living on 55k in Nashua (Derry, Salem: apartment, rental, insurance)

[m42martin]

can anyone give us some feedback on the quality of life we can expect making 55K and living in the Nashua area?

--or, to put it another way
---- what does a family of 2 with pets need to earn to live well in that area.

(by "well", I basically mean comfortable, in a safe area, in a clean home, without stress over paying bills, and able to have fun taking advantage of local recreation - not necessarily "rich")

we'll likely earn a little more once my wife gets a job, if she doesn't go back to school.

we want to move to Nashua for many reasons - many of which have to do with the great recreation in the area: skiing, surfing(maybe), curling (if we can get in the Nashua Country Club (another huge expense), going to shows and fun places in Boston - just to name a few.

but if we end up being too poor after all the living expenses (insurance, heat, electricity, and enormous rental costs, etc) we may be better off looking for higher paying salaries.

thank you.
m42martin

[Carbondated]

I would like to know the same thing m42martin. What kind of wage will put you in a home in a safe area of Nashua?
My husband and I would be making similar wages as you and your wife, and with only 1 furbaby.
I am also wondering what is the price range for starter homes are in the area. We are looking at Southern New Hampshire, near enough to family in the Salem/Pelham. We are looking to move soon, very soon from Sarasota, Florida.
Thanks in advance for responses.

[buck naked]

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[/SIZE][SIZE=-1]Teacher assistants earned $19400 on averagein 2004
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[SIZE=-1]
most homes are two income families - hope this helps


[/SIZE]

[caseylm]

55k wont get squat in Nashua. My family has about 60k and one child and unless you have a big down payment its unlikely you'l get a home. Decent home in a good area is about 220-240 and most condos are only 2 bedrooms. Taxes are about 4-5grand also.
Nashua is expensive and realistically you be driving into mass for jobs to pay for it.

Its frustrating since Nashu is a nice place but there are so few starter homes here, only newer Mcmansions and 2 bedroom condos.

55k wil most likely jsut cover your bills

[Valerie C]

Good Morning

I'm going to make a recommendation that you seek the advice of a mortgage professional, who will look at your overall situation, including downpayment, credit history, etc. This way, when you do start looking for a place to call home, you'll start off looking in the right price range. IMO there is nothing worse than looking (even online!) at homes priced thousands above what you can comfortably afford, just to find that the house you fell in love with is out of reach. Yes, prices are down from where they were, and sellers are finally recognizing that.

On another note, not sure what kind of furkids you have but Nashua may soon have its own off-leash dog park: Nashua Dog Owners Group - Bringing an Off Leash Dog Park to Nashua, New Hampshire We go to the one in Derry at least once a week, and it's a great place for the dogs to meet & greet!

I just want to add that in Nashua right now, there are over 300 3 or 4 bedroom single family homes. Lots of capes and split-levels. Some are land-leases (sort of like a detached condo) Not 3000 s/f McMansions...
21 of them under 200k
52 of them between 200k to 249,900k

[m42martin]

Thank you all.

This is really depressing.

I've been thinking for the last 15 years that I'd be all set once I started making 50k +

It's really hard to believe that heating and electric bills can be so high.

How about cars -- can we get by with a front wheel drive toyota carolla and a rear wheel drive ford crown victoria, or do we need to consider buying 4-wheel drive cars?

Is there a low cost, safe suburb of Nashua that anyone has explored?

thanks again.
m42martin

[WannaComeHome]

How about cars -- can we get by with a front wheel drive toyota carolla and a rear wheel drive ford crown victoria, or do we need to consider buying 4-wheel drive cars?

Absolutely! Those are exactly the cars my parents have, and they live over in Hollis. And I don't believe they do snow tires anymore, just all-weathers (my dad used to swap the snow tires, but he's too old now).

[m42martin]

So if we plan on renting for the first 6 months to a year, what is the absolute minimum gross income required for happy living?

Thank you again.

[Ittiz]

Originally Posted by m42martin

So if we plan on renting for the first 6 months to a year, what is the absolute minimum gross income required for happy living?

Thank you again.

Depends on what you consider "happy" I live in Nashua in a similar range of income and live to what I think is "happy." My rent is 850/month with all utilities included and the apartment is just big enough for my wife and I. I'm also looking for a house in the area right now and there are a few affordable houses in the area. But if you are looking for a single family home fixer-uppers and ranches with land leases are pretty much your only option. If you don't mind a condo or townhouse you can get a slightly better place.
I'd also recommend avoiding the French Hill area which is just on the north east of the city center across the river (centered around Locke st). It may be cheaper but it's not worth it.

Hope that helps

[Valerie C]

Generally speaking, there is a 28/36 ratio rule. This means that the total of PITI (Principal, Interest, Taxes, Insurance) should be not more than 28% of your gross monthly income, and the total of PITI combined with all monthly bills (car payments, credit card payments, etc) should be no more than 36% of your gross monthly income.

So:
At 55K per year, your gross monthly income would be $4583.33
PITI <= $1283 per month (28% of monthly gross)
PITI + outstanding dept <= $1650 (36% of monthly gross)

You may want to talk to a reputable mortgage specialist to see if there are things you can or should be doing to hopefully lower your interest rate. Also, there are many 1st time buyer programs (state and federal) which can help with things like closing costs, etc.

As Ittiz notes, everybody's "happy life" will vary. Some folks need to have 2 tropical vacations every year to be happy, others consider vacation to be day trips to the coast of Maine