Can I afford this rent....?

[NiniBini]

Hi all,

I have fairly skewed view of what I can actually afford because I have been lucky enough to live in a very nice controlled apartment for the last few years.

I just moved from Washington, DC to San Francisco. I make approximately 68K. Can I afford to spend 1300 in rent + utilities for a place? I don't have any credit card debt (just paid it off!), but I do pay around $400 per month in student loans and around $60 for my phone. Objectively, I know this is enough, but I am a saver and would really like to save around $1000 per month.

Should I go in for something cheaper?

[winneythepooh7]

I'm an advocate for saving and cheaper rent if it's available.

[dengeist]

Here comes the dreaded COL speech.

I think San Fran has a higher COL than DC. From what you said about your finances, you should have no problem paying $1300 for rent and still save something. But there are other factors that you have to look into like food, utilities, cable, internet and transportation.

I live in an area that is relatively cheap compared to the metro area, but I could afford to live somewhere more expensive. I have some hidden benefits, I live about 5-10 mins from my job, so I don't have to worry about tolls or gas or being late for work, besides saving 300-400 dollars on rent.

So the truth is, you probably could afford to pay $1300, but it doesn't sound like you want to. Saving sounds more important to you (which I think is a good thing), so the real question is can you find a place that is that much cheaper and would you be willing to live somewhere less upscale?

[NiniBini]

Well, the 1300 includes what I would be paying in utilities. A big problem for me is that I travel a lot for work, so I need some place to stick my car (I don't really want to hear "a don't have a car" speech). I didn't have a car in DC and was fine. But SF is much harder to get around without a car and it is a pain if you ever want to go to the East Bay. I don't drive that much so gas isn't too much of a worry, but I am old enough now to really want the convenience of a car.

In any case, I am going to keep my eyes peeled in case something cheaper comes along.

[NiniBini]

By the way, I actually work in downtown SF. Commuting in from the East Bay would roughly cost me anywhere from $6.60-30 per day depending on whether I took Bart or drove (I don't feel like driving is an option). So, yes, my rent would be cheaper, but I would make it up in Bart fare.

My general opinion is that the San Francisco and Oakland are just really, really expensive and there is no place that is really cheap unless you live far away and commute--which is expensive. So whatever....

[gossipgirl11]

you're in for a hurting-- SF is really expensive. Rent aside, just the general cost of living is very expensive.

I lived in DC for 5 years and in SF for a while as well--- I left totally broke :)

[NiniBini]

Lovely. That doesn't help at all. Sorry I even asked.

[Taza Tikha]

I think you'll be fine. It seems like you really want the apartment for $1300, so go for it. Are your other options really going to be much less expensive? A longer commute and being in an neighborhood you don't really want to live in is not worth saving a few dollars, and don't let people talk you into it if it's not what you want -- they aren't living there, you are.

You said you moved from DC, and I'm surprised you were not spending the same amount on an apartment there, unless you had a roommate. When I first moved to DC, my rent was $1100 on a $40k salary. I had to budget but it wasn't painful at all -- but then again, I didn't have any other loans. When I got a mortgage, it was basically the same the same ratio -- $1350 payment on a $50k salary. Again, had to budget, but didn't feel deprived. I think you can afford the $1300 apartment on $68k.

Also, not sure how old you are or what you're saving for, but $1000 per month is really extravagant savings for the typical QLCer. Personally, if I had to choose between saving that amount while living an uncomfortably frugal lifestyle, or saving *only* $500 per month but having a much better quality of life, I'd choose the latter.

[NiniBini]

Found a much cheaper place that I like a lot!. Its smaller but in a really cute area. I love it!

[winneythepooh7]

Congrats!