how will we be able to live with a 70k salary? (Las Vegas: insurance, house)

Rachael84 · 06-08-2007, 08:06 PM

My boyfriend and I plan on moving to Las Vegas in a couple of years. We are both teachers. By the next school year, he will be a third year teacher, and I will be going into my first year; bringing in a total of 100k a year (i'm 23 and he's 26). Now, that's a good start for us living on Long Island, NY. We looked at the salaries in Las Vegas, and we will be making about 70k a year to start. It will go up a little more, but the teaching salaries unfortunately don't seem to go up a lot.

We want to live in a nice house in Henderson. I want to know how a 70k a year salary is compared to the average salary. I keep telling my boyfriend our salary in Henderson will be about 15k above the average, and on Long Island our salary will also be about 15k. I just want to see what you all have to say so I can let him know we won't be "poor" (70k on Long Island is considered not much at all). I'm trying to let him know that 70k is probably a comfortable salary. He's thinking in terms of Long Island money. Don't take this in the wrong way, please. I'm not saying 70k is poor over there, I just want him to think of a 70k Las Vegas salary, not NYC salary

We also don't plan on lavishly spending money. We would want to buy a house possibly around 320,000 or in that range. But other than that, we don't go out and spend lots of money at all.

We're just really discouraged by the HUGE paycut we'd have to make moving there. I hear teachers really get treated like crap there. The salary there is one of the lowest in the country. What we'd make together by the time we move there is about what my boyfriend would be making by himself by the time we leave *sigh*

We really want to move over there. We love it there. I like it so much better than Long Island/NYC.

Any opinions/advice/encouragement would be helpful, thanks

olecapt · 06-08-2007, 09:51 PM

Quote:

Originally Posted by Rachael84

My boyfriend and I plan on moving to Las Vegas in a couple of years. We are both teachers. By the next school year, he will be a third year teacher, and I will be going into my first year; bringing in a total of 100k a year (i'm 23 and he's 26). Now, that's a good start for us living on Long Island, NY. We looked at the salaries in Las Vegas, and we will be making about 70k a year to start. It will go up a little more, but the teaching salaries unfortunately don't seem to go up a lot.

We want to live in a nice house in Henderson. I want to know how a 70k a year salary is compared to the average salary. I keep telling my boyfriend our salary in Henderson will be about 15k above the average, and on Long Island our salary will also be about 15k. I just want to see what you all have to say so I can let him know we won't be "poor" (70k on Long Island is considered not much at all). I'm trying to let him know that 70k is probably a comfortable salary. He's thinking in terms of Long Island money. Don't take this in the wrong way, please. I'm not saying 70k is poor over there, I just want him to think of a 70k Las Vegas salary, not NYC salary

We also don't plan on lavishly spending money. We would want to buy a house possibly around 320,000 or in that range. But other than that, we don't go out and spend lots of money at all.

We're just really discouraged by the HUGE paycut we'd have to make moving there. I hear teachers really get treated like crap there. The salary there is one of the lowest in the country. What we'd make together by the time we move there is about what my boyfriend would be making by himself by the time we leave *sigh*

We really want to move over there. We love it there. I like it so much better than Long Island/NYC.

Any opinions/advice/encouragement would be helpful, thanks

I would think you will do fine. 70k is enough for a couple to live comfortably in Las Vegas. I suspect you will find you just about broke even in comparison to LI. and it will get much better over time. LI ain't cheap.

Note that if it does not work it is easy to go back after a year or two. If you like it here after two years you will stick.

yellowsnow · 06-08-2007, 09:54 PM

I think it's doable. You will have to be careful and practice living below your means but it's possible. Live cheap while you are saving for your house and just get used to saving money. It's a good habit. I think there are some special programs for teachers to help them afford homes too.

Good luck!

Rachael84 · 06-08-2007, 11:06 PM

we're trying to think if it would be better to stay put or go there...the main thing is that teachers here basically get free insurance (as opposed to a lower salary and having to pay for all insurance there), and the pension is a lot better here. we can retire a lot earlier here. I don't know much about this stuff since I haven't started working yet, but my boyfriend says he's looked into it and says we'd have to just save for retirement there. we know we can live on Long Island, which we're grateful for since it's difficult to make a living there, but we would much rather be out there. I love Long Island, but it's time for a change. I wouldn't be unhappy if we stayed on Long island though, I just would much rather be out there. People out there don't really have the "keep up with the Jonses" attitude that they have here. It gets old after a while.

Chest Rockwell · 06-08-2007, 11:32 PM

Quote:

People out there don't really have the "keep up with the Jonses" attitude that they have here.

I think they have that here too.

You might also want to look into the Clark County School District and factor that into your decision as well. It's one of the largest in the country, and the source of constant criticism.

yellowsnow · 06-08-2007, 11:44 PM

If it doesn't work out, you can always go back home.

OTOH, if you don't try it, you may regret it. You only get to be young once.

Rachael84 · 06-09-2007, 07:16 AM

Most people say that once you leave Long Island, you can't come back. It's because it's just a lot more expensive than other places. So, what they mean is that it's easier to go from an expensive place to a cheaper place, but too difficult to go from a cheaper place to a more expensive place..

olecapt · 06-09-2007, 09:59 AM

Quote:

Originally Posted by Rachael84

Most people say that once you leave Long Island, you can't come back. It's because it's just a lot more expensive than other places. So, what they mean is that it's easier to go from an expensive place to a cheaper place, but too difficult to go from a cheaper place to a more expensive place..

There is a mechanism like that but it deals mostly with RE values. If you move from an area with high appreciation the values go out of your reach rather quickly.

In the mid 70s we moved from LA to Rocherster, NY and invested every dime we could in far more house than we needed. That was so we would be able to go back to CA in a few years. It worked and we did.

For the next year or two it is not going to happen. I see RE values stable or dropping a little in both LI and Las Vegas.

Other than housing costs I don't think there are any big differentiators.

Rachael84 · 06-09-2007, 12:23 PM

the cost of living is a lot less out there. Utilities, food, taxes, etc.

olecapt · 06-09-2007, 12:42 PM

Quote:

Originally Posted by Rachael84

the cost of living is a lot less out there. Utilities, food, taxes, etc.

NY Times says 20% difference but that is almost all housing. I doubt you will save more than a few percent outside of housing. We spend a good bit of time on the Island...actually in Montauk and pay all the bills there. We do buy all the groceries in Nassau and haul them out...but that is because the Hamptons are outrageous.