Is $40K a year enough......to live off of? (Houston: apartment, credit card)

[Ron.]

I am thinking of moving to Houston or Forth Worth......

I'll be generating my income from my online businesses. I've set a budget of $40k/a year as a reasonable amount to live off of. I am single and I have no children. Only $250/ month for debts.

I do have a job here in Chicago but I just wanted to ensure that my online businesses were steady before I made a move.

I could allocate more but most of my money is going towards another business venture.


Is $40k enough?


P.s- When I say Fort-Wroth I am talking about the suburbs as well. Not just the city limits.

[Eric S]

Houston is very economical. I lived like a king in Houston in the early '90s off of about $18K a year. When my salary was raised to $28K, it was like I was swimming in money - I even managed to get a brand new car. Emboldened by this no-state-tax lifestyle in Houston, I moved to NYC for a $40K job and could barely scrape by. Live and learn. Houston must be the most economical city in the entire US.

-Eric

[loves2read]

I think a lot depends on your life style--you have a really low debt requirement you say but you have to pay to eat in some form just like to have to pay for utility costs, shelter--even if you pay in cash you still have to pay taxes each year, other requirments like medical expenses, gas/car maintenance because most places are not on public transportation like Chicago's areas where people don't need a car---you need a car here...

every one is different
some people think taxes on property are expensive here and other people think not--it is all perspective...
for a single person with no real outstanding debts like college loans or credit card debt and no large mortgage/tax payments--you would probably be ok...
but it all depends on your standard of living and what you can't do without....

decent 1/1 apts in the FTW area can be had for under 700 a month plus electric usually--maybe around 500--but again--depends on what you are willing to live with or without--those complexes would be older, not as upscale or polished

gas right now is about 2.39-2.49 regular--
a movie ticket for before 6 bargain matinee first run movie can be had for $4 at Tinseltown in Grapevine--a nice but older theater--and the night shows are $6 a tix--best deal in Metroplex
you can get a full 2-person dinner at PF Changs for $40 plus bev and tip and nice dinner for single person in a variety of restaurants for under 12 w/o alcohol

I think cable charges around here are expensive after you add to the basic pkg--but we have it

[goodmau]

Short answer is yes and you cold live comfortably. 40K here is like 50k in Chicago, but you will undoubtedly need a car (even if you live in the city), so be sure to factor that into your living calculations if you don't have one already.

[Ron.]

Yes, that's in the $40k



thanks

Originally Posted by goodmau

Short answer is yes and you cold live comfortably. 40K here is like 50k in Chicago, but you will undoubtedly need a car (even if you live in the city), so be sure to factor that into your living calculations if you don't have one already.

[Synopsis]

Being single with virtually no debt to speak of, you could live off 40K pretty comfortably in Fort Worth.

[GuitarPlayr]

I kept reading this post and finally decided to reply. The question is kind of stupid to be honest. No disrespect intended.

It does not matter what you make, people find a way to live. If you only made 15k a year, you could live here or any state for that matter. The question is really are you able to live in a lifestyle that you feel is right for you? House or Apartment? If you want a house, what do you want your payment to be?

I am not sure if 40K is before tax or after tax? If it is before tax, you will probably be closer to 30-32k so let's just say you have $2600 a month to live on. From there it is pretty easy to determine. Your biggest expense will be a house or an apartment. If you go the apartment route I would guess $600-$800 for an average apartment and then maybe 100 a month for utilities? I have not had an apartment in Texas so I am not sure what the prices really are. So even if you drop a $1000 a month on living, you have $1600 left for car, food, entertainment, savings etc. If you went into a house, even if your payment was $1000 a month, tack on $300+/- a month for utilities and maintenance.

So it really depends on how you want to live.

[jennieblue22]

Yes, it is very well possible to live decently on 40k/year in the Fort Worth area, speaking from experience. Of course, you have to consider in what kind of housing you plan to live in your decision - that can make a huge difference.

[LovesFortWorth1]

I love Chicago. Wow...what a change to move to Texas (but if you are going to move somewhere, FW is a great place...lots to offer for a smaller city!).

I agree with Loves2Read, Synopsis, GuitarPlayr, and JennieBlue... you most definitely can live in FW for $40K, but you just need to budget/spend carefully. There are several websites dedicated to helping you stretch your budget. One that is published locally to help FW area folks is frugalinfortworth.wordpress.com ...so if you move here, you might want to check that out.

[Ron.]

You only love Chicago because you don't live here.......



thanks for the reply.

Originally Posted by LovesFortWorth1

I love Chicago. Wow...what a change to move to Texas (but if you are going to move somewhere, FW is a great place...lots to offer for a smaller city!).

I agree with Loves2Read, Synopsis, GuitarPlayr, and JennieBlue... you most definitely can live in FW for $40K, but you just need to budget/spend carefully. There are several websites dedicated to helping you stretch your budget. One that is published locally to help FW area folks is frugalinfortworth.wordpress.com ...so if you move here, you might want to check that out.