Pros and Cons of Living in Indianapolis (Crown Point: apartments, homeowners insurance)

[Dyadic]

Originally Posted by BridgetJones

My comments in bold...



If you really think you "need" $100k to live as a single person, especially in central Indiana, you're off your rocker.

He never said you couldn't live off of $100K in central Indiana. Personally, I don't think $100k is a lot of money but thats me.

[Serious Conversation]

Originally Posted by BridgetJones

My comments in bold...

If you really think you "need" $100k to live as a single person, especially in central Indiana, you're off your rocker.

I'm not saying he isn't a bit off, but do you ever dine out around here? My hometown TN's Jersey Mike's has a lunch special of any regular sandwich, chips, and drink for $7.62 with tax. Tonight - a regular sandwich and a soft drink ran me nearly $10.80 something at the 96th St. Jersey Mikes. It's hard to go out to even a TGI Friday's, Olive Garden, chain restaurant here for less than $15/person with a soft drink and tax, much less alcohol. Count a tip and taxes, and a couple is out $40 without blinking an eyelash. Want to go out to a finer chain or one of the upscale local dining options (which are generally excellent)? Expect to pay up.

It really isn't hard at all to hit a $400/month dining out bill around here. One of my former colleagues has a fiance with a big job downtown and they make around $140k-$150k. Their dining and drinking bill is about $1000/month, and I don't consider them to be high rollers at all. They'll do a St. Elmo's, Bluebeard, Prime 47 type dinner once a week, and end up at Whiskey Tango or one of the breweries downtown. They're well to do, but far from excessive IMO.

I probably spend $200-$300/month myself eating and drinking out. It isn't cheap. Ten wings on a cheap night at Wild Wings plus two Bud Lights is $25 after tax. Trying to cook for one with fresh food is often wasteful and an aggravation (but still cheaper than dining out - not as much as you'd think). I can stop by McAllister's and get a good sandwich and side for less than $9 with tax. If I bought the bread, meats, toppings, etc., I wouldn't half of the stuff and would throw it out. I'll eat simple "meat and potatoes" type dishes at home, but nothing sophisticated - it's too much hassle.

[missik999]

Originally Posted by BridgetJones

My comments in bold...



If you really think you "need" $100k to live as a single person, especially in central Indiana, you're off your rocker.

I am not saying you "need" $100k but Bridget your cost estimates are way off.

I am betting that most mortgages in central Indiana are more than $100K. Taxes can run more than 1% due to school and local levies. Don't forget homeowners insurance. And utilities aren't as inexpensive as you state. I have a new furnace/heat pump and new energy efficient windows throughout my all-electric house and my electric bill average is $158/month. Water, sewer and cable bring it to well over $300/month. And you didn't even mention cell phones.

If you have a newer car, or two, and need collision insurance I don't think even Geico can offer the rates you mentioned. And I have an absolutely clean driving record. And don't forget gas, oil changes, car washes and maintenance.

$200 a month for groceries? I don't see how you can live on this unless you live on macaroni and cheese and ramen noodles. I don't even eat or buy meat and my groceries are much more than that.

Eating out, even lunches, is expensive. Not everyone is able to brown bag their lunches, or even wants to. Unless you eat fast food, which I do not, you can count on spending $10 a day for lunches you eat out.

As far as eating out for dinner even casual dine restaurants will cost at least $15 and more like $25 if you want a drink.

Most people want to take a few vacations every year, or at least fly out to visit out-of-state family.

What about going to movies, sporting events or weekend get-aways? Fitness center dues?

Of course you don't HAVE to eat out, go to movies, take vacations, live in a nice house or have cable. But most people would consider that at least some of these things contribute to quality of life.

[cobra86]

Don't worry Bridget Jones, I understand where you are coming from and nice to see people who live level headed as well. Your post made me think of how my wife and I are financially so I pulled up my last 12 months on Mint and included our income and approximate taxes below. For an explanation, my wife and I go out to eat 2-4x a week and brown bag everyday at work. When we go out for dinner it is usually $40 with tip at places priced like Applebee's or lunch for under $20. We did not go on extended vacation out of town, but did attend about 4 out of town weddings (did go to Europe the year before). Dinners are meat and vegetables and maybe 2 spaghetti dinners a month.


In regards to quality of life, I feel that we live pretty full, happy lives and are happy with where we are at and where we are going physically, emotionally, and financially.


Granted these posts are derailing the 'pros and cons of living in indianapolis' but I'd just like to show that 100k (and saving a nice chunk if we didn't have student loans we are accelerating on...) in Indianapolis can be done, even though we live in Crown Point which is similar COL for the outer townships in Indy.


$ 98,000.00 AGI
$ (17,000.00)Income Tax
$ (1,167.00)property tax on assessed value $137,000 home - homeowner deduction & local referendum included
$ (1,771.00)Mortgage Payments
$ (12,000.00)401k contribution
$ (3,840.00)Recurring Savings Deposits
$ (2,250.00)church tithing
$ (701.16)Annual Car insurance for both cars - Geico $58.43/mo .
$ (800.00)Prius gas - 18,150 miles driven in a year
$ (720.00)Jeep Grand Cherokee Gas - 7,000 miles driven in a year
$ (2,102.05)NIPSCO - Gas and Electric
$ (708.00)Water, Garbage, Recycle
$ (5,864.80)Car Payments
$ (3,998.00)groceries
$ (546.00)Entertainment
$ (2,667.00)restaurants
$ (1,013.00)fast food
$ (26,031.00)student loans
$ (4,323.00)home improvement
$ (1,231.44)cell phone
$ (480.00)home internet
$ (422.09)car maintenance - oil changes, fix tire, wiper blades, renew plates, tolls
$ (1,046.00)new refridgerator
$ (3,364.00)Shopping - Amazon, clothes, golfing, gifts
$ 3,954.46 Remaining - which is off from our checking account of $126 of miscellaneous expenses in the past year...

[Humboldt1]

The other poster mentioned buying used clothes and spending 200 a month on food. Only starving artists and college students live like that.

I make several times what the couple in Indy make who spend 1000 month on dining out but spend about the same. Me and the wife eat lunch out everyday and average about 500 per month plus another 100 per week for nice meal out.

Applebee's ain't nice btw folks (think Ruth Chris etc) - though I actually like Cracker Barrel and Texas Roadhouse, good but not nice. Actually, Applebee's kinda sucks, similar food quality to bob Evans and bakers square. I like good food, regardless of cost or ambience.

No way you keep spending 400 dollars annually for maintenance. I assume you average 1000 annually on car expenses even only driving 25k miles per year. Your cars must be fairly old to have such cheap insurance (I get that you bundle your home and auto). My wife has 2015 jeep grand Cherokee and insurance is around 900 annually even with discounts. Maybe in Crown Point it would be 600-700 annually with bundle discounts.

Your budget also does not allow for upcoming auto purchases.

My wife and I have separate brokerage account that I fund 10k per year to allow for future auto purchases (I don't want to pay more 50-60k for new vehicle). 2015 jeep grand Cherokee limited I was able to negotiate for 38k cash last year.

I get the argument to buy use cars to save money but I think t applies less when you drive cars 7-8 years (150-200k miles) like I do.

1771 annual mortgage? That means 150 per month payment or that you bought home for less than 50k.

Congrats on paying 26k down in student debt.

I never had any student loans but did pay off wife's 30k student loans when we got married.

[cobra86]

Humboldt, Thanks for pointing that out. Annual number was about 5300, wife was paying out of her checking account for 8/12 months. This account was not in my mint account and is closed now.. Besides that I will throw my opinion to I don't like Applebee's or most of those chains either and usually patronize locally owned restaurants but was saying that so people could get a feel to pricing.


I work on our vehicles (oil and fluid changes, brakes) and do realize they need to be replaced at somepoint but probably won't buy another car within 3 years. And when we do probably an under 10k car with 50-60k miles. Most of the reason we paid so much down on student loans is to be done with them and then save the monthly payment after whether its for a new to us car or invest/save.


There is a lot of personal preference here, but to the point if you're a DINK on 100k you should be fine in and around Indy...

[Humboldt1]

You could do alot worse. You can barely own a decent house in a decent school district in Chicago Illinois suburb that is within reasonable work for $100K.

It may seem sad, but $100K does not allow for alot of extras, especially in more expensive metros.

Indy is fortunate to have relatively cheap COL.

And, the state is solvent with budget surplus, unlike your Illinois neighbor who is woefully in the red, mostly due to pension obligations for public sector employees.

Very impressive that Cobra was able to pay down $26K in student debt on $98K income and still put $12K in 401K.

Even as a single guy making around $100K I did not exceed your rate of savings (when you include student loan paydown).

[LIS123]

Originally Posted by Humboldt1

You could do alot worse. You can barely own a decent house in a decent school district in Chicago Illinois suburb that is within reasonable work for $100K.

It may seem sad, but $100K does not allow for alot of extras, especially in more expensive metros.

Indy is fortunate to have relatively cheap COL.

And, the state is solvent with budget surplus, unlike your Illinois neighbor who is woefully in the red, mostly due to pension obligations for public sector employees.

Very impressive that Cobra was able to pay down $26K in student debt on $98K income and still put $12K in 401K.

Even as a single guy making around $100K I did not exceed your rate of savings (when you include student loan paydown).

Are you considering a return to Indy from Chicago?

I agree with much of your post. I couldn't leave Indy soon enough when I left but would seriously consider returning if the right opportunity presented itself.

Here in NYC, there are many STUDIO apartments where the minimum income requirement is well above $100K/annum; I've seen as high as $188K for a studio (~ 500 square feet max).

The fact that Indiana is solvent by virtue of its politicians not giving the state away to the public sector unions is a huge benefit. Even in states like NY where the immediate fiscal crisis is not as bad as Illinois, allowing unions to run roughshod over the taxpayers makes tax cuts virtually impossible. That is the plan -- lock in the spending and lock in the taxes and high spending gives an excuse (increased deficits) against tax cuts.

[Serious Conversation]

Originally Posted by LIS123

Are you considering a return to Indy from Chicago?

I agree with much of your post. I couldn't leave Indy soon enough when I left but would seriously consider returning if the right opportunity presented itself.

Here in NYC, there are many STUDIO apartments where the minimum income requirement is well above $100K/annum; I've seen as high as $188K for a studio (~ 500 square feet max).

The fact that Indiana is solvent by virtue of its politicians not giving the state away to the public sector unions is a huge benefit. Even in states like NY where the immediate fiscal crisis is not as bad as Illinois, allowing unions to run roughshod over the taxpayers makes tax cuts virtually impossible. That is the plan -- lock in the spending and lock in the taxes and high spending gives an excuse (increased deficits) against tax cuts.

NYC is also a world class player with a level of tip-top jobs not available in Indy.

[Humboldt1]

If I could make what I make or near what I make in Chicago I would return to Indy but not a real strong international finance market in Indy.

I do love the low COL.