Calm me down please.

My SO & I are shopping for a new apartment in the Fall. We’re looking at prices and can’t fathom paying > $3,000 / month (New England area).

We’re at ~340k / year in salary (before RSUs, bonuses, etc.), but we didn’t grow up with $$$. How did you calm your nerves about not overspending and find a comfortable balance?

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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.

smart

Leave the area if its too much to swallow

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This is a joke right? You’re worried about spending under 10% of income on housing? Am I missing something here?

likehelpful

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

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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!

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WF - your bank hired several consulting companies to fix your money laundering and fake accounts problems…

Remember inflation. 3k isn’t what it used to be

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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.

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Where exactly ? Cause $3000 isn’t much in the area and definitely doesn’t mean you’re keeping up with the joneses

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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.

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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.

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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.

likehelpful

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.

likefunny

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

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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?

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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.

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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.

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

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