I want to move back to the SF Bay Area in 3 years. Will $10,000 be enough?

Question

I graduate with my Masters degree in 3 years and want to move back to the SF Bay Area. Hopefully I'll be able to save more than $10,000 over the span of three years, but will $10,000 be enough to have in my bank account and live off of if I can't secure a job in the area before I relocate?

I plan on living in the peninsula area or in south bay--not in SF itself.

For how long? I guess until I'm able to find a job and who knows how long that might take. I'd say I'll give myself 6 months max to find a job utilizing my degree.

Answer 1

You could easily move and live for about 6 months off that, if you're really tight with money and budget really really well. However, the main issue comes with trying to find an apartment in the Bay Area with only $10,000 and no cash flow... which is next to impossible, btw. So... secure a job first, or have someone who will let you stay with them.

Also, depending on what your degree is, keep in mind that with the recent phenomena of EVERYONE going to college and the market being flooded with more college graduates than there are jobs for, just because you have a degree doesn't guarantee you a job in your field. In fact, for most degrees, you have a 50/50 shot at best. Ideally, find any job and use that as cash flow (for expenses), fodder for apartment hunting, etc... And then look for another/better job once you have things in order... because the Bay Area housing market has no sympathy or mercy, and the national job market (for GOOD jobs) is the same.

Answer 2

For how long? I'd say it would be gone in two-three months, if you take into the account the first-last-deposit you're going to have to do for any place you rent.

Answer 3

It works, because the major expense comes from rent, a studio costs $800, one bed room for $1000 right now in those areas.

You may need $400 for food, $250 for car and insurance, another $200 for others. It is pretty tight, but you will go though.