salary? (poll) (Minneapolis: apartments, rent, car insurance)

[betani]

ok, so this is a terribly personal question and i apologize, but as i said in my last post, hubby may be getting a job in the area and we're clueless.

how much income do you think a family of 3 (two adults, one baby) would need in order to make it comfortably in minneapolis? (<- the poll question) and how much can one person expect to make (i know this varies, but an average would do)

[Camden Northsider]

Originally Posted by betani

ok, so this is a terribly personal question and i apologize, but as i said in my last post, hubby may be getting a job in the area and we're clueless.

how much income do you think a family of 3 (two adults, one baby) would need in order to make it comfortably in minneapolis? (<- the poll question) and how much can one person expect to make (i know this varies, but an average would do)

Depends on what "comfortable" means, what your debt-load (current and projected) is, and what fields you will be working in (and grade levels within those fields). We have friends who have bigger mortgages than us and make a fair amount less than us, and they seem to be doing alright, so I'm not exactly sure. I know some people that seem to be able to do it on $60K combined, but this is still a relatively low amount for a family IMO and would need to be low on debt- or rent-load...$70-90K would put you in a more comfortable range.

[gearedtowardssalad]

Minneapolis is very affordable.

[betani]

the only debt we have is my student loans which equal to about $90/month. other than that our expenses would be car insurance, rent (at least until we're sure everything's stable, then we'd look into buying), and the typical living expenses (groceries, gas, utilities, etc.).

[Kebinminn]

It depends on your lifestyle. You can live in a smaller home and make it here for under 50k a year although it can be tight if you need to take on some expenses. That works if you're not much of a shopper, don't eat out a lot and generally live somewhat conservatively.

I would say many can do fine in the 60-70 range and that would be ideal. That gives you some breathing room. However if you like to eat out a lot and hang out at the mall plus want a totally upgraded home you may want to up that.

[golfgal]

You will have to be a little more specific on what you consider comfortable as it varies so much. Some people are comfortable with a steady paycheck and no frills others want to have enough money to buy what they want, take vacations as they want, etc.

[lalife]

Less than $50,000 is a good salary for a single person. Sure a family of 3 could live on that, however there won't be much left over for fun stuff or savings.

[Robert98]

My out of state family members say they can't believe how cheap everything is in MN. I consider myself "comfortable." But would be in serious trouble with a job loss. My advice is to have a nice savings lined up for an emergency.

[betani]

Originally Posted by Kebinminn

It depends on your lifestyle. You can live in a smaller home and make it here for under 50k a year although it can be tight if you need to take on some expenses. That works if you're not much of a shopper, don't eat out a lot and generally live somewhat conservatively.

I would say many can do fine in the 60-70 range and that would be ideal. That gives you some breathing room. However if you like to eat out a lot and hang out at the mall plus want a totally upgraded home you may want to up that.

heh, well of course we would like the nicest things imaginable, but in reality we're fairly conservative with our spending. we go out to eat occasionally (1-2x a month) and generally only buy things we have to. now that i have my daughter, i'd love to do a gymboree (or similar) class with her, but other than that, we'd really only be spending on "necessary" things and we have a bit in savings just in case. i don't want to be living paycheck to paycheck and just scraping by, but i don't mind not being able to buy the latest new clothes and going out every night.

oh, and i'd love a two bedroom at least (we're in a one bedroom now!)

[golfgal]

Originally Posted by betani

heh, well of course we would like the nicest things imaginable, but in reality we're fairly conservative with our spending. we go out to eat occasionally (1-2x a month) and generally only buy things we have to. now that i have my daughter, i'd love to do a gymboree (or similar) class with her, but other than that, we'd really only be spending on "necessary" things and we have a bit in savings just in case. i don't want to be living paycheck to paycheck and just scraping by, but i don't mind not being able to buy the latest new clothes and going out every night.

oh, and i'd love a two bedroom at least (we're in a one bedroom now!)

Renting a 2 bedroom you can plan on $1000/month, give or take. Utilities in most apartments aren't going to run you more then $100/month usually. Auto and renter's insurance is going to be in the $150/month range, a bit more in the city, a bit less further out, cell phone for 2 about $80/month depending on the plan. Add whatever for groceries, etc. Figure $25,000/year or so for the basics, then add $500-1000/month for savings, retirement plans, insurance, etc and bare minimum is around $50,000 and that would be pay check to pay check. Add in another $20,000 to be "comfortable" so in the $70,000 to start is what I would plan on.