To those who worked at one or more FANG companies. Was your TC (and maybe your spouses income) enough to help you afford a downpayment on a home in the Bay area? After making the downpayment did you have any savings for a rainy day and children's tuition. I have a job offer in the Bay area (TC: 200K) but I am not sure if it'll help me buy a house and afford having children if I settle down there even with a two person income of say 400K (before taxes).
TOP 28 Comments
- New b37Why are so many Bay Are folks hung up on having a single family freestanding house? Live in an apartment like most city dwellers do.
- You can save all your house money to pay for private schools in feces filled SF or you can just move somewhere with good balance like Seattle or Austin. If you choose to be in the Bay Area, you are stuck with the massive inflation, hype chain. It’s hilarious watching people I know were making 200k and living comfortably 10 years ago .. now can’t afford a condemned house in RWC. It’s not a good place to raise a family.. and if you look around.. no one can afford to have kids until their 40’s practically. Then you end up being an old parent with the risk of genetic problems for your child. Think there is a reason the Bay Area is filled with Autism? People are not living life..Jan 6 4
- It’s crazy expensive here. I’m a sole breadwinner with 2 kids. tc350. I can save money but to afford for a house and start saving again is crazy. It’s either live far away and have horrible commute or don’t afford a house and just rent.
- Collective Health AlicePWhat do you mean how much you can make? You’re granted $60K a year of stock. That is taxed as normal income. You then sell it immediately and put it in a savings account or bond fund if you’re saving for a down payment. If you’re wondering about the stock performance, no one can predict that.Jan 6 1
- Or leave the bay area since it is a terrible city. You can live way better in much nicer cities
- eBay winzip32Don’t base what you can afford on stocks and bonuses, those can dry up in a downturn. Base what you can afford on the base conp only.
It might not be enough.
- I am 32 and my boyfriend is 34. We want to get married and extend our family no more than 2 years from now. The other concern we have is we don't want to buy a run down shack with lead plumbing or a house that requires us to commute really far too work (both of or workplaces are in Sunnyvale). It seems even with those FANG stocks and bonuses it's difficult to save up for a home and current living expenses.
- I am not going to take the offer. I think the wage disparity in the Bay area and high population are major contributors to inflation (as mentioned by an earlier post). I don't want to have a kid when I am 40 or bank on the price of stock. I also don't want to be competing for bonuses with fresh college grads when I am in my 40s and a working parent.
- New b37As a 40+ person who is having a hard time accepting that he has probably missed out on being a father, I second your desire to have kids sooner. Have them. Now, if need be. The clock is ticking. Saving money won't make up for being involuntarily childless and it will be your biggest life regret.
- You don’t get very far with 250. I’m not sure what the vesting cycle is like for google. I max out 401k, 10% espp and pay a 4.1k mortgage+property tax. Other than 401k and espp, I don’t get to save on my 180k base. You can probably scrap by with 140k+ base. And then I save most of my money from rsus. Most years I can save 80-100k per annum. Inclusive of 401k.
- I bought my house in 2005 for $850k when I was only making only $87k/year. 😆 boyfriends paid for dinner.
It’s not possible to qualify for one like this anymore, but you can still afford one. Loan officers take into account bonuses etc
- Well i was clear what my priorities were. My income was going towards my mortgage and I couldn’t afford to eat out. Either we cook at home or if he wants to eat out then he pays for dinner. That was our thing and it worked. No one was using anyone. Because I couldn’t afford to eat out at all, I ended up being really grateful when he took me out every week and he really liked that. It actually made our relationship much better since he felt like more of a provider and I was more motivated to reciprocate. I really made an effort to learn how to cook and made really darn good stuff
I still had money to go on plenty of vacation even with a mortgage with this salary. Again, I prioritized vacation and mortgage over eating out. It’s easy to say housing is too expensive but if you really put some thoughts into it, it’ll be doable.
I only had to manage 2 years of financial difficulty bc of my mortgage. After that I switched jobs and was able to get a higher salary. People make much higher salary nowadays so you just have to buy what you can afford. A 22 year old dummy me could find a way around this, you can too.
If I sell my house now I can pretty much move anywhere and still have tons of cash to play with. that was my sacrifice for 2 years.Jan 7 0