Is $55000 enugh for a family of four? (Chicago, Evanston: mortgage, attorney)

[cdc3217]

What about homes near Mt. Prospect/Prospect Heights?
Schools are pretty good there, aren't they? I mean, not New Trier or Stevenson, but solid? Cold he find something west of 294 in the upper 200's?

Also, I don't know your field of work, but to transfer someone from the UK for a position - I think this sounds like they're lowballing you on the salary. Please understand this is a somewhat uninformed opinion, but it just doesn't sound right to me.

[chet everett]

There are a lot of issues.

On a purely 'add up the budget' sort of summary I know that expenses BEYOND housing for a family of four could easily be several thousand a month. A while back CHICAGO Magazine did a feature story on "what do they spend" -- some crazy lawyer was spending like $15,000 a month on his AmEx card, other singles were spending a lot less, maybe even under $500. With two school age kids I would guess that the average monthly expenses for would be about $1500 or so. Property taxes and monthly association fees on a modest attached dwelling would be about $6000/yr. Communting costs could easily be $300/month.
Healthcare????

Things looks very tight from where I sit...

[ndfmnlf]

Without a mortgage, you'd be able to live somewhat comfortably on $55K as long as your kids don't go to private schools. You'll have to pick an area with good public schools, and where your commute to work will not cost an arm and a leg.

[chet everett]

Originally Posted by cdc3217

What about homes near Mt. Prospect/Prospect Heights?
Schools are pretty good there, aren't they? I mean, not New Trier or Stevenson, but solid? Cold he find something west of 294 in the upper 200's?

Also, I don't know your field of work, but to transfer someone from the UK for a position - I think this sounds like they're lowballing you on the salary. Please understand this is a somewhat uninformed opinion, but it just doesn't sound right to me.

A single family detached home anywhere in any sort of safe neighborhood around Prospect Heights under $200 would still be as scarce as hen's teeth...
Prospect Heights is considerably less desirable than Mt. Prospect, where you could raise the floor by $50K or more.

I do agree that the traditional level of an overseas transfer is at the "senior manager / jr. executive" level -- a salary level that corresponds to something a good 50% more than the salary that is being offered to the OP. While it may be a very handsome salary for a new college graduate, to support two the typical two vehicle lifestyle needed in suburban Chicago it is not much at all, even if the house is free & clear. There will still be property taxes and utilities and medical costs and unexpected maintenance needs. What about furniture? Company is going to move all that?

Believe me the people living AT the median income in Grayslake or Mundelein are not living the high life.

[cdc3217]

Originally Posted by chet everett

A single family detached home anywhere in any sort of safe neighborhood around Prospect Heights under $200 would still be as scarce as hen's teeth...
Prospect Heights is considerably less desirable than Mt. Prospect, where you could raise the floor by $50K or more.

Well that brings me back to what I was first going to post:

When OP starts house shopping, he's going to end up looking at 350K homes minimum, meaning he'll have a $100,000 mortgage. So doing a budget,and assuming this is 55K salary before taxes, etc.

55,000 x .8 (-20% for taxes) = 44,000
Let's say he's got a 401K (I know this is accountant's nightmare how I'm doing this but...)
44,000 x .95 (-5% in the 401K) - $41,800

So lets say he's got a household budget of $40,000; $3,300 month

100,000 Mortgage = 600/mo
Guesstimate property taxes = $500/mo
Food = $600/mo
Gas/commute = $350/mo
Utilities - 300 for gas, electric & water
Phone - 100 easy
Vacation fund - $250/mo
Kid activities - $150 / mo

Very tight. Depends on how OP lives now, and what kind of housing bargains he can find.

[Calidreemer]

I have to agree with everyone, 55K is very difficult to live on for a single person let alone a family of four. I hate to be discouraging because you sounds like you are really looking forward to the move. Can you negotiate a raise for this transfer? I am kind of surprised because usually people coming from europe do better coming to America with the current state of our dollar.

Is it possible for your wife to work part time or full time? That would help you out a lot. I just wish you and your family the best. I am so glad you found this forum. You will get candid and helpful answers to your questions.

[Avengerfire]

55k is hard for a single person? lol

[George_Sully]

Hi Everyone,
I really don't know how I could have had access to such a lot of information so quickly in any other way; this site is superb!
I'd like to thank everyone that contributed, in particular, Chet and cdc3217, also everyone else that helped; your comments has been very helpful and without a doubt will make a huge impact on my decision. If you ever need to know anything about UK just contact me and I will do my best to help out. I will check the thread for another week to check for any additions.
I think I have to either re-negotiate to increase my salary or pass on this opportunity and wait for the next one.
Once aging thanks very much.
George

[LBSer]

Originally Posted by Avengerfire

55k is hard for a single person? lol

that shocked me too... my annual income is less than $16000. and i am surviving.. well i live with my sis in LBS, i just bought a mini cooper, i pay my insurance, car payment, gas, groceries, i also shell out $400/mo kind of my "rent" for living with my sis... but that's about it. in order for me to survive with all my expenses monthly and my measly salary that means i dont have a life. but im used to not having a life anyway... so. i wonder how hard could it be budgeting a 55K? i would have a life.. thats for sure.

[Calidreemer]

The original poster was inquiring about the areas around Northfield. I realize 55K can work for families in other communities, but not in Northfield and the surrounding communities. Perhaps you could advise the OP on communities where he and his family would be able to live comfortably on his salary and still hit all his requirements. I think that would be very helpful and I am sure he would appreciate your advise.