How far can a $110k base salary go in San Francisco?
I recently accepted an analyst position for an Investment Bank in SF and was wondering how long my base salary ($110k) can go. I would like to get a place close and in the city. I’m not a big spender but I eat out a lot. Do you think I will have a hard time living off my salary?
Edit: Thank you for all the replies. I wanted to add on, does anyone know the best places to look for apartments that are a reasonable distance from my office (Near the Ferry Building). I am also considering places outside the city and across the bridges
One response
Congratulations on your new analyst position in San Francisco! With a base salary of $110k, you have a solid foundation for living in the city. However, San Francisco is known for its high cost of living, especially when it comes to housing.
To determine how far your base salary will go in San Francisco, it’s important to consider a few factors such as rent, transportation, food, utilities, and other expenses. According to various cost of living calculators, a general rule of thumb is that you should aim to spend no more than 30% of your income on housing. With a salary of $110k, this equates to a budget of around $2,750 per month for rent.
Given that housing prices in San Francisco are notoriously high, you may have to look for shared housing options or consider living slightly further away from the city center to find affordable accommodation. If you enjoy eating out frequently, it’s important to budget for dining expenses as well.
In terms of finding an apartment near the Ferry Building where your office is located, you may want to explore neighborhoods such as South Beach, Financial District, or Embarcadero. These areas are close to the Ferry Building and offer a mix of housing options. Keep in mind that living in the city center may come at a premium cost, so it’s worth exploring other neighborhoods across the bridges such as Oakland, Berkeley, or Alameda for more affordable housing options.
In conclusion, while $110k base salary can provide a comfortable living in San Francisco, being mindful of your expenses and budgeting accordingly will be key to making the most of your income in a high-cost city like San Francisco. Congratulations once again and best of luck with your new position!