Quote:
Originally Posted by greatgooglymoogly
It's all relative. Coming from the rural Ozarks, it's hard for me to put the JoCo housing market in context, let alone the Bay Area. I just can't see how so many individuals have so much money. I know there are corporate offices and portfolios, but surely most of these individuals have a head start? How do folks making $50k to start pay off their college loans and afford their $3K monthly rent? How do they get ahead?
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You're correct. When people first move to either NY, DC, or San Fran after college they normally will rent a small place with friends or find a room to get started. Also they tend to live a little outside and have a small commute.
The big difference today is that college costs have been blown out of the water by too much easy money, just like the housing market was. Taking on $80K, $100K, or more in debt for college is crazy money. I feel very sorry for today's young people.
You normally don't buy your first property in any of these markets unless you make big bucks-these are markets people tend to move into a little later in life after they get going.
Salaries around here are crazy, even for government employees who make $75K or more for do nothing jobs, many making $125K, $150K and the like.
Your tax dollars hard at work.
