Salary/Standard of Living Question (New York, Buffalo: real estate, rent, student loan)

[sabredrew]

I predict that between my wife and I, we'll be making about 65K a year once we move to the Buffalo suburbs. It's a pay cut from what we make now, but we're in an area where the cost of living is much higher.

My question is, what kind of standard of living can a couple (no kids) in their 30s have on that salary, living in either Amherst, Town of Tonawanda or Cheektowaga? Obviously, it would depend on if we rent or buy. The plan is to buy after a year of renting or so, and I know that real estate taxes will come into play at that point. Looking at real estate prices though, I'm pretty sure we can afford a modest yet comfortable home in one of those areas on that salary.

Keep in mind that we don't live an extravagant lifestyle - we like to go out to eat once a week or so, and take one or two vacations a year.

Can we live comfortably on 65K a year?

[Sumermarie]

Excellent question, we are just above that range as well. I'm curious to see how others answer this question. Thank you for asking it.

[jblake78728]

Amherst, Tonawanda & Cheektowaga have some the highest property taxes in the area. If you are choosing those areas because you don't want to be in the further out suburbs you may consider one of the nicer areas of South Buffalo instead (Buffalo has other nice areas as well but housing seems to be more affordable South Buffalo). Much lower taxes & very affordable housing.

To answer your original question, yes you will be fine making $65K/year as long as you know how to live within your means (and it sounds like that isn't a problem). You should be able to pay your bills & have enough left over to enjoy a few nights out for dinner, the occasional Sabres game or whatever. You can find a nice house for $80K - $100K (though that might be tougher to do in Amherst as opposed to other areas) in a safe neighborhood. Taxes are higher but you can also apply for the Star exemption which will save you several hundred/year (they also use to offer a Star rebate program but they are not doing that this year). Overall I think you could expect a decent middle class life on 65K/year.

[sabredrew]

Originally Posted by jblake78728

Amherst, Tonawanda & Cheektowaga have some the highest property taxes in the area. If you are choosing those areas because you don't want to be in the further out suburbs you may consider one of the nicer areas of South Buffalo instead (Buffalo has other nice areas as well but housing seems to be more affordable South Buffalo). Much lower taxes & very affordable housing.

To answer your original question, yes you will be fine making $65K/year as long as you know how to live within your means (and it sounds like that isn't a problem). You should be able to pay your bills & have enough left over to enjoy a few nights out for dinner, the occasional Sabres game or whatever. You can find a nice house for $80K - $100K (though that might be tougher to do in Amherst as opposed to other areas) in a safe neighborhood. Taxes are higher but you can also apply for the Star exemption which will save you several hundred/year (they also use to offer a Star rebate program but they are not doing that this year). Overall I think you could expect a decent middle class life on 65K/year.

Thanks Jblake.

You know, I really should consider the Southtowns too when deciding where to eventually buy. I know Hamburg is a great community, as are some parts of West Seneca. I know all about the more snow factor, but I really don't think that's enough to sway us. Plus, I know these areas afford a somewhat slower paced lifestyle, as they aren't as crowded as the Northtown suburbs are. I know as far as safety goes, those towns aren't as sketchy as parts of Amherst are becoming.

In any case, thanks for your advice, and I'm glad to hear that that salary is workable.

[ckhthankgod]

What about suburbs like Kenmore or Depew?

[mikesuicide]

You could easily swing living in Western New York on 65k combined. Buffalo's median average salary is probably in the 30s or 40s a year. The whole high property tax argument is for the birds. You spend your money on taxes (I pay about 3k a year in the Town of Tonawanda on a 126k house) there will always be something to swallow the money

[JustinH]

Not a huge amount of money, my girlfriend and I make pretty much identical money to you. If we weren't riddled with student loan debt we would be doing fantastic.

Keep West Seneca on your list, certain areas of it are very nice..

You don't quite make Amherst, or Clarence money, but honestly even if I did.. I wouldn't want to pay the taxes..

[sabredrew]

Originally Posted by ckhthankgod

What about suburbs like Kenmore or Depew?

I like both areas very much. The only thing that worries me is that I'd have to pay village taxes in those areas? Is this something to be overly concerned about?

Last I heard (maybe even on this board), homes in Kenmore were kind of trending up in price, and I wonder if I can still get something decent for under, say, $115K

[sabredrew]

Originally Posted by mikesuicide

You could easily swing living in Western New York on 65k combined. Buffalo's median average salary is probably in the 30s or 40s a year. The whole high property tax argument is for the birds. You spend your money on taxes (I pay about 3k a year in the Town of Tonawanda on a 126k house) there will always be something to swallow the money

I'm glad to hear this, since you constantly hear about the property tax rates in WNY. I always figured it was something to consider, but I had a sense that it seemed to be overblown by many people. Nice to hear that someone else more in the know than I am agrees with me.

[sabredrew]

Originally Posted by JustinH

Not a huge amount of money, my girlfriend and I make pretty much identical money to you. If we weren't riddled with student loan debt we would be doing fantastic.

Keep West Seneca on your list, certain areas of it are very nice..

You don't quite make Amherst, or Clarence money, but honestly even if I did.. I wouldn't want to pay the taxes..

Yes, other than one annoyingly high car payment, our debt load is not all that bad. So that's why I think we'd be okay on that salary.

I'll definitely keep my options open about West Seneca, thanks.