Nope, I'm a long-term renter who is kicking himself for not buying something a year and a half ago before prices started to shoot up or last summer when rates were still low =(
I'm just trying to provide a counterpoint to the slew of advice stating that OP is somehow doing it wrong by looking at 5k/mo apartments. There are a lot of jobs in both tech and finance that pay decent performers 2+ years out of college more than enough to comfortably spend 5k/mo on rent.
I also do think that location of where you live and the quality of your apartment can matter a lot--what you get for 5k is different from what you get for 3k, and if someone can comfortably afford 5k/mo then it's totally reasonable to pay that for the location they want vs 3k/mo for one they find less appealing.
5k/mo isn't unreasonable for a decent 1bd, and the market definitely goes a lot higher than that. Rents right now I think are a bit insane even for NYC, and there's clearly a huge amount of demand, particularly in the luxury segment. If you have a job that pays well enough such that 5k/mo is not a dealbreaker for you, I think it's absolutely worth a try--it's a completely different vibe from SF or any other city in the US. I moved a decade ago and never looked back. But if possible I would advise spending more for the locations you like most rather than trying to live in a less central area to save money.
I'm just trying to provide a counterpoint to the slew of advice stating that OP is somehow doing it wrong by looking at 5k/mo apartments. There are a lot of jobs in both tech and finance that pay decent performers 2+ years out of college more than enough to comfortably spend 5k/mo on rent.
I also do think that location of where you live and the quality of your apartment can matter a lot--what you get for 5k is different from what you get for 3k, and if someone can comfortably afford 5k/mo then it's totally reasonable to pay that for the location they want vs 3k/mo for one they find less appealing.