Hello and in need of some advice please! (Back Mountain, Dickson City: sales, obgyn)

[swooshman]

Hello to everyone,
I apologize in advance for what is sure to be a long post. Been a lurker here for a couple weeks now and finally decided to become a member and make a post. Let me first say that I really enjoy reading all the informative posts and helpful info from the people on this forum. With that being said I was hoping to get some advice about moving to the Lake Wallenpaupack area full time. My wife and I are expecting our first baby and I think that this area is a great place to raise a family.
We have a part-time home in WLE which we love but would be looking to buy a bigger house which would be more suitable for full time status. We have been looking all around the lake and really fell in love with a house in Tanglwood Lakes which lists for around $400k with almost 4,000 SF of living space. We are nervous about moving full time and are hoping that we will be making the right decision.

So here is the main question I am getting at. Do you think that a combined income of about 80 to 90K per year is enough to live comfortably up here so that we would not have to worry too much about money and maintain our current lifestyle? By this I mean taking two or so vacations per year and buying a new car every 4 years or so.

I am a teacher but recently inherited a rather large sum of money which I have invested to yield me an income of approximately 70K per year so I do not have to rush to try and secure a job and my wife is a medical transcriptionist/medical biller for an OBGYN here in NJ so I am taking in to account her trying to get a job near the Lake for a substantial pay cut. If anyone has any suggestions as to where she could look for a job in this field that would be great as well.

We really want to make this move but as you can imagine it is soo nerve racking to make the final decision to walk away from my current teaching job and move to the lake full time. I can't stop thinking about it but at the same time I get very excited when thinking about the prospect of this move so that must mean something!

I apologize again for the long post I just didn't know how to explain my situation in any shorter a way. Thank you in advance for any advice or suggestions that you have.

[roxxy38]

Originally Posted by swooshman

Hello to everyone,
I apologize in advance for what is sure to be a long post. Been a lurker here for a couple weeks now and finally decided to become a member and make a post. Let me first say that I really enjoy reading all the informative posts and helpful info from the people on this forum. With that being said I was hoping to get some advice about moving to the Lake Wallenpaupack area full time. My wife and I are expecting our first baby and I think that this area is a great place to raise a family.
We have a part-time home in WLE which we love but would be looking to buy a bigger house which would be more suitable for full time status. We have been looking all around the lake and really fell in love with a house in Tanglwood Lakes which lists for around $400k with almost 4,000 SF of living space. We are nervous about moving full time and are hoping that we will be making the right decision.

So here is the main question I am getting at. Do you think that a combined income of about 80 to 90K per year is enough to live comfortably up here so that we would not have to worry too much about money and maintain our current lifestyle? By this I mean taking two or so vacations per year and buying a new car every 4 years or so.

I am a teacher but recently inherited a rather large sum of money which I have invested to yield me an income of approximately 70K per year so I do not have to rush to try and secure a job and my wife is a medical transcriptionist/medical biller for an OBGYN here in NJ so I am taking in to account her trying to get a job near the Lake for a substantial pay cut. If anyone has any suggestions as to where she could look for a job in this field that would be great as well.

We really want to make this move but as you can imagine it is soo nerve racking to make the final decision to walk away from my current teaching job and move to the lake full time. I can't stop thinking about it but at the same time I get very excited when thinking about the prospect of this move so that must mean something!

I apologize again for the long post I just didn't know how to explain my situation in any shorter a way. Thank you in advance for any advice or suggestions that you have.

Its very difficult to answer your post. First of all nobody knows your lifestyle and how you live your life to answer if 80 thousand a year is enough to live on. After all everyone has their own means that they live by.

You need to first sit and crunch the numbers:
Mortgage, Insurance, Car payments, electric, cable etc. Also add in food, clothing, and entertainment. This will give you an idea if the money that you have will be enough or at least give you a planning point to start.

Good luck!

[KarenRice]

Personally, my husband and I have been very happy and comfortable with much less than 80,000 per year. We started out with SIGNIFICANLY less than that but our mortgage at the time was under $500, we had only one car payment (also less than $500). We now have no mortgage, and no car payments at all. My going back to work once all three kids were in school has certainly helped our financial situation tremendously....

We have three kids, and at our poorest we had two in diapers and qualified for med assistance for the kids but made too much for food stamps or any other kind of assistance. When our income was less than 30,000 per year, we did not have cable tv; I worked from home babysitting and bought a 2nd hand computer, I did get internet at some point: dialup for 10/month. I shopped monthly in Dickson City at Aldi and another cheap store no longer in existence - CostRite (which was like a discount ShopRite..I miss that store!).

Were we happy? Yes, for the most part. Hubby often worried because that's how he is wired. I think he would worry if we cleared six figures a year. lol. We rented movies, made home made pizza, I made my own baby food, accepted hand me downs and shopped at Salvation Army. That sounds distasteful, I'm sure, to a lot of folks used to a more affluent lifestyle....

We have cable TV now, my favorite clothes store is JC Penney but I still hit sales at Kmart and a lifetime of habit can't keep me out of Sally's....lol.

Personally, I think you can be VERY comfortable here @ an income of 80,000...though as Roxxy said, it would depend on your own lifestyle and the amount of your monthly bills. I don't have any mortgage or car payments, and only a little bit of credit card debt....

[Magritte25]

ITA with Karen. We make MUCH less than $80K and I wouldn't consider us poverty stricken. We live a very happy, comfortable life.

[KarenRice]

I think it would be very important to just plan your monthly budget and stay within it. It can be done - the thing is, a lot of people don't WANT to stay within a certain budget....kwim?

[scrantonluna]

Around here, a 400k house with 4000 sf is JP Morgan status. It's you, the
wife, and a baby, and you need how much space? With the exception of
the area immediately around the lake, which can be pricey, most 'nice'
homes in surrounding areas will be between 1500-2500 sf and cost half
of what you are looking it.

Other than that, the winters can be a little rough in that area; better opt
for the mercedes SUV instead of the coupe.

{EDIT}
Why am I even responding to this. Bargain them down to 300k and hire an
accountant/life coach with the rest. You're looking at a half million dollar
house and you are asking us nickle rate *******s on a message board financial
advice.

[swooshman]

Thank you for the replies so far with maybe the exception of scrantonluna who seems a bit angry. The house is really not that big it just has an unbelievable finished basement which almost doubles the living space. This is one of the reasons that the house is so attractive to us. I agree that staying within a budget is a very smart thing to do and I will be the first to admit that will be one of the greatest challenges. I think we are going to go for it and hopefully everything will work out for the best because it is a beautiful area to raise a family IMO!

[scrantonluna]

Always live well below your income, that's all I'm going to say. Always.

[Chefkey]

Your Wife will find a job easy here as there are many retired people who need medical attention and the Hospitals always have openings. I do think you could find a home for half of what you are willing to spend though. I would advise to look around the valley before spending that much. I have seen great houses in the Back Mountain or up in Laurel Run for under 200k.

[scrantonluna]

No, let him buy it, they need the tax revenue up there