How many people do you think have cash saved up?

[beanmaestro]

Well, by way of another datapoint (and it’s certainly true that this forum self-selects for the fortunate)…

I’m 32, my wife is 25. I finished grad school in semiconductor engineering in 2003, post-doc’ed for a year, working since then. My wife has a couple years to go in grad school. So between us we make about $125k. Monthly, we pay $1650 in rent, about $400 in utils, $1700 in other stuff, plus my wife has LASIK this year. We drive 10-year old cars that run fine, eschew TV, but spend on hobbies what we would on cable. I’d say we live somewhat frugally, but I hardly feel like we’re missing out on anything… I really don’t understand how you’d ring up $3000 a month on credit cards without kids, but it sounds like many people manage it.

This all comes out to spending $45-50k a year, which lets us max out my 401k, fill both Roths, save $20k more, and donate what’s left. So we pass the savings test pretty comfortably, but I really can’t wrap my head around paying more than half a million bucks for a shitty mass-produced house, and we really don’t want to be locked into our jobs by an obscene mortgage

[anxvariety]

Did you guys hear about the US savings rate???

[anxvariety]

Did you guys hear about the US savings rate???

[lostkitty]

I did not call you a cockroach. I said it seems that the extreme religious right – like jg – are multiplying ‘like cockroaches’ (do).

Wakarimashita?

[lostkitty]

I did not call you a cockroach. I said it seems that the extreme religious right – like jg – are multiplying ‘like cockroaches’ (do).

Wakarimashita?

[lostkitty]

I think many, many young couples with good incomes and some savings are opting out of CA at this point. I just met a girl (well, I guess we are women at almost 40yrs old now) the other day at my kids’ little school (public). She is a lung doctor and also raised in beautiful San Diego. Husband also has a fantastic job. No shortage of income or cash, but they felt they were priced out of CA – and left.

As cyphire says – the prices for small 3 bedrooms in places like DelMar, where people like this would want to live, are not realistic. It is not a matter of not being able to afford 1.5m for some people … it is the fact that WHAT YOU GET FOR 1.5M IS NOT WORTH IT.

So I am of the camp that there are very few 1st time buyers out there with any hope of buying in at even $400k, and of the few that do have cash, they will find what is available at that price unappealing.

[lostkitty]

I think many, many young couples with good incomes and some savings are opting out of CA at this point. I just met a girl (well, I guess we are women at almost 40yrs old now) the other day at my kids’ little school (public). She is a lung doctor and also raised in beautiful San Diego. Husband also has a fantastic job. No shortage of income or cash, but they felt they were priced out of CA – and left.

As cyphire says – the prices for small 3 bedrooms in places like DelMar, where people like this would want to live, are not realistic. It is not a matter of not being able to afford 1.5m for some people … it is the fact that WHAT YOU GET FOR 1.5M IS NOT WORTH IT.

So I am of the camp that there are very few 1st time buyers out there with any hope of buying in at even $400k, and of the few that do have cash, they will find what is available at that price unappealing.

[Coronita]

I think many, many young couples with good incomes and some savings are opting out of CA at this point. I just met a girl (well, I guess we are women at almost 40yrs old now) the other day at my kids' little school (public). She is a lung doctor and also raised in beautiful San Diego. Husband also has a fantastic job. No shortage of income or cash, but they felt they were priced out of CA – and left. As cyphire says – the prices for small 3 bedrooms in places like DelMar, where people like this would want to live, are not realistic. It is not a matter of not being able to afford 1.5m for some people … it is the fact that WHAT YOU GET FOR 1.5M IS NOT WORTH IT. So I am of the camp that there are very few 1st time buyers out there with any hope of buying in at even $400k, and of the few that do have cash, they will find what is available at that price unappealing.

 

Folks that think it's bad here, try living in the Bay Area. Here you get to pay a lot for something that at least looks decent. There, you pay a lot for something that looks like a 19 year old hole in the wall. Of course there is a shortage of land in Bay Area as opposed to here. 

[Coronita]

I think many, many young couples with good incomes and some savings are opting out of CA at this point. I just met a girl (well, I guess we are women at almost 40yrs old now) the other day at my kids' little school (public). She is a lung doctor and also raised in beautiful San Diego. Husband also has a fantastic job. No shortage of income or cash, but they felt they were priced out of CA – and left. As cyphire says – the prices for small 3 bedrooms in places like DelMar, where people like this would want to live, are not realistic. It is not a matter of not being able to afford 1.5m for some people … it is the fact that WHAT YOU GET FOR 1.5M IS NOT WORTH IT. So I am of the camp that there are very few 1st time buyers out there with any hope of buying in at even $400k, and of the few that do have cash, they will find what is available at that price unappealing.

 

Folks that think it's bad here, try living in the Bay Area. Here you get to pay a lot for something that at least looks decent. There, you pay a lot for something that looks like a 19 year old hole in the wall. Of course there is a shortage of land in Bay Area as opposed to here. 

[Anonymous]

lk, that was feigned hurt, and an attempt at humorous sympathy.

What is “W–“?

[Anonymous]

lk, that was feigned hurt, and an attempt at humorous sympathy.

What is “W–“?

[drunkle]

How many people making $100K/year are living in a $1K/month apartment?
Me and my wife.

i bet on the former. self control in this day and age is hard to find.

100k household income is above median. i’d bet significantly above median. that is, the percentile of households making 100k+ is much smaller than the percentile of households making median.

you don’t even really make a living wage as an individual until you hit some 35-40k/year individually. in san diego. which is average/greater than average wage for college grad in his twenties. to pay tuition debts, living expenses, nights out and save just a nickel a day…

[drunkle]

How many people making $100K/year are living in a $1K/month apartment?
Me and my wife.

i bet on the former. self control in this day and age is hard to find.

100k household income is above median. i’d bet significantly above median. that is, the percentile of households making 100k+ is much smaller than the percentile of households making median.

you don’t even really make a living wage as an individual until you hit some 35-40k/year individually. in san diego. which is average/greater than average wage for college grad in his twenties. to pay tuition debts, living expenses, nights out and save just a nickel a day…

[lostkitty]

I knew it was ‘feigned’. I just dont appreciate it when you put words into my mouth that I did not utter (or write … in this situation).

Wakarimashita, Japanese.
Means approximately: “Understood?”

[lostkitty]

I knew it was ‘feigned’. I just dont appreciate it when you put words into my mouth that I did not utter (or write … in this situation).

Wakarimashita, Japanese.
Means approximately: “Understood?”

[Author]

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