Salary for similar lifestyle in bay area
My household income (me n wife) is 230k We save after taxes,living expenses and mortgage payments 100k -110k /year We have 5 bed single family home in Colorado How much should I make to move to bay area and still save 100k - 110k? Yoe n education(me n wife ) : 5 years n MS in comp science
Your post is confusing. Are you saying after taxes and mortgage payments (no other living expenses), you save 100k? Or is that after all living expenses? I assume you’re paying ~40-50k in taxes so to save 100k, all your expenses total 60-70k including mortgage? And are you saying you want to buy/rent a 5 bed house in the bay? Or do you simply want to keep covering mortgage in co while renting/buying a smaller unit here?
For a lot of the country that's pretty realistic. I mean, most hoyseholds don't earn 60-70k after taxes outside of the big coastal cities
I understand but if I’m to estimate the necessary income, I need to know which it is.
5 bedroom house in the valley is 2M. Need 400-500K to get a mortgage. To also save 100k 500+. You can rent with much less though. Even less with looong commute.
You will be very unhappy in the bay if you have such a lifestyle in CO! I have so many friends who moved to CO from the bay and absolutely love it.
Totally depends on how far you are willing to commute, and where you end up working here. Quite possible depending on where you and your wife would end up working that not having a suck commute for one of you wouldn't be possible at any price. Also depends if you have kids. A lot easier to get not-insanely-expenive housing if you don't need to care about school quality. Housing is going to be shocking more expensive here (and 5BR+ may not be available in an older central area at any price short of "mansion" without buying smaller and dealing with building an addition) A lot also depends on your willingness to sink a lot of capital into a down payment. Big rental houses are really thin on the ground so even if you are willing to have a long commute and are out where a 5br under $800k is possible, you still need $150-200k for a reasonable down payment Services and state taxes will be pricier out here, but nothing compared to the real estate difference. While your federal taxes will be in principle the same in practice you will hit a much higher bracket.
CO > Bay.
Oof. I’m a huge advocate of people chasing high TC in big cities, but if you are happily accustomed to 5 bedroom house life, stay away from the bay. You can’t replicate it