how can anyone afford a house in the bay area!
Please share your amazing journey of becoming a homeowner! I am so frustrated, People who own a house in South Bay (Santa Clara, Sunnyvale, Milpitas..) area, how are you able to afford a house? Even with housing market on the dip, a beatdown 1975 house is still marked at 1.7million with multiple offers on the table! After blowing $3500 in rent alone I dont understand a realistic way to save for down payment! Maybe my approach to save and buy a house is all wrong! please share tips on how you are able to save for down payment (10% or 20%) and afford a 1.5mil plus houses that has 7000+ monthly emi’s. Share your amazing journey of becoming a homeowner! TC: 180K YOE: 10
Have to win startup lottery. Or have dual tech incomes. Or have rich parents. Or have high TC (aka more yoe or more lc hard) Otherwise you are screwed. Bay Area housing is a hellhole
You need to make more money. Get to 300k get spouse to do 150k+ and buy a house
Go Mortgage
Buy something within 4x your annual salary, even if it is a fixer upper. Fix things, live there for a few years. Then you'll have enough equity to buy a bigger house.
This is the way to go!
Only if market keeps going up
The last line of your post IS the answer to your question.
With your TC, buy in East Bay? Are you single? Why are your paying $3500 in rent? Rent a room instead and cut it to $1500.
In sunnyvale, you could get town houses for a million. In San Jose, Milpitas you can get individual houses for less than a million. You just have to broaden your range :) Also either your TC is high enough or having spouse who works helps
Move to Seattle
Have a spouse who contributes. Have a higher TC. Look in San Jose or at townhouses. Get parental help. Wait for market to crash and buy then