3 ms·

I make six figures and can afford only a modest 1-bedroom in a rural area well outside of an east coast university town. I will probably not be able to afford a

I make six figures and can afford only a modest 1-bedroom in a rural area well outside of an east coast university town. I will probably not be able to afford a house without parental help.

vehemenz 4y ago
My back-of-the-napkin math suggests you are in a high COL area. It's not an indictment of capitalism if you choose to live in a desirable area, have a generous salary, and just can't make it work. That or you are mishandling your finances, but I don't know your situation. For reference, I am debt-free homeowner in a midwest university town and make much less than you.
- PaulDavisThe1st 4y ago
  > It's not an indictment of capitalism if you choose to live in a desirable area, have a generous salary, and just can't make it work. It's an indictment of any system that people making twice the median household income cannot afford to buy housing within a reasonable distance of wherever their labor generates that income. It's a terrible situation - communities in which at least half of the necessary jobs do not pay enough for the people who do those jobs to live in the community - and it isn't good for anyone in or around those communities, and probably not for the nation as a whole. The fact that, yes, yes of course there are other communities where the economics are different doesn't in any way mitigate the fucked-up ness of the situation the GP is describing.
- beamatronic 4y ago
  >> Midwest
  - vehemenz 4y ago
    Is it a failure of capitalism if semi-rich people can't afford to live among rich people on the coasts?
    - beamatronic 4y ago
      I suppose that depends on how you evaluate the success or failure of capitalism. The richest person in the world would probably say that capitalism is a great success. As far as the coasts, all life choices involve trade offs.
- base698 4y ago
  I recently started the process of moving from my high cost of living California home to a low cost of living, but still on the coast city. Three years ago you'd see homes in this city for $300k. Almost all of them are now approaching $600k. The areas which used to be considered low cost are now unaffordable to everyone currently living there as well as a large swath of people not making huge total comp at FAANG. Other costs are still less expensive but housing is nuts everywhere I've looked. The only homes I've seen for $200k need to basically be torn down and are too small for a family.
- ghaff 4y ago
  The Bay Area in particular is something of an outlier in that it's pretty hard to reasonably drive out of the expensive area in, say, an hour. That's much less true of most metros. Even a fairly expensive city like Boston, while there are expensive suburban towns, an hour drive gets you to some small cities, exurbs, and other suburbs where housing prices are--if not cheap--pretty reasonable (e.g. $300-400K for midrange houses--though prices may have risen). And a lot of the professional jobs are well outside the city anyway.
  - tzs 4y ago
    Even in the Bay Area about an hour's drive gets you to Stockton which has plenty of houses for sale for under $450k that look pretty decent on Redfin. An hour or so commute each way sucks, but if you can get a Bay Area job that is either fully WFH or that only requires you to come into the office once a week being an hour away wouldn't be too bad, especially if you can arrange the hours on that one day a week you come in so that you are't driving during the most congested times.
    - ghaff 4y ago
      I had about a 90 minute commute (either mostly driving or mostly train) for about 18 months--averaging coming into my Boston office maybe a couple days a week. I wouldn't have wanted to do that long term and stretches when I was in more frequently were pretty bad. But it's pretty manageable for one day a week.
sjg007 4y ago
Student loans?

I make six figures and can afford only a modest 1-bedroom in a rural area well outside of an east coast university town. I will probably not be able to afford a house without parental help.

vehemenz 4y ago

My back-of-the-napkin math suggests you are in a high COL area. It's not an indictment of capitalism if you choose to live in a desirable area, have a generous salary, and just can't make it work. That or you are mishandling your finances, but I don't know your situation. For reference, I am debt-free homeowner in a midwest university town and make much less than you.

PaulDavisThe1st 4y ago
> It's not an indictment of capitalism if you choose to live in a desirable area, have a generous salary, and just can't make it work. It's an indictment of any system that people making twice the median household income cannot afford to buy housing within a reasonable distance of wherever their labor generates that income. It's a terrible situation - communities in which at least half of the necessary jobs do not pay enough for the people who do those jobs to live in the community - and it isn't good for anyone in or around those communities, and probably not for the nation as a whole. The fact that, yes, yes of course there are other communities where the economics are different doesn't in any way mitigate the fucked-up ness of the situation the GP is describing.
beamatronic 4y ago
>> Midwest
- vehemenz 4y ago
  Is it a failure of capitalism if semi-rich people can't afford to live among rich people on the coasts?
  - beamatronic 4y ago
    I suppose that depends on how you evaluate the success or failure of capitalism. The richest person in the world would probably say that capitalism is a great success. As far as the coasts, all life choices involve trade offs.
base698 4y ago
I recently started the process of moving from my high cost of living California home to a low cost of living, but still on the coast city. Three years ago you'd see homes in this city for $300k. Almost all of them are now approaching $600k. The areas which used to be considered low cost are now unaffordable to everyone currently living there as well as a large swath of people not making huge total comp at FAANG. Other costs are still less expensive but housing is nuts everywhere I've looked. The only homes I've seen for $200k need to basically be torn down and are too small for a family.
ghaff 4y ago
The Bay Area in particular is something of an outlier in that it's pretty hard to reasonably drive out of the expensive area in, say, an hour. That's much less true of most metros. Even a fairly expensive city like Boston, while there are expensive suburban towns, an hour drive gets you to some small cities, exurbs, and other suburbs where housing prices are--if not cheap--pretty reasonable (e.g. $300-400K for midrange houses--though prices may have risen). And a lot of the professional jobs are well outside the city anyway.
- tzs 4y ago
  Even in the Bay Area about an hour's drive gets you to Stockton which has plenty of houses for sale for under $450k that look pretty decent on Redfin. An hour or so commute each way sucks, but if you can get a Bay Area job that is either fully WFH or that only requires you to come into the office once a week being an hour away wouldn't be too bad, especially if you can arrange the hours on that one day a week you come in so that you are't driving during the most congested times.
  - ghaff 4y ago
    I had about a 90 minute commute (either mostly driving or mostly train) for about 18 months--averaging coming into my Boston office maybe a couple days a week. I wouldn't have wanted to do that long term and stretches when I was in more frequently were pretty bad. But it's pretty manageable for one day a week.

sjg007 4y ago

Student loans?