It’s search engine result page Thursday!
Recently someone found this site by searching for: “100K salary and $500K in bank”
And that, my friends, is why Bay Area house prices simply cannot possibly drop.
First, we all know that $100k is almost what the starting salary is for a person with a MS degree in CS from Stanford. And let’s face it, who doesn’t have a MS degree from Stanford these days? Ok… not even close to starting salary? Then 3 years afterwards – that you have to agree with.
Next, who doesn’t have $500k in the bank, after 3 years of working? You eat breakfast, lunch, dinner at work. You only wear free t-shirts from work. You bike to work. You don’t go on vacation because you don’t need to – you live in the Bay Area. You call your parents and they send you a suitcase of cash. Boom! $500k easily!
With $100k in salary, and $500k in the bank, you can easily afford a $1-1.1M house. No problemo.
What? You don’t have $500k in the bank? Where did it go?