Is this a reality? (fit in, apartment, rent)

[guitarguy]

I am just about begin a course at university in England and am seeking advice from people with more knowledge than myself about SoCal.

After I complete my course at university I am considering moving to a busy city with good weather and I really like the look of L.A. What sort of salary would I need before tax in order to pay the rent of a one bedroom apartment, enjoy a few nights out per week and still be able to save a little.

Thanks

[blondandfun]

$4420/month minimum.

$1500 apt.
$800 food and entertainment
$600 car and bills and gas
$500 saved monthly

X 1.3 (taxes) = $4420

BTW i don't live in LA, but I am an engineer and think I know everything

[guitarguy]

OK thanks very much for the reply. So realistically about 50k per year for a decent lifestyle?

[blondandfun]

yes, however $500 saved monthy isn't really too much money, given that you'll need materials things like clothes and home furnishings.

I would shoot for saving $1200/month to give you more personal security.

A half decent outfit in america is about $150, for a cute pair of jeans and shirt, NOT including shoes.

[SOON2BNSURPRISE]

Blondandfun,

Just so you know, guys don't wear outfits, they wear clothes. A guy could wear an ensamble if you want to get technical since you are an Engineer, but we wouldn't call it an outfit. LOL.

I would say that the cost to live in the area is about right though.

[guitarguy]

OK guys thanks for the inputs. Saving wouldn't really be too much of an issue as I've read that after 3/4 years experience I could earn close to 100k and therefore in the early stages I wouldn't be concerned about saving too much.

[passionatearts]

Originally Posted by blondandfun

$4420/month minimum.

$800 food and entertainment

Really?! Where did you come up with that number? A food budget doesn't need to be so high unless you're eating out for every meal.

[drshang]

Originally Posted by blondandfun

$4420/month minimum.

$1500 apt.
$800 food and entertainment
$600 car and bills and gas
$500 saved monthly

X 1.3 (taxes) = $4420

BTW i don't live in LA, but I am an engineer and think I know everything

I think this is okay, if not a little simplistic. I mean if you include utilities, cable, etc. under "apartment" then I think it's fine. This would mean a realistic rent of around $1200 though. You might be able to go up to $1300 or $1400 depending where in LA you live, especially if it means driving less or saving money on commuting expenses.

$800 for food and entertainment is very realistic IMO. Yes, you can go on less, but if you want to have any amount of fun I think it's reasonable and realistic.

$600 for car, again, is realistic for a cheap auto. You have to factor in insurance, repairs, gas, etc. and I think this is a pretty good number. I estimate my car, with no payment, costs around $300-350 month if you include registration, insurance, gas, and if you also budget for repairs with some sort of monthly reserve. I have NO car payment.

$500 saved is great IMO. Now, coming from the UK, you may need to budget for health expenses too - even if you have employer provided health insurance. Not a lot but some.

I agree you need close to 50k a year to really live a reasonable, low-mid 20s lifestyle in LA. Yes, you can do it on less, but if you want to live by yourself, have some fun, live in a decent area, that's pretty much what you need. If you only make 40k you either are not going out much or you are living with roomates...that's one compromise. If you are making in the 30s you are relegated to basically a college student lifestyle.

[jfields]

You could rent a decent apartment for $1,000 a month. Usually you want to be spending no more than 1/3 of your income on housing. If this is the case your looking at about $35k-$40k a year; if you want to go out a few nights every week and save some money, I'd add another $10,000, so make that $45k-50k a year. Make sure that you get a job with a health care plan. America doesn't have single-payer health care like England and unpaid medical bills are the number 1 cause of bankruptcy in the United States.

[Lyrsc]

Originally Posted by blondandfun

yes, however $500 saved monthy isn't really too much money, given that you'll need materials things like clothes and home furnishings.

I would shoot for saving $1200/month to give you more personal security.

A half decent outfit in america is about $150, for a cute pair of jeans and shirt, NOT including shoes.

Unfortunatly you havent heard of Burlington, Marshalls or TJ... lol
$150 ill buy three pairs of jeans and two polos