Living In Parents Basement.

[Anita18]

Well I didn't say $1,000...I said AT LEAST $1,000. Like I said with tips it varies but I typically clear that much monthly at minimum. For example I just worked an 8 hour shift New Year's Eve night at my job and we were busy enough that I made $105 in tips which is a great night for me and that averages out to about $20 an hour for a night like that. But on an average night it is a $10-$15 an hour job.

I've never been a heavy eater. I'm 5' 8" and around 155 pounds so I'm not a big food spender as it is. That budget isn't a concern for me.

Downtown just seems ideal to the kind of living I would prefer. Like I said when it comes to driving I really only worry about getting to and back from work...other than that just being able to walk somewhere in the Downtown area if I want to grab a quick bite to eat, etc. etc. seems more ideal for me considering I typically am more of a shut-in type.

By the way does my wanting to have at least $10,000 in savings before I move out not give me enough of a safety night to get the kind of place I am targeting?

Yeah you should be keeping track and seeing how much money you make a month, on average. That'll give you a much better idea, considering the percentage suggestion I quoted. Rent should be 30%-50% of your monthly salary, and no higher.

The savings might be enough, but you really have to track your spending first to really know. The first rule of living on your own and supporting yourself is, the money goes much more quickly than you'll expect! You'd probably make it happen, but I've had friends who had to decide between rent and food at the end of the month and it is NOT fun.

Do a little research and see how much you're taking in, and how much you'd be spending if you lived on your own.

Also, what sort of downtown area is this? I live in the outskirts of Los Angeles, and "downtown" in the immediate city means lots of shops and fancy restaurants, but you'd have to drive (or brave the traffic to bike) to get to a grocery store. We live a mile from the actual downtown area, where rent and driving is a little bit more reasonable, and we can walk to our Trader Joe's and that is NICE. But "downtown LA" is not the kind of neighborhood where you really walk around. Parts of San Francisco is, though. My sister used to pass some really cheap markets in Chinatown to/from her BART commute.

 

[RedIsNotBlue]

Yeah you should be keeping track and seeing how much money you make a month, on average. That'll give you a much better idea, considering the percentage suggestion I quoted. Rent should be 30%-50% of your monthly salary, and no higher.

The savings might be enough, but you really have to track your spending first to really know. The first rule of living on your own and supporting yourself is, the money goes much more quickly than you'll expect! You'd probably make it happen, but I've had friends who had to decide between rent and food at the end of the month and it is NOT fun.

Do a little research and see how much you're taking in, and how much you'd be spending if you lived on your own.

Also, what sort of downtown area is this? I live in the outskirts of Los Angeles, and "downtown" in the immediate city means lots of shops and fancy restaurants, but you'd have to drive (or brave the traffic to bike) to get to a grocery store. We live a mile from the actual downtown area, where rent and driving is a little bit more reasonable, and we can walk to our Trader Joe's and that is NICE. But "downtown LA" is not the kind of neighborhood where you really walk around. Parts of San Francisco is, though. My sister used to pass some really cheap markets in Chinatown to/from her BART commute.

Yeah I think I am going to be keeping a better record of what I bring in the next month or two just to at least get a better idea. As of right now the only monthly bills I see myself facing are rent, internet, phone, and food. I already pretty much have everything I need to move out already so it's not like I am going to do much shopping when I move out.

Like I said I know it is nowhere near the amount I am looking to spend but I have been paying my parents $175 a month in rent, sometimes even months in advance, with no problem at all. I'd imagine my credit is decent right now considering they have been paid off for a while. I have a $1,700 limit card that was planning to use as my way to pay rent.

This is also coming to the point where I have to move forward with my life. I just turned 27 in October and whether I succeed or fail I do need to try and achieve the goal of getting out there and making it on my own how I want to do it. My goal is to at least make it a year renting out my own place and to see if I can even handle the task. Like I said having a nice savings cushion would allow me to do that because even if I make it out of the year with the outlook "I can't keep up with this kind of rent" I can always just downgrade to something I know I would be able to handle better financially.

 

[Manic]

I decided that since I'm turning 30 this year, I was going to finally move out. I determined the only way to do this was to move out of the Bay Area, move to the San Joaquin Valley, get a second job, and transfer my current job to that area.

But just recently, I signed up for a different position at my current job. The pay rate is 2x-3x more than what I make right now with longer hours on average, so I'd be able to stay in the area. It just means going through a period of training, which means I might be staying at home a little long than I planned.

 

[amazingfantasy15]

Yeah I think I am going to be keeping a better record of what I bring in the next month or two just to at least get a better idea. As of right now the only monthly bills I see myself facing are rent, internet, phone, and food. I already pretty much have everything I need to move out already so it's not like I am going to do much shopping when I move out.

Like I said I know it is nowhere near the amount I am looking to spend but I have been paying my parents $175 a month in rent, sometimes even months in advance, with no problem at all. I'd imagine my credit is decent right now considering they have been paid off for a while. I have a $1,700 limit card that was planning to use as my way to pay rent.

This is also coming to the point where I have to move forward with my life. I just turned 27 in October and whether I succeed or fail I do need to try and achieve the goal of getting out there and making it on my own how I want to do it. My goal is to at least make it a year renting out my own place and to see if I can even handle the task. Like I said having a nice savings cushion would allow me to do that because even if I make it out of the year with the outlook "I can't keep up with this kind of rent" I can always just downgrade to something I know I would be able to handle better financially.

I'd probably look for a better job before moving, a job where you make typically $10-15/hour is going to really make you struggle to make ends meet, how many hours do you typically work? How do you get to work now and will that change when you move? It could cost more just to get to work. You can guarantee clearing $1,000/month, half that will be gone after food and bills, your savings will probably be used as fun money. I'm not trying to crap on your plans, but it's going to be really hard to live on your own making minimum wage plus tips.

As for the whole renting vs. buying thing. I waited until I got married before buying a house. I rented before that because I didn't want to live with my parents. The decision to rent instead of buy was that I wanted to find someone before a settled on someplace. Even then, my wife and I waited, about a year after we got a job across the country, so we moved, could only have done that due to us both renting and I know she needed to move for the job. If I owned a place I probably wouldn't have gone and she might not have taken the job and always wondered what if. Two years after moving across country we moved back to our hometown because we knew that's where we wanted to stay and start a family. So we moved and started house hunting with the intention of never moving again, that meant thinking of school districts for a kids, the community and all that. If I bought when I was single I'd never think about what I want in a neighborhood in 5-10 years. The biggest factor was seeing a cousin, buy a condo, meet his future wife, get married, then start a family in a one bedroom condo, before they could sell, which they needed to do to afford a house, they had two toddlers. So four people in a one bedroom condo. I'd never want that.

 

[Anita18]

Yeah I think I am going to be keeping a better record of what I bring in the next month or two just to at least get a better idea. As of right now the only monthly bills I see myself facing are rent, internet, phone, and food. I already pretty much have everything I need to move out already so it's not like I am going to do much shopping when I move out.

Like I said I know it is nowhere near the amount I am looking to spend but I have been paying my parents $175 a month in rent, sometimes even months in advance, with no problem at all. I'd imagine my credit is decent right now considering they have been paid off for a while. I have a $1,700 limit card that was planning to use as my way to pay rent.

This is also coming to the point where I have to move forward with my life. I just turned 27 in October and whether I succeed or fail I do need to try and achieve the goal of getting out there and making it on my own how I want to do it. My goal is to at least make it a year renting out my own place and to see if I can even handle the task. Like I said having a nice savings cushion would allow me to do that because even if I make it out of the year with the outlook "I can't keep up with this kind of rent" I can always just downgrade to something I know I would be able to handle better financially.

I know the feeling, but you still really need to have a plan. If you're gonna do it, do it right instead of treating it like a mere experiment. As you said, if you want to move forward with your life, really do it instead of "Well let's try it out for a year and if it doesn't work or I don't like it, I'll just move back to my parents' place." Make like it's a one-way ticket and you're not going back.

You really do have to be realistic and start crunching the numbers for yourself.
Track your income now. Do it for last year too, if you can. The more numbers, the better.

Ask your parents how much they pay in utilities. A bigger house means higher heating bills, but it'll give you a worse-case scenario. Shop around for internet and cell phone rates. You didn't mention any car-related expenses - would you be serious about moving in with the guy from work? Car insurance is mandatory in CA and even as a 30-year-old woman with no blips on my record, my insurance is about $100 a month. (I could get it cheaper but I like having comprehensive coverage.) I don't drive much and gas is still about $70/month. At a minimum-wage gig, you have to work for that money.

Also, not every place allows you to pay rent with a credit card. I've never paid my rent with a credit card, and God knows I totally would if I could. All those rewards points!

Also, you don't have health insurance. I know you're young and healthy, but I'm serious, our strapping 25-year-old neighbor knocked on our door the day after Christmas after nearly severing his finger and he was alone in his apartment when it happened. We called an ambulance on his request because he was going into shock. Ambulance rides easily go into the thousands, and he had to have surgery and stayed in the hospital for two days. God I hope he had insurance, because that stuff is NOT cheap. It could easily blow out your savings in one fell swoop, even if you negotiate with the hospital to pay cash, and most people don't know to do that, or how to do it.

I decided that since I'm turning 30 this year, I was going to finally move out. I determined the only way to do this was to move out of the Bay Area, move to the San Joaquin Valley, get a second job, and transfer my current job to that area.

But just recently, I signed up for a different position at my current job. The pay rate is 2x-3x more than what I make right now with longer hours on average, so I'd be able to stay in the area. It just means going through a period of training, which means I might be staying at home a little long than I planned.

I think it depends on your long-term goals. If you want to buy a house, then yeah you need to get out of the Bay Area. But if you want other things, there are other options.

As for the whole renting vs. buying thing. I waited until I got married before buying a house. I rented before that because I didn't want to live with my parents. The decision to rent instead of buy was that I wanted to find someone before a settled on someplace. Even then, my wife and I waited, about a year after we got a job across the country, so we moved, could only have done that due to us both renting and I know she needed to move for the job. If I owned a place I probably wouldn't have gone and she might not have taken the job and always wondered what if. Two years after moving across country we moved back to our hometown because we knew that's where we wanted to stay and start a family. So we moved and started house hunting with the intention of never moving again, that meant thinking of school districts for a kids, the community and all that. If I bought when I was single I'd never think about what I want in a neighborhood in 5-10 years. The biggest factor was seeing a cousin, buy a condo, meet his future wife, get married, then start a family in a one bedroom condo, before they could sell, which they needed to do to afford a house, they had two toddlers. So four people in a one bedroom condo. I'd never want that.

My parents don't really believe in home ownership, especially if you're still figuring out where you want to be long-term. I would never buy if I wasn't assured I would be staying put for at least 5 years.

My parents didn't buy their first house until my sister was born. I was 3 years old. They stayed in their first house for only a year. I can still hear my mom sighing about it.

 

[RedIsNotBlue]

I'd probably look for a better job before moving, a job where you make typically $10-15/hour is going to really make you struggle to make ends meet, how many hours do you typically work? How do you get to work now and will that change when you move? It could cost more just to get to work. You can guarantee clearing $1,000/month, half that will be gone after food and bills, your savings will probably be used as fun money. I'm not trying to crap on your plans, but it's going to be really hard to live on your own making minimum wage plus tips.

As for the whole renting vs. buying thing. I waited until I got married before buying a house. I rented before that because I didn't want to live with my parents. The decision to rent instead of buy was that I wanted to find someone before a settled on someplace. Even then, my wife and I waited, about a year after we got a job across the country, so we moved, could only have done that due to us both renting and I know she needed to move for the job. If I owned a place I probably wouldn't have gone and she might not have taken the job and always wondered what if. Two years after moving across country we moved back to our hometown because we knew that's where we wanted to stay and start a family. So we moved and started house hunting with the intention of never moving again, that meant thinking of school districts for a kids, the community and all that. If I bought when I was single I'd never think about what I want in a neighborhood in 5-10 years. The biggest factor was seeing a cousin, buy a condo, meet his future wife, get married, then start a family in a one bedroom condo, before they could sell, which they needed to do to afford a house, they had two toddlers. So four people in a one bedroom condo. I'd never want that.

A little less than 30 hours a week...I could easily work more hours though. Getting more hours wouldn't be an issue. My brother works the same job as me and we work the same schedule and he also still lives with our family so me and him usually get to work together. So yeah like I said if I could somehow manage to get a friend at work to be my roommate that would be ideal considering it would just keep the same carpool situation the same. Not crapping on my plans you are just giving an honest opinion which I am looking for...haha.

I was also considering if I am able to save up to 20,000 I wonder if I might as well just keep on saving for a down payment to put on a nice 2 bedroom place to own and I could just rent out the other room to help cover the payments. But that would also mean sticking it out here with my parents even longer.

Also I am single, no kids, not in a relationship, and have no plans on getting married.

 

[Anita18]

Where do you live that a rental would be $1000-$1500/month but you need only $20K for a down payment on a bigger place?

Not to mention that would completely wipe out any savings you might have, and you'd need to pay for upkeep, property tax, any HOA fees, etc. Real estate is only an investment if you buy in an area that's in extremely high demand and will continue to be in extremely high demand, and there are only several areas in the country that could tout that.

Not trying to crap on your dreams, but I'm just trying to make sure you're realistic about this. I've been living on my own since I got my first job after college - I won't say I didn't have help (barely any student loans goes a long way!) but I'd say I'm pretty level-headed about how things like this go.

 

[RedIsNotBlue]

Where do you live that a rental would be $1000-$1500/month but you need only $20K for a down payment on a bigger place?

No you misunderstand. I'm saying if I am able to save up to $20,000 in my savings I'm practically 50% saved up on a down payment for owning a condo that I could have a room to rent out....but I would have to stick it out with my parents longer.

 

[Anita18]

No you misunderstand. I'm saying if I am able to save up to $20,000 in my savings I'm practically 50% saved up on a down payment for owning a condo that I could have a room to rent out....but I would have to stick it out with my parents longer.

Yeah, if you're working at the same job, it would take you about the same time as you are now to save up the other half. So you might be living with your parents into your 30s.

Do you know if you want to stay in the area? Are you happy with your job now? Would you like to switch careers or move up to management in the same industry or anything of that sort?

Saving in general is a really good idea, but to aim to save for a condo come hell or high water given your hourly rate, might be a little presumptuous for someone still so young.

But that may be my free-spirited personality speaking. I would much rather invest in myself and my career in my 20s, than to spend it saving for a house I don't know where.

 

[Hypestyle]

I need an entirely new job to move out. I've been sending out 15+ job apps for the past 12+ months, and I've yet to secure even an interview. I have a bachelor's degree and I'm at the point of thinking it's just a space filler on my resume. I'm increasingly bitter and feel like 'upward mobility' is a joke narrative.

 

[Charlie Boy]

I decided that since I'm turning 30 this year, I was going to finally move out. I determined the only way to do this was to move out of the Bay Area, move to the San Joaquin Valley, get a second job, and transfer my current job to that area.

But just recently, I signed up for a different position at my current job. The pay rate is 2x-3x more than what I make right now with longer hours on average, so I'd be able to stay in the area. It just means going through a period of training, which means I might be staying at home a little long than I planned.

What part of the Bay Area? I'm living in Concord and I pay about a grand a month.

 

[Anita18]

I need an entirely new job to move out. I've been sending out 15+ job apps for the past 12+ months, and I've yet to secure even an interview. I have a bachelor's degree and I'm at the point of thinking it's just a space filler on my resume. I'm increasingly bitter and feel like 'upward mobility' is a joke narrative.

Sorry to tell you man, but that's nothing. My sister graduated from an Ivy League with a 4.0 GPA and multiple academic awards, and she had to submit a hundred job applications over the course of 3 months to get a job she wanted. Granted, this was back in 2009 when the job market was really ****, but still. 15 applications over a year is not exactly hustling.

Also, harsh reality is that nobody owes you a job just because you have a bachelor's degree. Yeah, I busted my butt for the grades in high school, cried over low test scores in college, but the world still doesn't owe me a job for my suffering. It's what you do beyond that degree that counts now. A bachelor's degree is the bare minimum nowadays, unfortunately. Unless you're so good at what you do that people can't ignore you, but that's become increasingly the rule, degree or not.

 

[Manic]

I think it depends on your long-term goals. If you want to buy a house, then yeah you need to get out of the Bay Area. But if you want other things, there are other options.

Believe me, if I was looking to buy a house, I'd be looking outside the state of California. I'm just looking for an apartment and some privacy.

What part of the Bay Area? I'm living in Concord and I pay about a grand a month.

I work in San Ramon, but I don't even make enough to afford $1,000/month plus food & expenses. Move far enough inland away from the Bay, and rent is in the $600-$700 range.

 

[enterthemadness]

Sorry to tell you man, but that's nothing. My sister graduated from an Ivy League with a 4.0 GPA and multiple academic awards, and she had to submit a hundred job applications over the course of 3 months to get a job she wanted. Granted, this was back in 2009 when the job market was really ****, but still. 15 applications over a year is not exactly hustling.

Also, harsh reality is that nobody owes you a job just because you have a bachelor's degree. Yeah, I busted my butt for the grades in high school, cried over low test scores in college, but the world still doesn't owe me a job for my suffering. It's what you do beyond that degree that counts now. A bachelor's degree is the bare minimum nowadays, unfortunately. Unless you're so good at what you do that people can't ignore you, but that's become increasingly the rule, degree or not.

From Dec 2012 til when I got my retail job end of April 2013...I sent out about...I think 34 applications over those 5 months. Got 3 interviews out of those 34...finally got hired part time. And I only got hired because I know a guy there.

Since X-Mas 2013, I've put in at 4 places looking for either a new job or a second job. I try to keep it simple. Do 1 app on the days I have off. Which should add up to 8-12 a month.

Getting hired is always hard. It seems to be luck, who you know, what you've done in school/work history, and how u sell yourself.

 

[Charlie Boy]

I work in San Ramon, but I don't even make enough to afford $1,000/month plus food & expenses. Move far enough inland away from the Bay, and rent is in the $600-$700 range.

A buddy of mine moved to San Ramon with his brother. Crazy nice neighborhood. There was an ice cream vending machine in a park near their condo. Are you dead set on living alone? Roommates can be... Horrible. Never mind. Forget I suggested such a thing.

 

[Hypestyle]

Sorry to tell you man, but that's nothing. My sister graduated from an Ivy League with a 4.0 GPA and multiple academic awards, and she had to submit a hundred job applications over the course of 3 months to get a job she wanted. Granted, this was back in 2009 when the job market was really ****, but still. 15 applications over a year is not exactly hustling.

Also, harsh reality is that nobody owes you a job just because you have a bachelor's degree. Yeah, I busted my butt for the grades in high school, cried over low test scores in college, but the world still doesn't owe me a job for my suffering. It's what you do beyond that degree that counts now. A bachelor's degree is the bare minimum nowadays, unfortunately. Unless you're so good at what you do that people can't ignore you, but that's become increasingly the rule, degree or not.

you misread, sir- I said 15+ apps a WEEK. so that's around 780 apps sent in a year. and did I say anybody OWED me a job? thanks for being a reactionary jack@$$

 

[The Guard]

That's actually not what you said at all.

 

[Anita18]

You said 15+ apps over 12 months. I can read. Not my fault you don't proofread.

Anyways, that IS hustling. What kinds of jobs are you applying for? Maybe you should be spending more time networking instead of applying for jobs left and right.

 

[jaymes_e06]

We are Living in our parent basement
Yes we're living a basement life
Living in the basement
Ooo in a 2000's economy
Moms and Dads is where I'll be

Keep ya head up (what?)
Keep ya head up (that's right)
Whenever this life get tough
You gotta go back to Momma and Daddy

Wit my moms on my left Dad on my right
True blue we tight like glue

bababadudab
haaaaaaaa



Made that especially for this thread.

 

[Manic]

 

[RedIsNotBlue]

Thanks for all of the blunt opinions and advice to those who gave it. It seems like the consensus is that the kind of place I am looking to move into I would need a better paying job or aim for something cheaper. But Anita18 or to anyone else what about the other idea I had? Putting a down payment on a place and renting out the spare room to someone and splitting the monthly payment. For example...

A really nice place in the downtown area with a 15 year fixed loan.

Down payment - $49,180
Interest rate - 3.375%
Estimated monthly payment for this scenario - $1,396 monthly payment (Taxes and insurance are not included.) (A 30 year fixed loan would be $1,018 monthly I think.)

Is that uncommon or even less wise than just saving up $20,000 and just renting?

 

[Figs]

Believe me, if I was looking to buy a house, I'd be looking outside the state of California. I'm just looking for an apartment and some privacy.



I work in San Ramon, but I don't even make enough to afford $1,000/month plus food & expenses. Move far enough inland away from the Bay, and rent is in the $600-$700 range.

This Friday I'm moving out of CA and the job I just resigned from was also in San Ramon off of Bollinger. Were you in any of the offices around there?

 

[jaymes_e06]

Ahh this guy knows.

 

[Anita18]

Thanks for all of the blunt opinions and advice to those who gave it. It seems like the consensus is that the kind of place I am looking to move into I would need a better paying job or aim for something cheaper. But Anita18 or to anyone else what about the other idea I had? Putting a down payment on a place and renting out the spare room to someone and splitting the monthly payment. For example...

A really nice place in the downtown area with a 15 year fixed loan.

Down payment - $49,180
Interest rate - 3.375%
Estimated monthly payment for this scenario - $1,396 monthly payment (Taxes and insurance are not included.) (A 30 year fixed loan would be $1,018 monthly I think.)

Is that uncommon or even less wise than just saving up $20,000 and just renting?

I think buying is fairly uncommon for someone under 30 working a minimum wage job, who's unmarried and has no kids, and has no plans to get married or have kids, if that's what you're asking.

I know you're thinking of the money thing, but is staying where you are what you want long-term? If it is, then by all means go for it, but from what I've seen, the vast majority of folks my age aren't dead set on staying in one place come hell or high water, which is what you'll have to do if you get this place and you have the same income. The only person I know who has that mindset is my sister, actually. She loves San Francisco and will probably live there until the day she dies. But they still rent because buying is just too expensive.

There's pros and cons to renting vs buying. Renting means you don't have any ownership in where you live so many folks thinks it's throwing your money away, but it buys you freedom and flexibility. If you find a better job somewhere else, or want to check out someplace new, or your HOA lady is f***ing insane, or black mold develops, just leave. It's just that easy. Buying means you'll have something to call your own, but unless you have a fortune, it means you're stuck there unless you can sell it. If you lose your job or something breaks, you're stuck with it.

Or you can get really lucky and sell it right before a real estate bubble bursts and be swimming in money. But all that's a gamble and you shouldn't count on that.

It really depends on where you are in your life. But IMO, it's a huge jump to move from your parents' to a place that's 100% your responsibility. You might want to sublet somewhere at least for a few months, just to get a taste of it, then you can decide whether you want to devote years of your life saving up for a place of your own.

Might I ask, are you planning to upgrade your career as well? You didn't say what your job was, but if it's minimum wage, it's probably an underling to a manager. Would you want to go for a manager position that pays more, or be happy where you are and hope that your position will provide enough hours for you to keep up with the mortgage payments?

Or maybe that's my intellectual privilege showing. Very few of my peers have bought a house because they spent their 20s and their money going to school, so the "default" for me is to invest in myself before I invest in a house. But it's really where your priorities are.

 

[NickNitro]

I'm moving back home in PA after being on my own for 7 years living in FL. The opportunities for jobs down here just isn't what it is up north. It took me a long time to swallow my pride and realize I need to make a change in my life. It's a hard thing to move back home after being on your own for soo long. Half of me knows its the right move, half of me feels like I've failed in some way.