Cost of living in Madison. (Shorewood: crime, mortgage, loan)

[Adelkam]

Hi,

We are a small family with two kids; 9 years and 5 years old. My husband is a professional, he received a job offer in Madison. The offer includes gross salary of $68000/year. Does this income facilitates above average life style in Madison?
We'll be looking to live in safe neighborhood, close to high rated public schools.

Thanks

[r_k]

In my view you can live a basic lifestyle in a decent neighborhood on that much. Nothing lavish, of course, and you will have to be frugal to put away savings for the future.

Cost of living in Madison is slightly above average compared to US norms. Taxes and real-estate prices are more than average. Schools, roads etc. above average so it is a good place for a family. Crime is well below average, and traffic safety is also better than average.

I notice you asked if $68k will get you an above average lifestyle (compared to the rest of Madison, I presume). I would say no, it will get you a somewhat average lifestyle, not above average, using the word lifestyle in the economic sense.

[Adelkam]

Thanks r_k,

I meant by the above average is living in 3+ bedrooms in a very decent neighborhood, pay bills (cable, phones, internet, utilities, gas, car loan "$400 monthly", reasonable family needs such as clothing and food, average expenses for one day out with kids weekly, and last, end up with "some" saving (about $250/month) towards an average one week annual vacation for the whole family. I am sensing from your answer that $68000/year will be tight; specially after taxes; for a family to live like I described.

Am I right?

[r_k]

It's hard for me to say, not having done the math. There are many variables, e.g. you can save on housing costs or get a better house by living in the suburbs. I am very conservative and would want to save more than $250/mo, and so on.

Here's a link that may help:

Moderator cut: link removed, linking to competitor sites is not allowed

You can enter a town you're familiar with (e.g. where you currently live), and compare it with Madison, WI to get a picture of the relative worth of your money in any two places in the US.

[Megan1967]

I agree with what R_K has said, 69K gross will be tight for what you are hoping for. It is doable, but you'll have to be frugal.

It also depends on how much of a down payment you have for a home. If you have a very small mortgage you might have more than enough discretionary income. I can tell you the assessments in most areas have plummeted lately. The only areas I've heard of that are holding their value are Nakoma and Shorewood, but both these areas start in the high 300Ks. Generally, it is still very much a buyer's market out there.