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Old 02-19-2019, 09:18 PM   #101
brp
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Well your avatar says Bay Area. One can live there on much less than $120k.
Yeah, no. Not really. Is it at all possible that someone somewhere in the Bay Area can do this? Absolutely yes. "Much less than $120K." Again, there is still someone. But this is not comfortable here. Period.

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Originally Posted by fuzzylogic View Post
You're putting the cart before the horse to say you're burdened with an expensive home therefore $120k isn't great...

If it's the Bay Area, you could move out to Gilroy or Tracy and do the commute.
I guess it just depends upon ones definition of "great." To mine, can't be done here on $120K. Just not possible. Once one is living in Gilroy or Tracy to commute to Silicon Valley, "great" is out the window. And even "good" is in question.

Interestingly, we were just overseas and took a food tour. There were people from the UK and the states on the tour. One woman mentioned being on a flight from SFO to somewhere and talking about living in the Bay Area. They happened to settle on the same $120K figure. While the locals in Helsinki were saying that that would be comfortable there, the person from SFO on the plane also affirmed that it would not be possible in the Bay Area. That person actually suggested that more like $1M/year was required for comfort. Now that's also nuts and not required.

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Old 02-19-2019, 10:01 PM   #102
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Just playing with the tool now, I like that they say $18,800. But dang, $243/mo sure sounds affordable! I can see why they do that. $243/mo, or $20k now.... Sure paying $243/mo for 10 years would put you at paying +50% on the total. But it gets you in.

Add in dues... $300/mo. I can afford that. Sold.

$557 Closing Costs seems high. I could see that on the Financed totals where you have some loan fees, but on a straight-up purchase I'd expect less.
Also no 75-point level on the slider, they start their recommendation at 100.

They're very good at this.
I have always hated when salespeople would say it would "only" cost me so much per month. I would then demand the tell me the total cost plus total financing fees and other costs. Its no so affordable then, especially when you factor in the opportunity costs for that money. I got into a great argument with a timeshare salesperson over that one once. DW then forbade me from attending any more presentations.
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Old 02-19-2019, 10:05 PM   #103
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Yeah, no. Not really. Is it at all possible that someone somewhere in the Bay Area can do this? Absolutely yes. "Much less than $120K." Again, there is still someone. But this is not comfortable here. Period.



I guess it just depends upon ones definition of "great." To mine, can't be done here on $120K. Just not possible. Once one is living in Gilroy or Tracy to commute to Silicon Valley, "great" is out the window. And even "good" is in question.

Interestingly, we were just overseas and took a food tour. There were people from the UK and the states on the tour. One woman mentioned being on a flight from SFO to somewhere and talking about living in the Bay Area. They happened to settle on the same $120K figure. While the locals in Helsinki were saying that that would be comfortable there, the person from SFO on the plane also affirmed that it would not be possible in the Bay Area. That person actually suggested that more like $1M/year was required for comfort. Now that's also nuts and not required.

Cheers.
Ok, I admit I did not read the last several pages but can reiterate $120k/year is probably fine for a single person in the Bay Area but for a family of 4 it will qualify for public assistance. You could live out in Tracy, Gilroy, Fairfield, to get some disposable income but it's not exactly living when 4+ hours of your day is spent commuting and housing in those areas still aren't cheap compared to similar exurbs in other metro areas.

That said, i make less than $1M/year and have disposable income but I send my kids to public school and I don't live in Atherton.
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