How much should I save for a house in the Bay Area?
Despite having an income nearly twice the national average, the real estate website found an average renter household in the San Francisco market saving 10\% of its income would take 17.4 years to save for a 20\% down payment on a typical “starter” home, about eight months longer than five years ago.
Is Palo Alto expensive to live?
Palo Alto is 68\% more expensive to live in than the rest of California. Housing in Palo Alto is 53\% more expensive than the national average. The housing costs in Palo Alto can seem burdensome, however there are other expenses that are much more affordable.
How much do you need to make to live comfortably in Palo Alto?
Originally Answered: What’s a livable salary in Palo Alto? If you are willing to live with roommates, then $96K should be a livable salary. If you want to rent a whole 3BR house or condo, then you probably need a salary of about $250-$300K.
What is a good salary for Palo Alto?
Palo Alto, California Jobs by Salary
| Job Title | Range | Average |
|---|---|---|
| Mechanical Engineer | Range:$71k – $115k | Average:$93,328 |
| Executive Assistant | Range:$64k – $117k | Average:$89,238 |
| Project Manager, (Unspecified Type / General) | Range:$69k – $142k | Average:$102,865 |
| Software Developer | Range:$81k – $153k | Average:$116,656 |
How much income do you need to buy a $750000 house?
If you or your household make between $250,000-$300,000, you are in the sweet spot to take on a $750,000 dollar mortgage. This is because you shouldn’t spend much more than 3X your annual income on a home after putting 20\% down. This is my 30/30/3 rule for home-buying.
Is Palo Alto more expensive than Los Angeles?
Los Angeles is 63.2\% less expensive than Palo Alto. Health related expenses are 11.0\% less in Los Angeles.