[Annie]

If your salary is between $65K – $68K, would this be enough to live in SF California? Any tips? Also, I am a licensed CPA in a different state. Is it required to transfer my license to CA if I will be working in public (tax) there? I will not be signing any tax return. I will be just a staff person. I have seen a few people keeping their home state licenses even if they work and live in a different state. Thoughts? I appreciate any comments/feedback in advance!

[mw798]

The difference in rent is indeed huge. $1,500/month in the Bay Area gets you half the apartment in the surrounding Chicago area.

[MaLoTu]

The $4k apartment is in downtown and it has tons of perks, like house keeping. Plus, it is a two bedroom, the girl has revolving roommates as it is the HQ and training hub of this particular company.

[mw798]

$4k is for luxury apartments which aren't the norm, but exist in every major city. Even in cities like Baltimore you can find luxury apartments going for $4k a month.

With that said, you can find some pretty normal looking apartments going for $4k in the Bay Area without any bells and whistles.

[MaLoTu]

Does the Big 4 pay 65k-68k for a second year associate in Chicago? I guess what I am getting at is if the pay rate for a second year in any market is enough to really live comfortably in that market?

[Annie]

@coloradorit

I can't agree more….but it seems like I should be grateful if I can “survive” in SJ with my salary lol

[Annie]

@coloradorit

By the way, I have 2.5 year of experience (mid-tier) in public accounting (tax) and am about to move to a Big Four.

[Mayo]

@Annie,

Downtown SJ without a car is doable for work. Especially since you're in tax. The Light Rail system goes through the heart of downtown, where pretty much all the Big 4 are at. Audit would make things a bit harder, but I know of people who have done it.

The hard thing is that you'll miss the ability to just get up and go anywhere you want. The whole area has a ton of stuff to see, and not having car would make it a bit tough. Then again, they do have Zipcar, so you could always rent it for the day for about $90-100 or so.

And yes, rents are extremely high. But they're better than SF for the most part. Campbell isn't too bad rent-wise, but I hear it's heating up. Downtown seems to be the cheapest rent in the city, as most of the buildings are old and lack some basic amenities (like central AC or heat). But those are mostly south of the state university. Some of the newer buildings are affordable, but a bit more expensive.

So a one bedroom probably ranges from 1,600-2,300, depending on how nice and new it is.

Mayo, BBA, Macc

[Annie]

@Mayo

I heard it's doable but people say they wouldn't recommend it for the same reason you said in the post.

If you have a car living in SJ, how much would it cost assuming you have paid off the car loan? Car insurance, gas, registration fee, parking, etc?

[GotCPA]

Do you have to live alone?

Go in as a roomate or find a a roomate.

You can get by with that salary, but you're not going to have anything left after you pay off your bills.

[Anonymous]

PS: OT, but if anyone needs a fantastic general contractor, call Golden Gate Mechanical. I used to work there and the owner, Tom Burns, is the best boss I've ever had. He was one of the most honest people I have ever met. He would never charge a dime over what he earned. I remember we were trying to cut costs and I mentioned he was covering a LOT more than the state requires in health insurance, and he said ‘people devote half their life to work, and they should be compensated well for that'. I loved him so much. I would have stayed there forever if not for moving. I know how hard it is to find a good, honest contractor, so I wanted to mention it. 🙂

[Texan_176]

“That salary would be “ok” in Houston, Dallas, San Antonio but even those places are seeing rents jump through the roof.”

169% TRUE

I've lived in Houston for over 30 years. Generally speaking areas west from Downtown to Katy, TX are the best places to live. Yes, there are places like Clear Lake or the Woodlands as well. Anyway, inside the loop rents and home prices are out of control. Class B or C apartments built in the 1950s and 1960s that used to rent for under $300 until the 1980s are being remodeled and sold as condos for $300K+ in parts that are a 5-10 minute drive to downtown. Tiny (1100-1300 sq ft) single family homes in areas just north of downtown where you would have been murdered if you went walking after dark about 10 years ago are being remodeled and commanding $500K. These are on the same block as a house with broken driveway, cars up on cinder blocks in the front yard, weeds for a lawn, unpainted plywood as siding, trash everywhere, etc.

A house in a clean and safe newer area here would cost $280K on the lower end but more like $350K plus a really bad commute. Inside the loop and in a great area is $700K minimum for a nice house. Rent on a nice 1 bedroom for a single person with a reasonable commute is in the $900-1100 range but more like $1500-2000 if you want the trendy part of town.

But since you are a CPA or will become one soon you know the value of a dollar so you can live in the ghetto for a few years, drive a junky car, and not attract attention to yourself to save money and either pay cash or make a huge down payment on your house so you cut years from your retirement age. It's all a matter of choices. I personally know people who have done this and it worked. Before you are 30 you can have a paid for house in a good area, paid for cars, no debt, and have 100% of your income after taxes and living expenses to allocate as you see fit. And no I am not Dave Ramsey going anon.

BEC 11/29/14 77 (Roger)
AUD 2/23/15 60 (Roger) 4/13/2015 83 (Roger & Ninja MCQ)
REG 5/30/2015 66 (Roger & Ninja MCQ(7 hours only)) 8/23/2015 78 (Roger & Ninja MCQ)
FAR 11/23/2015 60 (Roger & NINJA MCQ) 2/24/2016 74 (Roger & NINJA MCQ) 5/25/2016 83 (Roger+Roger CRAM & NINJA MCQ/NOTES)
Texas Ethics Exam 92%

Licensed TX CPA Aug 2016

[Claudia408]

You need a minimum of $100k to live average in the bay area.

I grew up in San Jose, lived in NYC for 2 years and now back in the bay in San Mateo… 20 min outside of SF. Prices in SF have passed Manhattan. At $65k, you're looking at living with at least 1 roommate, sharing a bathroom, driving a 10 year old corolla, and bringing your lunch to work everyday etc. Nothing wrong with that, just know what you're in for. The cost of living is so high that saving money to buy anything significant like a nicer car – just forget about it… let alone buying a house… everything goes way above asking. You need to get in good with a software company offering RSU, ESPP etc… better yet IPO! That's how you make money here.

Once I get licensed, I'm moving out of this area to get more bang for my buck.

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Anonymous]

@Annie

Sounds like we are both going to be working in the same office. I was in the same boat, was looking at places and rent is just too much alone. I am starting barely south of the salaries you mentioned, and it seemed the only feasible way for me to go was to get a couple roommates. I will have two and rent will be between $1,000 – $1,500 a piece.

[Annie]

@clark31

Same here. I think I will probably have 2-3 roommates to reduce my rent expense. But honestly, this seems very common on the bay area unless you make like 100K. Hopefully we will survive and this is all worth it! 🙂

[mw798]

I've seen on other forums that the Big 4 is facing a bad shortage of staff and seniors in the Bay Area, so they are actively recruiting transfers from other offices and hiring actively right now. Seems like locals aren't taking Big 4 jobs there as there are much better opportunities outside the Big 4.

[Author]

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