edit: Think I misread your comment at first, but I'll leave this here anyway for some added perspective— comparing to Toronto.
Average rent in SV ~$3500
Average rent in TO ~$2000
Rent 1yr TO ~$24000
Take home after income tax before other deductions and expenses at $55000/yr is ~ $44000. Count on another couple grand in standard deductions before medical insurance.
Then add gov. or bank student loans payments (if you have them), groceries, transit, etc. Let me just say that you won't be buying a car. Maybe a dog if you're lucky— but if you work full time from an office and commute 30 mins to 1 hr each way that probably means ~$450/mo in dog-walker payments. So maybe not.
You won't end up on the street and you can save if you don't really do anything but go sit in a park, but it does make saving difficult.
To purchase a house here it's estimated that you'll need to be making at least $100,000/yr before the bank will even look at you. So there's that.