Google Plans Large New York City Expansion

Re:Google Plans Large New York City Expansion by asdfasgasdgasdg on Thursday November 08, 2018 @08:14AM (#18405997)

Nonsense. Most Googler engineers (more than 5% of the workforce) will be making at least $200k take-home after five years or so. This kind of salary can easily pay for a $1.5M home purchase. That won't buy you a four-bedroom in Chelsea, but it can buy you a reasonable home further out. And that's assuming no contribution from your spouse.

Now they may choose to rent, as I do, but that's because there are some big flexibility advantages to renting compared to buying.

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Re:Google Plans Large New York City Expansion by jahlove on Thursday November 08, 2018 @11:32AM (#18407426)

$200k/yr can "easily" pay for $1.5m home purchase? The general rule-of-thumb for how big of a mortgage you can afford is in the range of 2-3x your gross income. [1][2][3]. You're talking about a staggering 7.5 multiple, assuming no down payment. Yes you can accrue a nice down payment after a couple years with that salary, but it's hard to make a huge dent in $1.5m.

[1] https://www.investopedia.com/articles/pf/05/030905.asp

[2] http://time.com/money/collection-post/2792048/how-much-shoul...

[3] https://smartasset.com/mortgage/buy-a-home-for-2-5x-your-sal...

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Re:Google Plans Large New York City Expansion by asdfasgasdgasdg on Thursday November 08, 2018 @11:35AM (#18407459)

200k take-home in NYC is about 350k gross. And why on earth would we assume no down payment? Surely we have been saving some fraction of our income during the years prior to buying.

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