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Old 06-12-2017, 07:32 AM
 
486 posts, read 361,051 times
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Well yes, people get wiser with their money as they get older, but financially responsible millenials are almost as rare nowadays as those sub-$2000 two bedroom apartments in nicer parts of town.

Quote:
Originally Posted by timberline742 View Post
Stop this insanity. Two people I know just rented in Somerville. One right near Porter. One a couple of blocks from downtown Davis Sq. Safe. Nice places. Two bedrooms. Under $2000 a month.


Loads of people don't have cable (or even TVs). If they have a car, they paid cash for a used one. And no, not everyone has CC payments. People largely seem to pay it off every month and just ride them for the points and to help travel cheap (like with the Chase Sapphire).


This board is so prone to over exaggeration it isn't' funny.
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Old 06-12-2017, 07:35 AM
 
Location: Boston, MA
7,865 posts, read 6,815,901 times
Reputation: 6589
Some people do the high prices to themselves. I have one friend who lives in Allston who was complaining about high rent a while back. She was paying around $1200/month to live in a triple decker on Chester St with 2 roommates. It was a nice place I guess, 3 beds 2 baths, laundry, updated everything, dishwasher, etc. But 1200?? I said she could definitely move in with us in September and pay 570, 1.5 miles down the street and have the same stuff. Her verdict? Not close enough to a train. Where I live (near Kiki's in Brighton) is a 5 minute walk to the 57, 86, 64. But to this person, that 5 minute walk every day to a bus (people have a thing against buses) was not worth the $700/month savings.

So some advice for living here without earning 6 figures (which you absolutely don't need to): don't focus on living in a trendy area, get used to walking, 2-3 roommates helps a lot, don't buy a car, don't buy cable, if you don't really need it I'd say don't buy internet at all, cook at home (soooo much cheaper and healthier, save on your medical costs potentially too down the road).
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Old 06-12-2017, 07:36 AM
 
32,734 posts, read 22,687,383 times
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Quote:
Originally Posted by bigfatdude View Post
Well yes, people get wiser with their money as they get older, but financially responsible millenials are almost as rare nowadays as those sub-$2000 two bedroom apartments in nicer parts of town.




No, they really aren't.
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Old 06-12-2017, 07:37 AM
 
32,734 posts, read 22,687,383 times
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Quote:
Originally Posted by bjimmy24 View Post
Some people do the high prices to themselves. I have one friend who lives in Allston who was complaining about high rent a while back. She was paying around $1200/month to live in a triple decker on Chester St with 2 roommates. It was a nice place I guess, 3 beds 2 baths, laundry, updated everything, dishwasher, etc. But 1200?? I said she could definitely move in with us in September and pay 570, 1.5 miles down the street and have the same stuff. Her verdict? Not close enough to a train. Where I live (near Kiki's in Brighton) is a 5 minute walk to the 57, 86, 64. But to this person, that 5 minute walk every day to a bus (people have a thing against buses) was not worth the $700/month savings.

So some advice for living here without earning 6 figures (which you absolutely don't need to): don't focus on living in a trendy area, get used to walking, 2-3 roommates helps a lot, don't buy a car, don't buy cable, if you don't really need it I'd say don't buy internet at all, cook at home (soooo much cheaper and healthier, save on your medical costs potentially too down the road).


Agree with all of these points. People do it to themselves.
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Old 06-12-2017, 07:39 AM
 
2,769 posts, read 2,212,591 times
Reputation: 2174
Quote:
Originally Posted by bjimmy24 View Post
Some people do the high prices to themselves. I have one friend who lives in Allston who was complaining about high rent a while back. She was paying around $1200/month to live in a triple decker on Chester St with 2 roommates. It was a nice place I guess, 3 beds 2 baths, laundry, updated everything, dishwasher, etc. But 1200?? I said she could definitely move in with us in September and pay 570, 1.5 miles down the street and have the same stuff. Her verdict? Not close enough to a train. Where I live (near Kiki's in Brighton) is a 5 minute walk to the 57, 86, 64. But to this person, that 5 minute walk every day to a bus (people have a thing against buses) was not worth the $700/month savings.

So some advice for living here without earning 6 figures (which you absolutely don't need to): don't focus on living in a trendy area, get used to walking, 2-3 roommates helps a lot, don't buy a car, don't buy cable, if you don't really need it I'd say don't buy internet at all, cook at home (soooo much cheaper and healthier, save on your medical costs potentially too down the road).
$570/month is below market rent for Brighton. But yes, if you offered her that and she turned it down she's being ridiculous.

That said, this isn't applicable to families who face a much different set of expenses and financial considerations.
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Old 06-12-2017, 07:49 AM
 
Location: Boston, MA
7,865 posts, read 6,815,901 times
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Quote:
Originally Posted by Dm84 View Post
$570/month is below market rent for Brighton. But yes, if you offered her that and she turned it down she's being ridiculous.

That said, this isn't applicable to families who face a much different set of expenses and financial considerations.
Indeed, I am fortunate to have the 570. Landlord hasn't raise the rent in the 3 years I've lived in this house either. But also, the deals are there elsewhere too. GF lives in Brookline Washington Square for $630.

In the case of families, there could be a vast amount of other things at play. I think, however, if you are able to cut out the unnecessary non essentials, you can still make it work on much less than quoted on this board. Though I will definitely concede that if you are gonna have a family you should definitely make at least 35% more money than when you are single.

Another thing I should mention- you really gotta focus on saving in your younger years. So many people my age (27) do not really worry about saving and investment. They are missing out. Even if you are struggling to find a job that does 401k match or whatever, nothing stopping you from opening a Roth IRA and putting in the max every year. Focus on getting at least 6-12 months of cash that you can pay your living expenses with if you lost a job or something.

One more thing I forgot: get rid of Netflix too. Not so much for the cost (it's cheap), but people waste their whole lives sucked into those shows.

And if you can get yourself on a running and bodyweight exercise routine at home, you can save a lot by not joining a gym. Most of them around here are so expensive.
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Old 06-12-2017, 07:53 AM
 
5,017 posts, read 4,833,112 times
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Quote:
Originally Posted by timberline742 View Post
Lets remember that 100k for a household is still way above median household income in metro Boston. Yeah, its tough with three kids, but lets not pretend that it isn't a good salary.
THis is true. It is a good salary. Not very good in Boston though for a family w/3kids. I hear ya however - it all depends on expenses though. It doesn't seem great to those who make more but also have higher expenses because they want a 5k road bike or other junk like that. sure, it can work but OP won't be socking much away towards retirement or college. If health insurance contribution is low, that'll help too.

It can work. I didn't mean to make it seem like it can't.
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Old 06-12-2017, 07:54 AM
 
Location: Columbia SC
7,969 posts, read 6,720,934 times
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Remember the OP said a family of 5. How one got by single or dual income is not of interest to the OP.

Also many families getting by on $100K are doing so as their housing costs are low, regardless of the reason why.
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Old 06-12-2017, 08:15 AM
 
6,991 posts, read 6,704,062 times
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Quote:
Originally Posted by bigfatdude View Post
Even decidedly lower middle class lifestyle in Boston requires fairly high income, let alone living it up. Small two bedroom apartment any place where one can get to the T before their hair turns gray and doesn't need to wear a bulletproof vest on a daily basis will be at least $2000. A newer financed non-luxury car will be $600 or more once payments, insurance, gas and possibly parking are factored in. Cell phone and cable would be another $200. Throw in student loans and credit card payments everyone has nowadays, add food, and that's another $1000 - there goes the entire take-home portion of $75,000 salary and we haven't even gotten to things like saving, going out and all the other good stuff.

Bump it up a notch, switch that public housing style brick box or triple-decker that hasn't been renovated since 1960s for one of those new construction IKEA showrooms, replace that Camry with L-badged Camry, get all those extra channels you'll never watch and you're looking at eating ramen while making $100k.
How many people actually drive "newer" cars these days? With the insane prices they are asking, and the additional taxes and insurance; it really is a **** poor waste of money buying new. They say that the average vehicle on the road is 11+ years old now. Mine is 11.5, and will probably keep it another 2 years or so. It still runs like new, and I don't feel bad beating it around. My income is > lower middle class, however you want to dice it.

I just cancelled my DISH once the contract/ introductory rate ran out. NETFLIX, PRIME and HULU all suit me fine. I ditched the land line. Internet is $60 and StraightTalk Unlimited phone plan is $45. The money some people waste is mind boggling.
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Old 06-12-2017, 08:32 AM
 
6,991 posts, read 6,704,062 times
Reputation: 4676
Quote:
Originally Posted by bjimmy24 View Post

And if you can get yourself on a running and bodyweight exercise routine at home, you can save a lot by not joining a gym. Most of them around here are so expensive.
I believe Planet Fitness, WOW, Blast Fitness still offer $10 and $20 memberships. Some are dumps, but some of them are fine.
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