equity from their previous house.
    - randycupertino 5y ago
      Don't forget the Bank of Mom and Dad!
    - jshen 5y ago
      Nope. If you make ~200k a year, you can afford an $800k place, and I can easily find nice places in Seattle for that amount.
  - quaesitor 5y ago
    Nice excuse. Only works if you want to make 20% down instead of 3%[0] [0] https://www.knowyouroptions.com/buy-overview/affordable-mortgage-options/3-down-payment-mortgage-for-first-time-homebuyers https://www.knowyouroptions.com/buy-overview/affordable-mort...
    - kristjansson 5y ago
      > Funding from those programs often can be combined with financial gifts from your family and friends to reduce your out-of-pocket costs to buy a home. I mean, I get the point of saying that (funding from F&F doesn’t disqualify the applicant), but man does it feel like a quasi-government agency is suggesting needy borrowers should just ask their parents for money.
    - t-writescode 5y ago
      Well, I tried to put 5% down; but, then I realized how much higher above asking things were selling for; and how people skip out on things like inspections. But I still want inspections, so I ask for them. This puts me down on the list of desireable buyers. I went into a place that was selling for around 300k. I was going to offer as much as 325. I was also willing to go 5k above what the place would appraise for. This matters because you can't get a loan for above a place is worth. The place sold for nearly 375k. If it appraised for 325, the buyer is on the hook for an *additional* 50k that they have to pay in cash at time of signing. You can't just not have lots of spare money in this market.
- alexose 5y ago
  Oh, it's not good advice financially. In retrospect, the best thing I could have done with my money would have been to buy the most expensive house in the best neighborhood I could possibly manage. Put it all on the table. But I didn't want to play that game, and neither did my partner (We have bad memories of the 2009 recession and both hate the idea of debt). So I suppose I traded the future riches for present flexibility.
  - wastedhours 5y ago
    > the best thing I could have done with my money would have been to buy the most expensive house in the best neighborhood I could possibly manage Usually the best thing to do is to buy the worst house in the best neighbourhood. That way you are in for less cash, but are anchored to the higher prices around you.
- blntechie 5y ago
  >The main reason this is likely to be bad financially is that your house won’t appreciate like a house in Seattle. So the only solution then is endless appreciation of house prices and salaries?
  - jshen 5y ago
    That’s how our economic system works. It’s also the only possibility if population continues to grow. There are no silver bullets here.
    - blntechie 5y ago
      It’s simply astounding to me that if someone runs for an election saying they will reduce home prices, they are guaranteed to lose as land and homeowners simply don’t want that to happen. They don’t care about people who don’t have homes or simply cannot afford to even rent but only about protecting their ‘investment’. The whole setup about HOAs, bylaws, zonal regulations etc. all written around protecting the ‘investment’ instead of just seeing a home as a place to live exacerbates the problem. There actually are several silver bullets to use like - efficient use of land, better zoning regulations and including more use of land to build more homes etc. but they are all non-starters because of greedy land and home owners.
Breza 5y ago
This is an interesting Post article on that very topic. I used one of my monthly free shares, so you'll be able to read the job even if you don't subscribe. https://wapo.st/30nLgUm https://wapo.st/30nLgUm
01100011 5y ago
It's really great for a lot of folks but not without its drawbacks. Some people need access to 'tier-2' or higher cities for things like specialized medical care or educational assistance. I think some people moving away from the urbs are going to get a shock when they see what incentives will arise because of global warming. Rising energy costs may force you back to a city in the next decade or two. That said, I'm jealous. I can't wait to leave the Bay Area in another year or two.
- alexose 5y ago
  That's true. There are certain things in cities that are irreplaceable. And to be honest, there are tons of things I miss about living in a city. I'm not sure that energy costs are necessarily higher in the country, but I suppose it depends on the climate and the house itself. In my case, I'm going down the solar/hydro route and plan to be off-grid at some point. Climate change is a huge issue, though. Drought and wildfire are existential threats to my current way of life.
bradlys 5y ago
> I got priced out of my hometown of Seattle. So I moved to a small town in rural Oregon and I couldn't be happier. Idk. I grew up in rural Oregon. And I hate Seattle with a passion. But I don’t know if having meth heads for neighbors is really the way I’d go. Going for more rural/less-expensive regions might be beneficial for some but there are some serious downsides and costs for people with children, people who like to be around educated people, for those who care about diversity, and for those who aren’t aligned with “conservative” or religious people. It’s not really the same at all and it’s why I don’t move out to BFE. I hate dealing with meth heads and I think it’s one of the worst regions to raise children. But that’s my experience - native rural Oregonian having lived in Seattle and now living in SV. Would not recommend. Simplest way to put it - it’s like regressing back in time 30 years culturally. Also total shit opportunities for those who aren’t working remotely. (This means opportunities for children too - the schools are real bad because they’re so culturally behind)
- randycupertino 5y ago
  > And I hate Seattle with a passion. Why do you hate Seattle? I've never been there, but just had a friend move there and she's telling me how great it is.
- deleted 5y ago
  [deleted]
- alexose 5y ago
  Yep, remote work is key. I wouldn't recommend someone move to a rural area if they didn't have access to remote work.
thomasedwards 5y ago
Just need to convince all my life-long friends to move with me and this sounds like great advice!

hammock 5y ago

>Consider moving to a less desirable place if you can. I got priced out of my hometown of Seattle. So I moved to a small town in rural Oregon Speak for yourself. That sounds more desirable to me, not less

alexose 5y ago
Hah! I guess I meant generally desirable. I personally find this place desirable.

jshen 5y ago

I don’t think this is good advice financially, though there is more to life than money. First, if by “tech salary” you mean a software engineers salary or a product managers, then you should be able to afford a house in a place like Seattle. It might be tight if you are early in your career, but it is very doable. The main reason this is likely to be bad financially is that your house won’t appreciate like a house in Seattle. I’ve been doing tech for a long time at this point, and have seen people make both choices and how it plays out over the long run. Those that stayed in the big city are basically financially independent at this point, and those that moved are not. The difference in net worth after 20 years is very significant.

t-writescode 5y ago
I live in Seattle. I have an engineer’s salary. I cannot presently afford a condo, let alone a house. By the time I have enough for the down payment, I will again not be able to afford a home.
- 01100011 5y ago
  You need an engineer's salary combined with another engineer's salary or very productive equity compensation. You're basically competing with folks who have both an engineer's salary(or two) combined with equity from their previous house.
  - randycupertino 5y ago
    Don't forget the Bank of Mom and Dad!
  - jshen 5y ago
    Nope. If you make ~200k a year, you can afford an $800k place, and I can easily find nice places in Seattle for that amount.
- quaesitor 5y ago
  Nice excuse. Only works if you want to make 20% down instead of 3%[0] [0] https://www.knowyouroptions.com/buy-overview/affordable-mortgage-options/3-down-payment-mortgage-for-first-time-homebuyers https://www.knowyouroptions.com/buy-overview/affordable-mort...
  - kristjansson 5y ago
    > Funding from those programs often can be combined with financial gifts from your family and friends to reduce your out-of-pocket costs to buy a home. I mean, I get the point of saying that (funding from F&F doesn’t disqualify the applicant), but man does it feel like a quasi-government agency is suggesting needy borrowers should just ask their parents for money.
  - t-writescode 5y ago
    Well, I tried to put 5% down; but, then I realized how much higher above asking things were selling for; and how people skip out on things like inspections. But I still want inspections, so I ask for them. This puts me down on the list of desireable buyers. I went into a place that was selling for around 300k. I was going to offer as much as 325. I was also willing to go 5k above what the place would appraise for. This matters because you can't get a loan for above a place is worth. The place sold for nearly 375k. If it appraised for 325, the buyer is on the hook for an *additional* 50k that they have to pay in cash at time of signing. You can't just not have lots of spare money in this market.
alexose 5y ago
Oh, it's not good advice financially. In retrospect, the best thing I could have done with my money would have been to buy the most expensive house in the best neighborhood I could possibly manage. Put it all on the table. But I didn't want to play that game, and neither did my partner (We have bad memories of the 2009 recession and both hate the idea of debt). So I suppose I traded the future riches for present flexibility.
- wastedhours 5y ago
  > the best thing I could have done with my money would have been to buy the most expensive house in the best neighborhood I could possibly manage Usually the best thing to do is to buy the worst house in the best neighbourhood. That way you are in for less cash, but are anchored to the higher prices around you.
blntechie 5y ago
>The main reason this is likely to be bad financially is that your house won’t appreciate like a house in Seattle. So the only solution then is endless appreciation of house prices and salaries?
- jshen 5y ago
  That’s how our economic system works. It’s also the only possibility if population continues to grow. There are no silver bullets here.
  - blntechie 5y ago
    It’s simply astounding to me that if someone runs for an election saying they will reduce home prices, they are guaranteed to lose as land and homeowners simply don’t want that to happen. They don’t care about people who don’t have homes or simply cannot afford to even rent but only about protecting their ‘investment’. The whole setup about HOAs, bylaws, zonal regulations etc. all written around protecting the ‘investment’ instead of just seeing a home as a place to live exacerbates the problem. There actually are several silver bullets to use like - efficient use of land, better zoning regulations and including more use of land to build more homes etc. but they are all non-starters because of greedy land and home owners.

Breza 5y ago

This is an interesting Post article on that very topic. I used one of my monthly free shares, so you'll be able to read the job even if you don't subscribe. https://wapo.st/30nLgUm https://wapo.st/30nLgUm

01100011 5y ago

It's really great for a lot of folks but not without its drawbacks. Some people need access to 'tier-2' or higher cities for things like specialized medical care or educational assistance. I think some people moving away from the urbs are going to get a shock when they see what incentives will arise because of global warming. Rising energy costs may force you back to a city in the next decade or two. That said, I'm jealous. I can't wait to leave the Bay Area in another year or two.

alexose 5y ago
That's true. There are certain things in cities that are irreplaceable. And to be honest, there are tons of things I miss about living in a city. I'm not sure that energy costs are necessarily higher in the country, but I suppose it depends on the climate and the house itself. In my case, I'm going down the solar/hydro route and plan to be off-grid at some point. Climate change is a huge issue, though. Drought and wildfire are existential threats to my current way of life.

bradlys 5y ago

> I got priced out of my hometown of Seattle. So I moved to a small town in rural Oregon and I couldn't be happier. Idk. I grew up in rural Oregon. And I hate Seattle with a passion. But I don’t know if having meth heads for neighbors is really the way I’d go. Going for more rural/less-expensive regions might be beneficial for some but there are some serious downsides and costs for people with children, people who like to be around educated people, for those who care about diversity, and for those who aren’t aligned with “conservative” or religious people. It’s not really the same at all and it’s why I don’t move out to BFE. I hate dealing with meth heads and I think it’s one of the worst regions to raise children. But that’s my experience - native rural Oregonian having lived in Seattle and now living in SV. Would not recommend. Simplest way to put it - it’s like regressing back in time 30 years culturally. Also total shit opportunities for those who aren’t working remotely. (This means opportunities for children too - the schools are real bad because they’re so culturally behind)

randycupertino 5y ago
> And I hate Seattle with a passion. Why do you hate Seattle? I've never been there, but just had a friend move there and she's telling me how great it is.
deleted 5y ago
[deleted]
alexose 5y ago
Yep, remote work is key. I wouldn't recommend someone move to a rural area if they didn't have access to remote work.

thomasedwards 5y ago

Just need to convince all my life-long friends to move with me and this sounds like great advice!