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As I said, making combined $115k, we are doing fine, and not in Mastic Beach. We live in a Colonial split in a nice town in Nassau, not Syosset but a good town. Easily-do able. Oh, I have not had a car loan since 2005 and will not pay $100/ mo on cell phone. I pay $30 month for prepaid Verizon with unlimited call and text and 500 mb of data. I don’t live on my phone so that is fine with me. Those two bills alone could be nearly $500 a month and be the difference from getting by or going into debt.
Last edited by trusso11783; 10-05-2019 at 10:34 AM..
As I said, making combined $115k, we are doing fine, and not in Mastic Beach. We live in a Colonial split in a nice town in Nassau, not Syosset but a good town. Easily-do able. Oh, I have not had a car loan since 2005 and will not pay $100/ mo on cell phone. I pay $30 month for prepaid Verizon with unlimited call and text and 500 mb of data. I don’t live on my phone so that is fine with me. Those two bills alone could be nearly $500 a month and be the difference from getting by or going into debt.
You are so right about the phone and many other things but the generations the past few decades (for the most part) have been spoiled and have everything at their fingertips in a nano second and don't know the meaning of saving for something. The newest iPhone is a must have for some and they simply buy it and pay it off.
Too many people trying to live beyond their means. It's all materialism.
Then you die.
And what was the point? Exactly.
The point is to make the best of your life with what you can get by for work/income. Nobody wants to work 80 hour weeks and hardly anyone is making bank doing 30 hour weeks. So you want a happy medium while rewarding yourself/family at the same time. So there is a certain level of materialism involved - I say it's all good as long as you don't go around flaunting it, but rather enjoy it yourself. It's easy to call people out, but what's the point of working hard when you can only scrape by, or you're holding back from spending, or go around being jealous of others? Make yourself happy, ignore everyone else. There's always someone who will be better. Who cares...
As for the original question, I'd say $100k gross for a couple to be comfortable in a starter house here - after take-home, and a good chunk going to taxes and mortgage... it's sad really.
I was only making about 60k a few years back and my wife was getting unemployment. At the time, we were renting a house for $2200/ mo plus utilities. We got by just fine. I paid all of the bills except the $99 cable tv bill and oil in winter months. I was only taking home $2950 /mo after my health insurance deductions. So, $2200 for rent, $150 electric, $350/ mo gas thanks to my 8 cyl gas guzzling Escape and Obama’s $4/gallon gas and $250 for for. We had two young kids too. I have no bills and never used a credit card for those 3 years renting.it wasn’t bad. No vacations or anything but I made it semi comfortably with a family of four on $3k month. I never understood how my coworkers would be broke all the time with their $150K combined income and mountains of credit card bills and I wouldn’t owe one cent making 50% of their income and my mortgage was $1000 more than theirs. Some people really suck with money.
We then bought a $400k house with a $3000/ mo mortgage. I was making $75 and my wife $40. So, we were getting by on that just fine. No struggling. No bills for me but wife has a few. So I would say that $115 is totally fine with money to spare and not struggle or do without everyday things. I never waste money on Starbucks or go out for lunch.
lies, how did you save uo for a 400K home down payment making 60K a year, and your take home salary on 115k barely covers the motgage on a 400K home if you eve could get approved for a mortgage
lies, how did you save uo for a 400K home down payment making 60K a year, and your take home salary on 115k barely covers the motgage on a 400K home if you eve could get approved for a mortgage
If you consider your debt to income ratio, it's totally feasible to a) get approved for this amount b) pay your mortgage, depending on the annual taxes on the property. *edit* Just realized you were speaking of the down payment specifically - I was basing my opinion on the first time home buyer program. For most people it would take a great deal of time to save up for 20% down on any mortgage lol.
My wife and I fall into this income bracket, as well as our good friends who did get approved for a 400k mortgage loan. Their mortgage with taxes and everything accounted for is $3100. Will things be tight? Absolutely. But the way I see it - your income will only improve as time goes on, especially if you're continuing an education, to get certified and/or degree that warrants a bump in salary by your employer. With that being said, all bets are off when kids are involved.
Thanks for the replies everyone, it seems people do what they have to, to get by here. This was geared more towards the younger generation, just starting out... Rough start indeed, but again, there is opportunity here. Even if the money is more out west ~
Last edited by Medford-Stuyvesant91; 10-07-2019 at 07:04 AM..
That is what I say is needed to live “decent”. But then there are tons of other factors such as LIRR monthly, healthcare premiums, 401k contributions, Nassau or Suffolk taxes, etc.
There are a lot of variables that can and should be included in every case by case scenario.
~100k no kids and/or farther out into Suffolk
~125k 1-2 kids, but it's tight, small property
~150k kids, save up for special things/vacas
in all this range you can't go overboard w all the bells and whistles toys, fancy cars, going out to eat 2-3x a week, compulsive clothes shopping.
don't try to keep up with the Joneses and you'll be fine.
the key is not to get into credit card debt. do everything in your power to keep that under control.
Spot on 150k and kids you are going to be comfortable and shouldn’t be fiscally stressed. If you feel the need to lease a 5 series bmw and a Lexus rx350 then things could be tighter. You should be able to put money in a ira and take 1 vacation maybe 2 per year depending on where you go.
lies, how did you save uo for a 400K home down payment making 60K a year, and your take home salary on 115k barely covers the motgage on a 400K home if you eve could get approved for a mortgage
Totally true, os you are wrong. I didn’t say I saved for a mortgage. I had that money already. Our mortgage on the $400k house is $2800 /mo and we pay $200 more world principle so $3000 total. Have been doing it for 5 years. Not much left over but living comfortably. No bills at all other than utilities.
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