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Old 01-16-2019, 03:01 PM
 
Location: Round Rock, Texas
10,330 posts, read 9,612,131 times
Reputation: 13443

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Quote:
Originally Posted by Snowpacked View Post
Why enter into something near the market peak? There is to much to lose. This town has gone from solid wood to veneer. It is doable, but why waste that much money on rent or mortgage. It is like feeding bears.
People need to do more research or risk leaping into the shallow end of the pool.
People live that way all of the time in places like NYC and the Bay ARea. Austin doesn't even come close to either. Also, it depends on what is most important to you. Sure I could live in a cheaper house, it'll do, maybe not work and stay at home. but I don't want to because where I live and the type of home I live in matter a lot to me and I'm willing to pay to get what I want.

Quote:
Originally Posted by petsounds View Post
Aside from the "not being able to break my lease" thing, that was an issue, too. I could definitely live on $60k, but how much "living" can you do after you pay your bills? For example, I'm about to drop about $1k on a new bike, which doesn't hurt me here, but I would definitely not be able to do that if I moved; at least not for awhile. So, it would be like "Hey, I'm here with nice weather and tons of bike trails, but I still have to ride my crappy bike that is falling apart."

Also, if I actually already lived in Austin, I think I'd have a far better understanding of how one can live with X amount of salary. Obviously, I've been to Austin, I have a lot of friends there and I was even put in touch with a realtor, but until you're experiencing it, it's all facts and figures. The consensus seems to be under $70k is tight if you actually want to enjoy the city, so that's what I went with. Again, thanks for the input.

Also, it this reminds me of how cheap it is to live in the Midwest. Thankfully, I don't hate where I live. I live right in the middle of downtown in a big city. I'm not fond of the winters or the crime or the lack of more liberal ideologies, but it's not the worst.
You can enjoy the city making less than 70k. Come on. There are people, many people, who make less than that and enjoy the city. Heck, people enjoy all that NYC has to offer regardless of income because there are still plenty of low cost and free things to do. Same with Austin. There's no cost for enjoying the Boardwalk, or enjoying festivals.

Now if you want what you have right now - living in the heart of downtown - while spending little ($1,000-1300), then no it's not going to happen in Austin. Austin is not a Southern Manhattan. And this is coming from someone who has lived in Manhattan.
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Old 01-16-2019, 08:49 PM
 
1,247 posts, read 539,648 times
Reputation: 1047
Quote:
Originally Posted by orlando-calrissian View Post
That's for a household, not a single person.

Also I'd question the spending habits of someone living that far outside the city and barely making it.
Quote:
Originally Posted by riaelise View Post
Pffft anyone who “barely makes ends meet” at 65k obviously practices poor money management. No city can compensate for that.

You can live in Austin at 55-60k. There are older condos in the north that are affordable. No you won’t live downtown, maybe at 65k but not 55k. Up your budget to 1500 and you’ll have even more selection.

You also don’t have to deal with traffic. Live next to a transit route. Wells branch comes to mind.
This actually is for a few singles paying over $1,500 for rent + utilities, internet, cell, car payments, fuel, food and don't forget, when you're single you literally EAT federal taxes after going above 55k a year...so 65k for a single isn't as much money as one would think right off the bat.

For a single making $65k a year with 2 federal deductions, thats aproximately $1,900 semi-monthly take home. If your rent is over $1,500 - one check is literally your rent, and your food, gas and possibly one utility for the next 2 - 3 weeks. The next check is vehicle payments, insurance, remaining utilities and cellular plan + food and gas until the next paycheck.

No offense to anyone here, but after seeing the way everything is moving in terms of the market and how quickly things are becoming more expensive, I would not have settled here for under $70k annually.
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Old 01-16-2019, 10:55 PM
 
Location: Round Rock, Texas
10,330 posts, read 9,612,131 times
Reputation: 13443
Quote:
Originally Posted by Need4Camaro View Post
This actually is for a few singles paying over $1,500 for rent + utilities, internet, cell, car payments, fuel, food and don't forget, when you're single you literally EAT federal taxes after going above 55k a year...so 65k for a single isn't as much money as one would think right off the bat.

For a single making $65k a year with 2 federal deductions, thats aproximately $1,900 semi-monthly take home. If your rent is over $1,500 - one check is literally your rent, and your food, gas and possibly one utility for the next 2 - 3 weeks. The next check is vehicle payments, insurance, remaining utilities and cellular plan + food and gas until the next paycheck.

No offense to anyone here, but after seeing the way everything is moving in terms of the market and how quickly things are becoming more expensive, I would not have settled here for under $70k annually.
Iíve been single making 55-60k, living in a higher col city than Austin. Way higher and I had to pay three tiers of taxes. All one has to pay here is fed. My mortgage and hoa dues were about 1500 a month. Yet I still didnít live paycheck to paycheck. When I was making 60k with no deductions I cleared 1950 twice a month. That is definitely enough to pay for lifeís pleasures and necessities here. 55k-60k is a decent wage in this town and if you are barely making ends meet then youíre living an unsustainable lifestyle or practicing poor money management, sorry.
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Old 01-16-2019, 11:59 PM
 
1,247 posts, read 539,648 times
Reputation: 1047
Quote:
Originally Posted by riaelise View Post
I’ve been single making 55-60k, living in a higher col city than Austin. Way higher and I had to pay three tiers of taxes. All one has to pay here is fed. My mortgage and hoa dues were about 1500 a month. Yet I still didn’t live paycheck to paycheck. When I was making 60k with no deductions I cleared 1950 twice a month. That is definitely enough to pay for life’s pleasures and necessities here. 55k-60k is a decent wage in this town and if you are barely making ends meet then you’re living an unsustainable lifestyle or practicing poor money management, sorry.
How long ago did you purchase?

Currently the cheapest mortgage with Property Tax, HOA fees, and so forth included that I've seen is about $1,850 monthly for a $220k House near Liberty Hill. Currently the metro's average home costs approximately $360k:
https://www.zillow.com/austin-tx/home-values/
and its only going up.

55k / 60k will get you by, but with luxuries? I doubt it.

Even bringing home $1,950 twice per month - $1,500 of that is your mortgage meaning instantly, one pay check is erased given you also will have to take expenses to survive for the next two to three weeks. A very generous estimation is $250 for food / gas combined to survive until your next paycheck. Thats $1,750 - Then you'll have utilities, Electric, Gas, Water ... Electric and Water will probably get paid, Gas probably will not - On the next round, you have car note, insurance, gas and food again, your remaining utilities, cellular phones, internet and possibly unexpected expenses if you're a home owner. Once again...easily $1,950. Ontop of which if you have health insurance (which is technically illegal not to) thats easily another $200 - $300 monthly if your employer doesn't provide it.

From what I've seen anyone wanting a payment of $1,500 or less, will either need a substantial down payment, or will have to choose an apartment.

Austin in general has a much higher CoL than most of the country, although still pales to California, New York, Massachusetts, New Jersey, Washington D.C. ect... its not exactly the cheapest place to live.

Last edited by Need4Camaro; 01-17-2019 at 12:17 AM..
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Old 01-17-2019, 08:49 AM
 
Location: Round Rock, Texas
10,330 posts, read 9,612,131 times
Reputation: 13443
Quote:
Originally Posted by Need4Camaro View Post
How long ago did you purchase?

Currently the cheapest mortgage with Property Tax, HOA fees, and so forth included that I've seen is about $1,850 monthly for a $220k House near Liberty Hill. Currently the metro's average home costs approximately $360k:
https://www.zillow.com/austin-tx/home-values/
and its only going up.

55k / 60k will get you by, but with luxuries? I doubt it.

Even bringing home $1,950 twice per month - $1,500 of that is your mortgage meaning instantly, one pay check is erased given you also will have to take expenses to survive for the next two to three weeks. A very generous estimation is $250 for food / gas combined to survive until your next paycheck. Thats $1,750 - Then you'll have utilities, Electric, Gas, Water ... Electric and Water will probably get paid, Gas probably will not - On the next round, you have car note, insurance, gas and food again, your remaining utilities, cellular phones, internet and possibly unexpected expenses if you're a home owner. Once again...easily $1,950. Ontop of which if you have health insurance (which is technically illegal not to) thats easily another $200 - $300 monthly if your employer doesn't provide it.

From what I've seen anyone wanting a payment of $1,500 or less, will either need a substantial down payment, or will have to choose an apartment.

Austin in general has a much higher CoL than most of the country, although still pales to California, New York, Massachusetts, New Jersey, Washington D.C. ect... its not exactly the cheapest place to live.
As a single woman making that salary I owned a condo in New York City, which has a way higher col than Austin. I had way more taxes taken out of my check there too.

As a married woman, making that salary, claiming no deductions though I had two, as I said, I cleared 1950 twice a month. If I was alone I could still buy, condos are still affordable. There are still some nice ones in the northern part of town that would be in my price range. If I were renting, if rent is 1500, that still leaves over 2000 thatís enough to cover the mandatory needs of a single person. Health insurance was 135/mo. Car note if you have one is 200-300. Groceries maybe 200-250. Utilities can be 250. Gas is 1.85 right now, maybe 40/wk. that leaves a good amount of money to play with. I donít know what luxuries one requires but that should more than cover it. Make 65k even better. If you are up the wazoo in debt then yeah you may feel a bit of a pinch, but no one at that salary should be barely making ends as a matter of course. Thatís insulting to all the people in Austin, who live in Austin, who have to make do on less. You realize that there are so many ppl here making less right and they live in the city? Austin isnít a cheap city I agree with that but again it is nowhere near the col of several other cities that brutalize you with high taxation and unaffordable rent
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Old 01-17-2019, 09:18 AM
 
Location: South East Austin
79 posts, read 37,631 times
Reputation: 89
Well this is a change. People on the board actually arguing that someone SHOULD move here :-) I thought we were full?
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Old 01-17-2019, 10:38 AM
 
1,247 posts, read 539,648 times
Reputation: 1047
Quote:
Originally Posted by riaelise View Post
As a single woman making that salary I owned a condo in New York City, which has a way higher col than Austin. I had way more taxes taken out of my check there too.

As a married woman, making that salary, claiming no deductions though I had two, as I said, I cleared 1950 twice a month. If I was alone I could still buy, condos are still affordable. There are still some nice ones in the northern part of town that would be in my price range. If I were renting, if rent is 1500, that still leaves over 2000 thatís enough to cover the mandatory needs of a single person. Health insurance was 135/mo. Car note if you have one is 200-300. Groceries maybe 200-250. Utilities can be 250. Gas is 1.85 right now, maybe 40/wk. that leaves a good amount of money to play with. I donít know what luxuries one requires but that should more than cover it. Make 65k even better. If you are up the wazoo in debt then yeah you may feel a bit of a pinch, but no one at that salary should be barely making ends as a matter of course. Thatís insulting to all the people in Austin, who live in Austin, who have to make do on less. You realize that there are so many ppl here making less right and they live in the city? Austin isnít a cheap city I agree with that but again it is nowhere near the col of several other cities that brutalize you with high taxation and unaffordable rent
$200 - $300 is kind of low and typically unrealistic for a car note in America unless its a much older / used vehicle of which car maintenance will also have to be factored in. The average car loan in America currently comes with a $500 monthly price tag:
-- https://www.cnbc.com/2018/05/31/a-52...ar-buyers.html
-- https://www.usatoday.com/story/money...t-us/85493088/
Quote:
The average new car payment in America has crept above the $500 per month mark for the fist time, settling in at $503, according to a recent study by Experian. And if that weren't bad enough, the average length of a car loan now stands at 68 months.
While at first hand that may seem high, you typically don't have to worry about maintenance for the first 3 - 4 years. I personally have had older vehicles, and replaced transmissions, motors, every accessory on the serpentine belt... thats easily $8,000 worth of work on top of putting you in a pinch for transportation while its down. I personally have paid off vehicles that I use for spares, and that comes in handy - but for a reliable and trouble free car, you're going to pay more than $300 monthly.

With a $500 car note and $150 for insurance given this is Texas and insurance in this state is not cheap. Your next check will be hit with $900 worth of transportation expenses (Car note, Insurance, Gas) on top of the remainder of your utilities and communication expenses, you're nearly maxed out even at $65k annually.

Atlanta has a slightly lower CoL than Austin, slightly. But even there, no one there making between $50 - $65k annually was looking to hold on to their job and turnover rates were as high as hot air blimps. Even there, to truly own a home and have a good handle without needing to worry about expenses, to be able to handle unexpected expenses, and still have luxuries (whether it be traveling, a fancy car, a specific hobby, going out to eat without worrying about splurging).... $75k annually was the beginning of where that was feasible.
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Old 01-17-2019, 11:34 AM
 
Location: Round Rock, Texas
10,330 posts, read 9,612,131 times
Reputation: 13443
Quote:
Originally Posted by Need4Camaro View Post
$200 - $300 is kind of low and typically unrealistic for a car note in America unless its a much older / used vehicle of which car maintenance will also have to be factored in. The average car loan in America currently comes with a $500 monthly price tag:
-- https://www.cnbc.com/2018/05/31/a-52...ar-buyers.html
-- https://www.usatoday.com/story/money...t-us/85493088/


While at first hand that may seem high, you typically don't have to worry about maintenance for the first 3 - 4 years. I personally have had older vehicles, and replaced transmissions, motors, every accessory on the serpentine belt... thats easily $8,000 worth of work on top of putting you in a pinch for transportation while its down. I personally have paid off vehicles that I use for spares, and that comes in handy - but for a reliable and trouble free car, you're going to pay more than $300 monthly.

With a $500 car note and $150 for insurance given this is Texas and insurance in this state is not cheap. Your next check will be hit with $900 worth of transportation expenses (Car note, Insurance, Gas) on top of the remainder of your utilities and communication expenses, you're nearly maxed out even at $65k annually.

Atlanta has a slightly lower CoL than Austin, slightly. But even there, no one there making between $50 - $65k annually was looking to hold on to their job and turnover rates were as high as hot air blimps. Even there, to truly own a home and have a good handle without needing to worry about expenses, to be able to handle unexpected expenses, and still have luxuries (whether it be traveling, a fancy car, a specific hobby, going out to eat without worrying about splurging).... $75k annually was the beginning of where that was feasible.
$500? I've never had to pay that much for a car. And they weren't/aren't old beaters either. One was a 2011 Altima, bought in 2011 ("used" by previous own for only a handful of months), car payment was in the $300s (paid off now). Better credit this time around, 2015 low mileage accord that garaged its entire life and had only one owner, pay $300. Could have gotten the payment down further if we put money down, but we didn't feel like it. Went with a Honda because it has a good track record when it comes to maintenance.

And no offense dude, but you keep adding more and more things.....you don't need a "fancy car", I don't go out to eat every day because I'd like to maintain my figure. People should eat more from home anyway, but that's just me. You can eat out a couple of times a week. Your definition of luxuries is kinda subjective. I was making 55k in NYC years ago, and I traveled extensively, had a mortgage to pay, did cool stuff weekly. I didn't live a luxuriously life but I wasn't "barely making ends meet" either.

Bottom line, you can get by a-ok making less than $70k here. Like I said, to say otherwise is insulting the thousands who make much less than that in this city. There are many people here who won't see $70k in their careers and they're fine.

Maybe we should clarify things. "Making ends meet" if your lifestyle requires lots of subjective luxuries and such.
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Old 01-17-2019, 11:36 AM
 
Location: Round Rock, Texas
10,330 posts, read 9,612,131 times
Reputation: 13443
Quote:
Originally Posted by eqshadimar View Post
Well this is a change. People on the board actually arguing that someone SHOULD move here :-) I thought we were full?
actually persuade/dissuade based on the situation of the poster, despite my personal views.

i actually don't think that the op should move here since he has such a great situation where he's at.

at the same time, I find it incredulous that people keep inflating the income needed to live here
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Old 01-18-2019, 04:26 PM
 
1,247 posts, read 539,648 times
Reputation: 1047
Quote:
Originally Posted by riaelise View Post
$500? I've never had to pay that much for a car. And they weren't/aren't old beaters either. One was a 2011 Altima, bought in 2011 ("used" by previous own for only a handful of months), car payment was in the $300s (paid off now). Better credit this time around, 2015 low mileage accord that garaged its entire life and had only one owner, pay $300. Could have gotten the payment down further if we put money down, but we didn't feel like it. Went with a Honda because it has a good track record when it comes to maintenance.

And no offense dude, but you keep adding more and more things.....you don't need a "fancy car", I don't go out to eat every day because I'd like to maintain my figure. People should eat more from home anyway, but that's just me. You can eat out a couple of times a week. Your definition of luxuries is kinda subjective. I was making 55k in NYC years ago, and I traveled extensively, had a mortgage to pay, did cool stuff weekly. I didn't live a luxuriously life but I wasn't "barely making ends meet" either.

Bottom line, you can get by a-ok making less than $70k here. Like I said, to say otherwise is insulting the thousands who make much less than that in this city. There are many people here who won't see $70k in their careers and they're fine.

Maybe we should clarify things. "Making ends meet" if your lifestyle requires lots of subjective luxuries and such.
Making ends meet means clearing the bills. Nothing more, nothing less. That's exactly what 55-65k will do here. If you want to amenities, luxuries, have toys or enjoy going out, you need at least $70k to do that without pinching yourself here. And that is what the OP requested. He didn't ask what you could survive or get by with, he wants to know what's comfortable as in permitting enough for him to enjoy other things outside of paying the bills.

As far car notes. I personally have never have a loan under $400 a month for vehicles even several years old, although I also dont extend my loan out for 72 months (aka eating interest) so I tend to stick around 3 or 4 year loan periods. I personally dont see $500 as alot of money either. Let's say for example (and this really happened to someone I know) you purchase a 2008 Mitsubishi and obtain a $250 monthly payment vs a 2016 Kia with a $450 monthly payment. The difference in payments is $200 monthly. The difference is, the Kia comes with a warranty, the Mitsubishi does not. It turns out on this specific model that there is a flaw in the timing chain. It snaps and leaves you stranded. In just one tow you have already paid the difference between monthly payments, then at the repair shop they have to dissect the engine, replace the timing belt, and put it back together. About $4,000 parts and labor. Already your Mitsubishi has accumulated the sum of TWENTY MONTHS (or nearly TWO YEARS) of the same payments as the 2016 Kia. (The difference between the Kia and Mitsubishi is $200 monthly. Divide $4,000 by $200 and that gives you the equivalent of 20 payments being rolled into your loan.) And do you think it will stop there? No. There will be other failures. In summary, you end up paying the same in the end, the difference isn't what you pay, but when you pay it.

Last edited by Need4Camaro; 01-18-2019 at 04:42 PM..
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