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As someone who grew up in Chicago and now works in the Bay, 350K is not going to be 1:1 to your 270K lifestyle, OP - hate to say, but a handful of life factors here (eg., property, food / drink, transport, general consumer products, etc.) cost a bit more here.
Putting aside the obviously higher cost for housing, some other minor items to use as data points:
-Coffee & a pastry runs you close to $10 if not above double digits (definitely not the case in Chicago)
-general household goods are ~20% more expensive (eg., I went to buy a box of Advil at Target, was $6, when online and in Chicago stores it’s 4.99)
-Uber and Lyft for the same distances are charged more here than in Chicago based on the cost / mile rate & time pricing
And to all of you giving OP flack, knock it off; yes he and his wife won’t be homeless, but that’s really not the benchmark you should be comparing yourself against. If you’re used to a certain quality of life in X city, you should be given a heads up if it’s going to go down when you move to Y city.
@op agree with google1. I moved from Chicago to the Bay area and bay area is a hell lot expensive BUT the majority is the housing cost. 1 br in the best areas of Chicago city is around 2k and a decent (nothing fancy) 1br in the Bay area is around 3.25k - minus the security you get in Chicago buildings. You will roughly pay an additional an additional 5% in state tax so just that reduces your 350k take home by 17.5. A cheap eat here for two will cost you 30-35 bucks vs around 15-20 in Chicago.
Thank you!!
Serious question - if you make that kind of money what do you spend it all on? I make 200k joint in a city with similar cost to Chicago. I paid off debt, bought properties, save for retirement and never worry about budget. I’m familiar with Bay Area living and in having a hard time understanding how 350k will not be enough
International travel, first class tickets during travel, always eating out, always going out. Easy to blow 350k a year
I grew up in Saratoga with less and life was quite nice
We are a Single income family making 300k, and i think it may be a bit tight, but it’s ok. We were renting initially but after a baby we decided to purchase. We sold some of our stocks obviously. I think mortgage, property tax and daycare (which is about 2k per month) make the most of your outgoing. The rest of the expenses you could tune according to your lifestyle/ priority. We spend 200 a week on groceries and go out to a decent place every weekend which comes up to about 80 (with a drink).
Woe is you trying to make life work
Try to fast forward and imagine the life you want. Can you live there? Yes. Will you get a 4k sq ft house with a backyard? No. Then think about how many kids you want and whether where you can afford to live has the schools you’d like to send your kids to and if you can afford them. If you want >1-2 kids and expect a house with a place for a swing set, in a safe neighborhood with good schools, places like SF or other major cities quickly become unaffordable. This is where the fed saying we can’t hit 2% inflation is BS.
no don't move to California period. it's not about the money.