I’m early 30s and making slightly over 200k base and feel like I’ve got no shot to enter the housing market around here. How are others reconciling cost of living with non tech incomes? What are you long term housing plans?

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Buy an RV and park it on your favorite street like the rest of us

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I’m in my late 30´s and married. We both work in tech but started relatively recently, and were in other industries for most of our 20’s-30’s. I’m fine renting forever or at least until I can afford to put 50-70% down on a mortgage. Owning a place can be a huge PITA especially in this area. Maintenance, taxes, bureaucracy…why stress about how soon I can buy a place when the rental market has places I can afford and enjoy living in?

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Buying real estate isn’t the best or guaranteed way to build wealth. Investing in stocks can generate better returns than real estate over time. Plus as a renter I don’t have to spend time managing a house or sink money into real estate taxes, repairs, etc. If I lock myself in a 30+ year mortgage and struggle to pay it off while having enough money to live (including covering major expenses like childcare etc.)…is it worth it or are there better ways to build equity? For me, it’s the latter.

My rent money isn’t disappearing, it’s allowing me to live in a much better apartment and neighborhood than what I could afford as a homeowner. And covers peace of mind. A few weeks ago we had an issue with our dishwasher. We filed a ticket and someone came the same day to look at it. They decided replacing it was easier than fixing it, and the next day came and installed a brand new dishwasher. This cost me $0 and maybe 10 minutes of my time. This level of service has real value.

To clarify: I am not criticizing anyone who wants to own a place. If it was cheaper, I’d probably be looking at it as well. But it’s equally valid for someone to decide home ownership isn’t a required step in their life path.

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Do you realise how ridiculous this statement is?

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And you’re an associate of what?

Buy with a partner. No, literally, find a KPMG partner as a partner.

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I bought a condo recently. What I ended up doing was to save up more for down payment so I could feel comfortable with monthly payments. It’s all about cash flow. My comp is bonus heavy so this was the only way for me. I’m in my late 30’s.

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Why can't you enter the housing market? You can easily afford a studio, 1bd, and most 2bds on that income in SF. I'm not sure what your expectations are. If you want a single family home at that price, move to the suburbs. If you want more land, move to a less developed area.

I bought a starter home, a small condo, and my long term plan is to upgrade to a larger unit with my partner in a few years. We'd like more bedrooms and a view, but prefer the city life and have no desire for a SFH / yard.

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Depending on what you've been able to squirrel away for a downpayment, there are a new breed of realty companies like Reali. These companies offer to secure their realtor fees by fronting a full-cash offer on your buyer bid.

We found we needed to buy a condo while saving for a downpayment on a house. Real estate has generally outpaced our investments and while condos have not kept up with detached homes, they let us grow our nest egg.

With the pandemic, condo prices in the bay area have cooled down- is this a short (5yr) option?

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Curious if folks are 1) just resigned to move somewhere cheaper 2) ok with renting until making partner or otherwise 3) trying to compete in the current market 4) ???

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4) finding a partner (life or otherwise) and going in on a property together?

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Buy a smaller 1-bedroom and save a higher down payment.

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200k salary could honestly work for a decent home if you have a lot saved (couple hundred k). But like others have said the best peace of mind is another partner that makes similar.

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Long term is to move. No, jobs may not pay the same elsewhere, but I'll take a $25k pay cut to live/work in a place where decent houses cost $500k instead of $1.5M.

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Buy with a partner.

-Slog it out to partner
-Move to big tech or startup (and try to hit jackpot)
-Have partner with similar earnings or higher
-Move to lower COL
-Rent
-Shoplift and resell business

Or any combination of above.

I do flea markets and Amazon.

200k with a typical down payment equates to about 1.3m purchase price by conventional standards (which isn’t a competitive amount of buying power). If putting down more cash to get to the 1.5 (still perhaps not competitive) the sunk costs between interest and property taxes come close to $5k/mo.

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