MD/Gaithersburg/Bethesda area: Is a $130k salary enough? (Silver Spring: real estate, property taxes)

[dryoyo]

Hello All! I received a job offer for $130k/year in the Bethesda area. Is this good enough to cope with the Cost of Living up there? We are a family of 4 (2 adults, 2 kids) and it might take a while for my wife to find work (although, if this is enough, I'd rather have her stay home and take care of the kids, so as to save on Day and after-school care and tutoring). I know just about everything is pretty much higher up there than where I live now (Arkansas). Will it be worth it? (right now, I'm making $72k) Thanks all!

[ChosenGSR]

Um, I think you can manage.

[lscalder]

130k is enough, I think you should be able to afford for your wife to stay home and pay all the bills including your mortgage. If you and your family decided to live in Bethesda. Your mortgage will be around 4k a month for a basic home in Bethesda.

[CHIP72]

You shouldn't have a problem, though I think you may need to live in Rockville or Gaithersburg rather than Bethesda.

[trying2moveup]

Use this cost of living calculator to compare what you make now to that 130K offer in Bethesda (though I think you will be alright ;-) ). Itwill show how much more/less expensive things are compared to where you are now.

Cost of Living - Cost of Living Calculator from CNNMoney

[vanyali]

Do you have any cash to use as a down payment? Do you really want a single family house, or would a condo or townhouse (no yard, usually) be OK?

I think you'll be OK, you just might have to adjust your expectations if you're coming from a very low housing-cost area.

[carito123]

I think 130K is ok.I also agree to live in Rockville rather than Bethesda.It's less expensive and you could find good schoolls around that area.Also your mortgage is going to be less (2,800 aprox.) and with the real state market situation you can find a single home with backyard for your kids.
Good luck!!!!

[Doorway]

Originally Posted by dryoyo

Hello All! I received a job offer for $130k/year in the Bethesda area. Is this good enough to cope with the Cost of Living up there? We are a family of 4 (2 adults, 2 kids) and it might take a while for my wife to find work (although, if this is enough, I'd rather have her stay home and take care of the kids, so as to save on Day and after-school care and tutoring). I know just about everything is pretty much higher up there than where I live now (Arkansas). Will it be worth it? (right now, I'm making $72k) Thanks all!

I think you can live very nicely in Rockville for that salary while allowing your wife the freedom to stay home with the children. There are wonderful schools there as well. Check out a community called Flower Valley.
It is a wonderful neighborhood w/ lots of kids and nice families. I lived there for 10 years and just left to move to Charlotte. Good Luck to you

[myselfdotcom]

YOu gotta be kidding right? $130k will definitely enough..unless you live like a king..spending like a mad man!

[ep1234]

Actually 130K in Bethesda is much less than 72K in Arkansas - having to support your wife and 2 kids just adds to that. I'm not saying that it's not manageable, but you would probably have to lower your living standards compared to what you and your family were used to in Arkansas.

The cheapest, smallest, single family home in Bethesda (near the metro station - 3 miles radius) is near 1 million dollars. A townhouse is around 700K and up plus HOA fees (usually 3-500/month), 2 bedroom condo around 550-700K plus condo fees (usually 4-700/month). Also, Montgomery County has the highest property taxes in the nation.

Depending on where your job is, and how long your commute will be, Rockville, Geithersburg, Silver Spring in Maryland, and Springfield, Fairfax, maybe some parts of Tysons Corner in Virginia, might be a better choice. Or just staying in Arkansas - less traffic, less aglomeration, more space, less expensive real estate, and less stressed people ...

Good Luck.