100k is almost four times the expenses you list. Why use that number when it looks like you’d be at your level of comfortable at 50k?
At risk of turning this into a complete Boston thread (if it isn’t already)… I’m still in that nice DINK area right now, but extrapolating our expenses, it’s probably somewhere around 90k to do a family of four reasonably in the inner suburbs.
'Bout a buck three eighty
Yeah I know the numbers seem off but its hard to put a hard number on our expenses since most goes on a credit card.
There’s lots not included. Taxes. Food. Savings. Repairs and maintenance. Retirement. Entertainment. Hookers and blow.
It’s probably already been said, but I’ve read a few studies stating that for a family of 4 to live comfortably in my area they’d have to make somewhere in the low six figures.
This is true if 1) you live right in the middle of the city or in the “better” areas of the immediate metro area and 2) you insist on keeping up with the Joneses.
There are plenty of people who don’t meet that criteria. Maybe they inherited their homes and thus pay no mortgage. Maybe their paychecks automatically go to utilities and food, meaning that their home and/or lawn isn’t the most spiffy looking. Maybe they saved for a brand spanking new car because they have to travel for work. I’m sure you can think of other examples.
I know people who have nearly bankrupted themselves trying to keep up with the Joneses because they couldn’t abide the fact that they’re not as wealthy as they think they are, god heaven forbid :eyeroll: They’re the ones who are knocked sideways and backward when they actually do go bankrupt. I’ve seen it time and again since the recession.
It’s a little hard for us to know if it’s already been said, isn’t it? There is a Pit thread this: “Where the fuck are you?”
It costs me and my one dependent about 60K a year to live in the NYC area, not in Manhattan but in a fashionable area close to Manhattan.
But this is the actual cost of living. This is what I spend on mortgage, utilities, auto expenses, food, clothing, medicines and toiletries and textbooks for the kid plus luxuries like one gym membership (his), one yoga studio membership (mine), one nice vacation a year and a couple of getaway weekends.
I have to earn substantially more than 60K to sustain this, mostly because taxes are not included in my estimates.
We recently spent several years with an income of around $140,000 for a family of 4 in the inner suburbs of DC. We were comfortable in that we always had clothes, food, shelter, and functional cars; the public schools are good; public transit is nearby; we had health insurance; etc. However, there wasn’t a lot of savings going on, we didn’t make any major improvements to our house, and we didn’t have much in the way of vacations. Also, we bought our house before the market went crazy.
Here’s an article from NPR that lists the median household income by city. For DC, where I live, it’s $71k. How Much (Or Little) The Middle Class Makes, In 30 U.S. Cities : Planet Money : NPR
I’d guess for four kids in the city, it’d be around $125k, but we’re DINKS and don’t have a great grasp of what kids cost (having never bought one before).
Of course, DC and the surroundings do have cheaper areas, but a lot of people won’t live east of the Anacostia or in PGC MD.
Yeah, but the question was the cost where I live, so I imagined us living in our neighborhood, but with four kids. My parents raised four kids (kind of) in Prince William County, VA for a lot less than the equivalent of $125k in 2015 dollars, but they lived in their car commuting.
I’m all for branching out, but schools are a major issue. I started out my housing search with the attitude that I went to a pretty bad public school, and I did okay, so I wasn’t going to be too picky about schools.
But what I was thinking was 4s or 5s on school scores. The places we’ve looked in PGC are 1s and maybe 2s. Out of 10. That’s really, really bad. I’m not sure what the answer is to the underlying issue, but as much as I believe in public schools, I can’t bring myself to send my kid to literally the worst schools that exist.
I live near Pensacola, FL and would say 80k combined income is the beginning of “living comfortably”. That’s 3 bedrooms, safe neighborhood, attending public schools, building savings, and having the ability to travel.
Oh I’m not faulting anyone; I’m in Ward 3. It’s just a peculiar town, with a large range of livability and price.
I definitely wish there was more middle ground.
I’m also in the Boston area, albeit in one of the more “desirable” urban suburbs, which, in turn, affects both housing and property taxes. We live in my childhood home. Without being specific, I’d put our combined income between 70-90K. This, with a ton of budgeting has kept a roof over our heads, food in the fridge, upkeep on the house (we finally got a plumbing situation straightened out!), and two huskies fed and cared for. We each have our own vehicle, both of which we intend to keep until they both literally fall apart.
We rarely go on vacations. Our biggest out-of-house expense is going out to eat, LOL. Neither of us are shoppers.
So yes, living on a lower-than-the-average salary is doable but you need to make adjustments. I daresay that if I hadn’t inherited my house, our lifestyle would even be more spartan, given housing prices around here.
There are many of areas in PGC MD that are in a flood plain; you’re not really doing yourself any favors by living in a flood plain - and the amount you save on the house gets rolled into the required flood insurance you will need to have to obtain a mortgage.
The problem we had is that too many people want to live in PGC now. In Hyattsville, for example , we were getting beat by cash investors every time; anything in livable condition was not particularly affordable.
Not to mention the schools. . .
DISCLAIMER: Double income, no kids.
My wife and I gross about $75k in the Pittsburgh suburbs.
$500 in student loans, $715 mortgage, ~$450 in car payments, utilities, etc.
We are able to save roughly $250 per week (raw savings), more than that if I get overtime. We allot each other $100 each per week to live on (gas, food, leisure). Any purchase over $25 usually comes from savings since we try to stick to the $100/each/week system pretty strictly.
Again, no kids. Basically the only reason it’s possible. I would not trade that for anything.
And stuff is CHEAP here. Like, really cheap, especially away from the city. I can name 3 bars within 2 miles of me that sell decent pints for $1.75. Really, really hard to beat that.
We live in the North Shore of Chicago. To live well here, assuming you bought your own house and that you have kids, you need to be making 250k per year. Taxes are very high though the schools are excellent. If you don’t have housing costs then you can live on less but even the lowest of the low property taxes are going to be 12k in the village I live in. Any sort of decent house has taxes from 25k on up.
I do get a sense that a lot of people live beyond their means.