Looking at renting in the city. Currently on outskirts. Cambridge / Boston ( Back Bay-ish ), feel like the options are too much $$$ and being unrealistic.
With long-term gf already living together. Current rent $2600 a month. She's about 65k / year, I'm about 200k TC ( E3 )
Nothing is really grabbing our interest except in the 3-3.5k range. I pay 67% she pays 33%. I want us to enjoy the city, but I have no one close to me that has ever made this type of money and subsequently spent this much on rent. Lol.
FWIW I'm currently hitting a savings rate of about 40% of gross cash ( salary and base ) with 30% going into 401k. Save my entire stock vest. After a year out of graduation have a NW of 70k ish.
So basically, Blind am I being insane? Should I be looking at 2600 and below? Maybe stay the current place?
#housing #boston #rent
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You're also an E3 with presumably 1-2y of experience, so your TC will only grow from here.
We like the bar / restaurant density, the ease of all the T stations, etc. I think we've shifted to really wanting to being able to host our friends, meet up with them adhoc, and basically dip down whenever we felt like it. The saver in me definitely thinks being close to the red line in alewife is a good compromise and value spot, but I have a feeling at least a year in a place like back bay will scratch an itch me and her didn't even know we had.
Obviously I don't want to give up saving for a year or worse, not afford it at all, so I made this post as a sanity check of sorts
For reference I live in a studio in JP and pay about $2k with okay-ish views. 1Br go here for about 2.4k and the building is next to the orange line. It takes about 15 minutes to get downtown. DM me if you want more info.
Here's a link to read a bit more https://smartasset.com/retirement/after-tax-401k-contributions#:~:text=Remember%2C%20the%20pre%2Dtax%20contribution,%2457%2C000%20(%2458%2C000%20in%202021).