I just got an offer for $160k base at a Santa Monica start up as a software engineer. I spent 8 months in TDP analyst program before applying to new jobs. Can I afford a $3000/month 1br apartment with my new salary? My salary here was $60k so not sure what to do

likehelpful
Posting as :
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Sign the offer first..

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Congrats OP :)

likeuplifting

You can, but you shouldn't. Put some more in the bank and let your lifestyle creep over time.

likefunny

Are you splitting with roommates? If not that's way too much for a single person. I make 200k and wouldn't feel comfortable paying 3000 for rent.

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I make 225k and net out 5700 per check. CA. My mortgage is 3100 but we have two incomes. I wouldn’t do it single. Think utilities, food, transportation.

Am I out of touch as a Los Angeles resident or how Santa Monica is that expensive for 1BR? You literally are in renter market right now with COVID-19. Find a place that is similar to your place currently and rent that. As other mentioned, don’t let life style creep get to you.

likefunny

That seems like a lot to pay per month, particularly for a 1 bedroom, unless it’s a mortgage and you’re at least paying down some principle and getting a tax deduction. (And I live in CA)

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principal

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Yea that would be a terrible decision

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SaMo is great but expensive. Check out some of the neighboring areas.

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Do you want to be poor?

funny

Lifestyle creep..

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How does an Accenture analyst even have enough coding experience/knowledge for 160k coding job? I'm assuming you studied CS in college so why even bother going to ACN instead of a tech job to begin with?

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Can't speak for OP but I was in a tech job before life changes and moving had me end up as an Accenture analyst making 30k less. Happy with where I am now but always looking for opportunities to go back

I think it’s a lot to pay for what you’re getting. If you are living somewhere so convenient that you won’t need a car and you can just rent one on the weekends when you need or do Lyft/Uber then maybe it’s worth it, otherwise you may consider widening your search area to find something below 2500 or look for roommate(s).

Look into neighboring areas - Venice, marina del Rey, Inglewood... can find 1 br apts for much cheaper.

Ideally you’d get a room in a shared apt for 1200-1500. If you really want your own place target a studio or 1 br under 2k

I’d actually recommend trying to buy a place and then get a roommate to pay part of your mortgage. I did that for the first 3 years when I bought my 2 bedroom condo. Made it so much more affordable to have a bigger place.

Always spend no more than 20% of net on rent. So $1600 max.

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