Also, before anyone cites the cost of a studio apartment in California, note not everyone is single and not everyone wants to stuff a family into a studio apartment.

I think ppl way overestimate living expenses relative to wages when making this argument. http://greyenlightenment.com/2019/01/02/the-sam-vimes-boots-...

just break down the numbers:

If you make $210k/year, after taxes you are still taking home $135k/year. In Silicon Valley, the median rent for a one-bedroom apartment is $2,300 a month. So you are still left with $107k. Not bad. Add $1,500/month for other misc. expenses such as food and health insurance and internet access and phone plan and car payment for a crappy car (no need to splurge). Still have $89k. This is not even counting stock compensation or sign-on bonuses or other perks. Of course, if you add children to the equation, expenses rise dramatically, but this can be offset to some degree by having a double income family.

$210k is the lowish end of FAANG. Most people are not expecting to have kids until later in life . You can also borrow from equity. The notion that stocks is not cash is wrong. If you are fully vested and deep in the money, it is effectively cash.