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Some people unfortunately have no choice regarding living alone versus taking on roommates or moving back in with family (and this isn’t an option for everyone)

Some people unfortunately have no choice regarding living alone versus taking on roommates or moving back in with family (and this isn’t an option for everyone). Thankfully in my situation I can shoulder my upcoming rent increase without needing to contemplate roommates or moving back with my parents. For me the big problem is the purchase prices. I’m not going to get a six-figure windfall; my parents are low-income and can’t provide down payment assistance, and I don’t work for FAANG and thus I have no RSUs, instead relying on salary and annual bonuses. It will take me over a decade to save even $100k, which isn’t enough for a down payment. Then there are the actual mortgage payments. I see the writing on the wall. I will need to leave Silicon Valley eventually, barring either a major drop in housing prices or a major rise in my compensation. I have no idea where I’d move to; I’m a lifelong Californian who was raised in Sacramento and whose only significant periods of time out of state were in Tokyo (eight months) and Seattle (one summer). But a move is looking inevitable.

nradov 3y ago
As a Silicon Valley resident since 1997 I would advise young people starting their careers to not move here in the first place, unless perhaps they get an exceptionally good job offer that requires being physically present. I am kind of stuck here due to personal circumstances but if I had fewer attachments I would would have left years ago. The combination of broader macroeconomic and technological circumstances plus the negative effects of authoritarian leftist state and local governments has really driven the place downhill. There are many better places now to launch a career and build a life.
- adave 3y ago
  For example?? Without practical answers this reads like an old fart complaining about good old times. Texas might be the only reasonable alternative for home ownership, even then salaries are lower and we all know about their current situation especially in smaller localities.
  - nradov 3y ago
    Texas is hardly the only reasonable alternative. Several other states make it much easier to own your own home. Look around and find somewhere you like. https://ipropertymanagement.com/research/homeownership-rate-by-state https://ipropertymanagement.com/research/homeownership-rate-...
    - than3 3y ago
      I agree, its a tradeoff wherever you go and takes careful planning. You can either have high overall income taxes, or you have high property taxes (and low overall cost of living). Ironically, for those who won't retire before 2030, we'll probably never see social security benefits despite paying into it for most of our life (15% tax).
      - nradov 3y ago
        You will see some Social Security benefits. There will likely be some benefit cuts and perhaps a further increase in retirement age, but there is no political appetite to eliminate the program entirely. As long as you survive to retirement age you will receive something but it might be less than what you paid in.
        than3 3y ago
        While it is true there is no political appetite to eliminate it, that has little to do with whether you'll get a reasonable amount of benefit from it. Currently, mandatory spending which includes Medicare and Social Security go over a cliff where the interest exceeds projected GDP ~2032 (before factoring in inflation; it gets worse with inflation). There was a congressman trying to bring attention to the issue for newly elected politicians who did a C-SPAN presentation on it. Link: https://www.youtube.com/watch?v=6ut1yQg2qA4&ab_channel=ForbesBreakingNews https://www.youtube.com/watch?v=6ut1yQg2qA4&ab_channel=Forbe...

nradov 3y ago

As a Silicon Valley resident since 1997 I would advise young people starting their careers to not move here in the first place, unless perhaps they get an exceptionally good job offer that requires being physically present. I am kind of stuck here due to personal circumstances but if I had fewer attachments I would would have left years ago. The combination of broader macroeconomic and technological circumstances plus the negative effects of authoritarian leftist state and local governments has really driven the place downhill. There are many better places now to launch a career and build a life.

adave 3y ago
For example?? Without practical answers this reads like an old fart complaining about good old times. Texas might be the only reasonable alternative for home ownership, even then salaries are lower and we all know about their current situation especially in smaller localities.
- nradov 3y ago
  Texas is hardly the only reasonable alternative. Several other states make it much easier to own your own home. Look around and find somewhere you like. https://ipropertymanagement.com/research/homeownership-rate-by-state https://ipropertymanagement.com/research/homeownership-rate-...
  - than3 3y ago
    I agree, its a tradeoff wherever you go and takes careful planning. You can either have high overall income taxes, or you have high property taxes (and low overall cost of living). Ironically, for those who won't retire before 2030, we'll probably never see social security benefits despite paying into it for most of our life (15% tax).
    - nradov 3y ago
      You will see some Social Security benefits. There will likely be some benefit cuts and perhaps a further increase in retirement age, but there is no political appetite to eliminate the program entirely. As long as you survive to retirement age you will receive something but it might be less than what you paid in.
      - than3 3y ago
        While it is true there is no political appetite to eliminate it, that has little to do with whether you'll get a reasonable amount of benefit from it. Currently, mandatory spending which includes Medicare and Social Security go over a cliff where the interest exceeds projected GDP ~2032 (before factoring in inflation; it gets worse with inflation). There was a congressman trying to bring attention to the issue for newly elected politicians who did a C-SPAN presentation on it. Link: https://www.youtube.com/watch?v=6ut1yQg2qA4&ab_channel=ForbesBreakingNews https://www.youtube.com/watch?v=6ut1yQg2qA4&ab_channel=Forbe...