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Me and my spouse are planning to purchase a home in Bay Area next year. With current market prices and interest rate, it just doesn’t seem realistic for us to get anything decent if paying only with base salary. I wonder how people in the bay do this? My income is 180k base + 60k RSU + 20k bonus, spouse does not work in tech and base is 75k. We just turned 30 and I’m expecting a promotion next year but let’s leave this out of context. We are looking for a 2 bedroom at around 1100 sq feet, will put 20% down payment, target area is somewhere close to Fremont in east bay or in San Jose. For anything decent, price seems to fall in between 900k-1.1m, that would be 5k-6k mortgage monthly, plus tax and insurance would be 6.5k-8k? So after tax we take home about 12k monthly on the base, without adding RSU even though we could pay but it seems a large amount for us. I am thinking about using base for mortgage and a bit of RSU to cover property tax and insurance. Do you think it’s something we can do? #mortgage #housing
You need to start house hacking. Even though your budget is slow, you should stretch a little bit and then rent out some rooms to alleviate the mortgage payment for the first few years. One of the best ways to build equity so that you can afford a better house a few years from now. That's what I did with my wife and now we're in a much better neighborhood than we were 4 years ago. It wouldn't have been a possible without house hacking. Feel free to dm me if you have any questions about this process!
And don't forget that a few years is a very long time from a career standpoint and you will be making more money down the line.
Homeowning is a luxury in the bay (highest homeowning premium in the entire country by a large margin). You are too poor to afford it. Do your family a favor and rent