Bezos needs to recognize Seattle as a premium market (that he created) and start paying better. We are on track to be a trillion dollar company! I dip into my savings all the time. Not worth it for all stress we are subjected to.
You must be a millennial? Back in 2000 I bought my first home after spending 23 years in Airborne infantry units with the Army. I just landed my first job as a civilian at Microsoft making 60k per year. I had a wife, two sons and a Yorkie and I was the only one working. So basically you make a 100k more than I did. Stop whining, get off your skateboard, shave off your beard, take off your skinny pants and throw out your played out low top 1970’s converse sneakers and man the f up and make chit happen!
You guys, including OP, trolling this guy are idiots. Yes, houses in 2000 were less expensive, but you must be missing the point. It’s about cash flow- find a house within your means. If you’re a Single income, maybe that means you get a condo, not a house. This guy is right that you can make more with less.
Don’t forget the gold rush. Those who get rich are usually not those putting in the work. In the case of the Bay Area and now Seattle, it’s the bankers and real estate folks. All booms bust eventually. Make sure if you buy a house, to expect to live there 10 years. Don’t buy a house you don’t like and think the market will continue to increase for several more years so you can sell it and move up. If the market crashes before then, it will take 5-10 years to recover and get back above water. Just know, the current housing market is not sustainable. With increasing percentage rates and the loss of interest deductions, it will impact the market. Who knows, it might take many more years, but it seems it will probably be a lot less time.
Actually 160K gets a 1M loan, 160/12 = 13,333/mo. Your house expense should be 48% = 6400$ /mo. With 4.5% APR you pay 5000$ and property tax wil be 1200 or so. So you can afford more than 1M home based on how much pay down.
OP is not taking home anywhere near 13k. 6k plus in house payments will leave him / her with almost nothing for other expenses. Plus, the issue here is facing for the down payment, which is pretty damn tough here with under 200k
The median cost of a home is a bit over 200k in this country. If you insist on living in areas where things are crazy expensive, then a million isn’t much. But for most people in the country, it’s a ton. Check out what you can buy in beautiful Raleigh NC for example.
@ Illumina I see what you’re saying but the OP is talking about the cap for all over USA. And he/she is concerned coz of the fact I mentioned above that in certain areas 160K cap wouldn’t just work. Instead of employees moving out to Raleigh maybe Amazon should move of SV if they can’t pay employees enough. Don’t you agree ?
Hah! An entire generation is currently migrating from SF to Portland. Manifest destiny. We just completed new offices in downtown Portlandia. I give it 2yrs before a one bedroom there starts at 3k and the median home price tops a mil ticket.
RSUs that haven’t vested don’t help with your house payment. Banks don’t care unreal they are vested. The 5/15/40/40 is something that holds people back. Essentially, it is another form of golden handcuffs that many leave after year one or two (sadly).
I mean, RSUs aren't really any more or less reliable than your salary. Both depend on your ability to remain gainfully employed, both can end suddenly, and both can be approximately replaced by a different employer. Union Bank is one that people have mentioned as lending against Amazon RSUs.
Actually, don’t get married if your spouse also makes good money. Spouse and I would be WAY better off if we filed as single. It’s not as though the various caps in each bracket double bc there are 2 people paying, which would make sense. Marriage penalty is some real bullshit.
Dual income in tech pays more taxes, not less. My wife and I paid $8000 more in taxes last year than we would have if we were single. We were both surprised, given that most people seem to expect a tax benefit from marriage.