Also, not difficult to get 85 ±few% of that compensation(base) in non FAANG companies
If low to mid 200k is their base, then with other items (bonus, RSU, 401 match) included, their total comp will exceed 300k. Is this not good enough for Bay area, esp if spouse is also bringing in some earnings?
How about folks working in more conservative companies which don’t give out stock - eg., lots of Japanese and European headquartered cos do not give employees RSUs etc.
It’s barely adequate in my view when one compares to the cost of housing today for people who are looking to buy a house without any past equity(from older house) or gift money from family.
Following is a link that I posted earlier. I have pasted a relevant part related to our discussion below.
The company has been losing talent who, despite being high earners by most standards, have said they could barely afford the extraordinary cost of living in the San Francisco Bay Area. Many engineers lamented that they couldn’t balance living expenses with other pursuits like college tuition for their children and long-term savings.
Note the difference between Bay Area vs non Bay Area, i.e. ratio of column 3 to column 2.
| Metro area | The typical home sold for this percent above asking price, May 2021 | Number of homes sold for at least $100,000 above asking price, Jan. 1-June 16, 2021 | Number of homes sold for at least $100,000 above asking price, Jan. 1-June 16, 2020 | Average difference between asking price and sale prices for homes sold Jan. 1-June 16, 2021 | Average difference between asking price and sale prices for homes sold Jan. 1-June 16, 2020 |
|---|---|---|---|---|---|
| Oakland, CA | 10.8% | 5,212 | 777 | $94,999 | $19,808 |
| Austin, TX | 8.9% | 1,980 | 24 | $32,627 | -$5,780 |
| San Francisco, CA | 8.4% | 2,395 | 906 | $87,262 | $22,029 |
| San Jose, CA | 7.8% | 3,285 | 808 | $94,975 | $22,531 |
| Seattle, WA | 7.7% | 4,658 | 378 | $47,878 | $3,025 |
| Denver, CO | 5.1% | 835 | 20 | $17,782 | -$3,827 |
| Salt Lake City, UT | 4.4% | 100 | 9 | $12,972 | -$2,703 |
| Portland, OR | 4.4% | 466 | 23 | $14,646 | -$1,599 |
| Sacramento, CA | 4.4% | 392 | 18 | $15,086 | -$4,822 |
| Boston, MA | 4.2% | 1,115 | 161 | $11,968 | -$7,701 |
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True enough. An engineer coming into Bay Area today needs to either have family backing or a boatload of company stock (only given to people filling senior positions) in order to buy. Guess, silicon valley will attract Directors, VPs and higher levels, whereas new engineers will start in other cheaper towns. Those that make it to upper levels of the company can move to Silicon Valley HQ.
People are always leaving San Francisco and always will.
Or this. Just 0.5 acres but https://www.redfin.com/CA/Atherton/1-Heritage-Ct-94027/home/848396
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Atherton is no longer hip? Sound cheap.
Just start doing refinance, lender told me it will take 2-3 months due to high demand.
What interest rate are you getting?
One more 1900 sq ft rancher in Sunnyvale sold for $3M
2.35% 30yr fixed with moving assets(stock) to lender. Still debating doing 7yr ARM with 1.75 or 2.35% 30yr fixed…
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Net costs?
little credit for 7yr ARM. 1900 cost for 30yr fixed
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Could you please share which lender, and how much discount they give for moving assets?
This rate for moving assets at least 500k.
yes please share lender.
Is this for Jumbo? Pretty good rate even with moving 500k assets… Please share the lender
That’s pretty good rate. I am curious on which lender as well, given they do relationship discount, I assume it’s one of the big banks? I was quoted by Chase with 500K transfer as well for 2.125% 7yr ARM only.
And I thought 2.625 was good from my last refinance.It took me 4 months to close that.
How long do you need to maintain the relationship to get the 2.35 rate?