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Are you moving from a LCOL into a HCOL area, and perhaps getting sticker shock? As others have mentioned $3k a month for east coast HCOL area is completely normal. You also mentioned you didn’t have money growing up so maybe you have a very frugal outlook when it comes to finances, but you have to think about what $3k a month is actually buying you: a safe and comfortable place to live, better commute/closer to restaurants and shopping areas. I’m sure you can find a cheaper apartment for maybe $2k or even less if you’re willing to share living spaces with others, but then you’d be sacrificing convenience and comfort, and maybe even safety just to save that extra $1k a month.
I don’t really know exact details of your situation so a lot of the above is based on assumptions, but don’t feel too badly about spending $3k a month on rent, many others are in a similar boat.
Leave the area if its too much to swallow
This is a joke right? You’re worried about spending under 10% of income on housing? Am I missing something here?
Conversation Starter
My family income is ~230k including bonus, pretax , and we live just fine in New England. Pretty good 2bkh for rent at 2k per month. Your problem isn’t real , OP
My SO and I combined are at 420k base and up to 700k if we hit full bonuses. We pay 6k / month in Boston and still save ~40% of base and every dollar of bonus. You’re fine!
WF - your bank hired several consulting companies to fix your money laundering and fake accounts problems…
Rising Star
Remember inflation. 3k isn’t what it used to be
Don’t pay $3000 a month for a mortgage? This might shock you, but you don’t need to keep up with the Jones’s. Be yourself, save your money.
Where exactly ? Cause $3000 isn’t much in the area and definitely doesn’t mean you’re keeping up with the joneses
We focused on building an emergency fund, paying off all debt, building up our FU fund, and building up our savings/early retirement fund before we splurged on nicer housing. 10% of HHI isn’t much, but you should look at your full financial picture and consider if you’re both staying in high paying roles for the foreseeable future.
Any money you pay into a property you own isn’t throwing money away, it’s investing in something that has a pretty good ROI in most metropolitan areas. Or be a dumbass like me and pay $4K a month for a 2BD apartment in West LA.
OP I hear you about viewing the cost at face value and not falling into the trap of lifestyle inflation. Fortunately, you are at a point where you can easily justify the lifestyle inflation here though.
Everyone knocking OP…this is a bowl generally for people wanting to grow wealth, not spend wealth. Using % of income is a basic method for gauging affordability but should not be how you gauge if the commodity is worth the price tag.
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You can’t be serious. Go for the 1 bed room then for $2000 and have a miserable time and probably not end up together.
I live in Boston and, unfortunately, that seems to be the going rate for luxury 1bd or popular neighborhoods in/near the city since the rental market is hot with the high mortgage rates. If you live in farther burbs, you might as well buy a house with that monthly spend
How do you make so much money but seem to lack common sense? probably at half a million bucks HHI after bonus, but uneasy about $3k rent in a high COL area?
I’m moving to Denver and renting for a year and we’re paying just about that much for a 2br. I really hate renting and I feel like I’m lighting money on fire every month so I completely understand this feeling. I grew up in a frugal household so I understand that 3k for no equity feels crazy.
What is your actual TC after bonuses and RSUs
Your good, but you should do what you feel is best.
Put together a budget. Include all your savings goals, unexpected maintenance, etc. See how the math works. I’m guessing it will work great. Build up a 6 month emergency find in cash if it makes you feel better.
I earn $200K (plus paper ipo money) and pay $2.8K rent in NYC and it’s fine. So you’re good.
Chief
For a HCOL city, that seems completely reasonable. Buy a house.
340 salary!!? Why not buy then???
I work in consulting. Everything we need to do our jobs are available in electronic form, then have Zoom calls instead of in-person meetings.
You can always move to a walk up apartment complex on the third floor for $2750 rent.
I just was in the rental market looking for 2bed in Boston area(Cambridge) and it was hell to find a decent one under 3k. Finally settled on a decent one in north Cambridge for 2600 plus effing broker fees. Decent meaning it has a dishwasher and laundry in basement along with a separate dining room which I plan to use for wfh. We earn 230k together