{ "media_type": "text", "post_content": "I live in one of the most expensive cities in the US, and even with combined incomes of $600k, my SO and I can not afford (nor justify) a 3-bedroom house (median price north of $2M). We also work nonstop and I don’t know how we’ll be able to raise a family with our workload and COL. Looking to relocate and find a new job where I work 40 hours a week so I can raise a family, where COL is much lower but we don’t take a massive pay cut. Does such a place exist?? Or am I looking for a fairy tale?", "post_id": "5edd35f1f5686b002a860608", "reply_count": 249, "vote_count": 37, "bowl_id": "5ae4a4f739e7cb001391ec8b", "bowl_name": "Consulting Exit Opportunities", "feed_type": "bowl" }
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I live in one of the most expensive cities in the US, and even with combined incomes of $600k, my SO and I can not afford (nor justify) a 3-bedroom house (median price north of $2M). We also work nonstop and I don’t know how we’ll be able to raise a family with our workload and COL. Looking to relocate and find a new job where I work 40 hours a week so I can raise a family, where COL is much lower but we don’t take a massive pay cut. Does such a place exist?? Or am I looking for a fairy tale?

likefunnyhelpful
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OP, based on some of the thoughts above, can you save $ for a down payment in your current job, then move to a lower COL area and start raising a family? Feels a bit like there’s a lot of stuff to handle and trying to do it all at once may be more stress than it’s worth. Taking a pay cut means you’ll be paying off your loans longer and saving for a down payment for longer - even if you’ll have more flexibility for family time. So I guess trying to find a balance and establishing a timeline vs one solve may be better.

likehelpful

Makes sense! Glad you’re handling it one step at a time. Best of luck 😊

like

Wife and I have combined income of $650k in Chicago suburbs (I am in Consulting she is in medicine). We comfortably afford a 1.25M house in a great suburb with great school. Life style is completely up to you, but we have no serious limitations. If it wasnt for student loans we would be banking savings at a high rate. Money isnt the issue here, its weather, state politics, pension shortfall, etc., etc.🤢

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That pension short fall is terrifying.

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Let’s be real. With $600k in income, your problem isn’t that you can’t afford a house and kids, it’s that your spending is out of control. You could make $2M and you’d still find yourself in this mess.

MAKE A BUDGET. STICK TO IT. SAVE MORE.

likesmarthelpfulfunny

Amen

helpful

At 600k you can't afford a lifestyle? Is this a serious question?

likefunnysmart

K3 great story and an inspiration to all

OP you’re so privileged. You have no clue what 99% make and they survive everyday.

like

By definitions of this app. OP is barely middle class.

funnylike

Even with a 50% pay cut, you guys can live just about anywhere and be very comfortable (minus chicago, Seattle and NYC)

likesmartfunny

Def wouldn’t call $1900/mo dirt cheap, but do have a 2000sqft home in the Chicago burbs for $1750/mo just 35min from downtown

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I grew up in Ann Arbor and I truly believe it is the best city to grow up in. Everyone is very educated because being a professor or doctor is very popular here. Very safe, great public and private schools, very cultured, not incredibly expensive either but not inexpensive. It’s such an experience growing up in a nice college town

likefunny

Who remembers catacombs under the boulderado back when it was still catacombs?

An income of 600K could easily afford a 2-3M house.

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Well yes 600k after taxes. Uncle Sam takes his cut and put money away to retire. You start to push it.

Median home price north of $2M is limited to a few zip codes in this country. You could move a few miles in a different direction and find something more reasonable.

likesmart

Texas, 4,000sf house 4 bedrooms and a pool less than $400K.

like

EY8 prosper isn’t anywhere near that far. In 75 minutes you can easily reach the Oklahoma border

We have a household income of $280,000 in Houston. That buys you a 4,000 sq ft house in the suburbs with very good schools with a high saving rate

like

Chicago, Atlanta, Dallas, Charlotte, Houston are all very reasonable COL .

like

San Antonio, Nashville, Salt Lake City - oh wait we’re just naming every city that isn’t NYC, Boston, DC, LA, SF, Miami, or Seattle

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Man everyone outside of the Bay flexing on their home sizes and costs: the Bay area is ridiculously expensive and different. None of us want to pay $2M and I'm sure would happily move to other cities and pay $200-400k for a nice house - but life isn't perfect and straightforward in a way we can suddenly pack our bags and do that.

Please go ahead and look on Zillow/Redfin what a 3br/2ba looks like in Burlingame, San Mateo, Redwood City, etc for context.

likefunny

Any SF neighborhood recommendations for a couple of newcomers from Chicago? Ideally, hoping to stay within $3K for 2BR

DC suburbs are definitely not low cost of living but it might strike the right balance between career and family

like

In same boat as A10

I don’t get how you can’t afford it? Using Google’s mortgage calculator the monthly payment on a 30 year fixed at 3.1% and 20% down on a $2.2MM home including property taxes is ~$10k which you can easily afford given your income. Or am I missing something?

like

We didnt start from 0 (~100k in 2014), 5 years is slightly rounded (started buckling down aggressively in 2014ish), and we budgeted 5k+ in savings monthly but slushed in other $$$ on top of that. For example, 10%of bonus money went to #YOLO and the remaining 90% was stuffed into bank accounts.


Also put majority of $$$ into index funds and made a few good investment bets in tech stocks then, in luckiest dumbass move in my life, forgot the password to my stock brokerage account and was too lazy to restore for a loooong time. Which prevented me from selling AAPL and ADBE (bought in at <$100/share) for so long that now im holding them in case i have a down tax year cause my state will tax the gains as income :(.

like

People here are so privileged its not even funny. My parents made it work with 55k a year in one of the richest counties in the US and people struggling with 10x that, SMH.

likefunny

Exactly my thought. Bloody can’t make ends meet in half a mil. Hate such privileged posts. People have no compassion and morals. There are people in the world who do not know where the next meal is going to be from.
And the biggest problem OP has is oh man I can’t get a penthouse my life is worth nothing.

likeupliftingsmart

Man I’ve been watching HGTV since lockdown and been thinking of leaving my $800k 2bd/2.5ba condo in LA and moving to Waco, Mississippi, Bozeman, Indianapolis and Raleigh. Would live like a BOSS

likefunny

SM2, it might be slightly more accurate to say that literally none of these are like the others lol

likeuplifting

TX

like

Yeah. Literally anywhere except NYC / Bay Area / London.

like

And Shanghai😭

like

I want to make a lot of money have a super successful career raise amazing kids and also save all my money

likefunny

Noticed you didn’t mention not being a racist. Very telling.

likefunnysmarthelpful

Move out of SF. It’s a shithole and it’s disgusting how expensive real estate is, especially for decades old houses.

likeupliftingsmart

You don’t want to pay $3M for a total tear down?? 🤣

likefunny

Atlanta, GA! Fantastic access to a major airport, you experience all 4 seasons (snow sometimes) and all kind of terrains — 4-5 hours from great beaches with a lots of mountains and trails nearby (AT starts in Georgia), and relatively reasonable COL. $500K can get you a pretty nice home in the suburbs or a smaller 3BD/2BA home ITP

likeupliftingsmarthelpfulfunny

I hate Atlanta. And we are rated the worst for MOSQUITOS. Seriously. But food? Yes. Our food choice is AMAZING if you know where to go. Super diverse and not Americanized cultural dish offerings. Yum!

But Atlanta is not as cheap as some make it it to be. If you live in the perimeter in the most popular neighborhoods which are primarily Fulton county, sales tax is 8.9%. That in addition to overinflated housing prices and silly ad Valorem tax you have to pay upfront to register your car when you move here does not make this a cheap place to live.

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