Minimum salary for single professional in DC/NoVa? (Vienna, Falls Church: apartment, insurance)

[chariega]

Originally Posted by Movinanshakin

Yeah, well; based on the job I'd be taking @ Bolling AFB, there isn't much for lunch time options in that area versus just packing a sandwich, so that's one less temptation. Car is paid for too; no need for roommates. Looking to split the difference between affordability, location and amenities - but then again, who isn't?

You'd be surprised. No hate for the DC area--I've been here for almost 8 years--BUT this is one area where keeping up with the Joneses is on MAX level. Don't be shocked when you see people early-mid 20s spending most of their salary on apartments $1600+up, high end luxury cars, clothes, and going out every night. I have known many young people maxed out at a 60k salary because of those things precisely.

YMMV, but I think you have the right idea. Keep your expenses low and you'll do fine on just about any salary. Trust me, after college my salary was pretty low (liberal arts major ) but with keeping my living expenses down, eating out minimally, and taking advantage of "free before 11," happy hour specials, travel deals, etc. I didn't miss out on anything and managed to have a balanced and fun early 20s lifestyle. As long as you resist the urge to go into debt for the sake of keeping up appearances, you'll be fine. Good Luck!

[oneasterisk]

Originally Posted by scottfs

Really depends on your debt level and lifestyle. So many people my age (later 20s) seem to have a car payment, they go out and use credit cards on things they want, etc. They want to live in the hip areas of Arlington and DC. The young people at my office go out to eat for lunch all the time. I sometimes wonder if some folks salary requirement wouldn't be so high if they had different priorities.

I sit at my desk with my peanut butter and jelly sandwich every day. I drive a 14 year old car that is paid for. My wife and I eat out once a month. No iphones, no credit cards. Then people wonder how we afford a house at our age. It's much easier when you don't spend money like crazy!

Yup I really agree it's a matter of money management and a lot of people just haven't learned. In their defense, money management isn't taught at school and a lot of parents haven't learned that skill themselves. Growing up poor I was self taught in money management. Since I didn't have a whole lot, I had to budget. It's worked well for me as I was able to buy a house with my brother when I was 23, an investment property at 29 and all my vehicles have been paid off.

55K is great salary. Hopefully your school loans and/or car loans aren't too much. Please, please budget for retirement. At the minimum put in enough to get the company matching and try to increase by 1% a year. Time is on your side so get started ASAP and before long you'll be surprised by how much it grows.

[mshan242709]

Military By Owner website

[ACWhite]

I will be the contrarian here.

IMHO, although I agree that you can survive on $60-65K in Old Town Alexandria here (which is expensive), I think you will not be happy over time, even with the types of salary increases typically received in the early 30s. If you want to save for retirement and to buy a house to stay in the area longer term, you will likely find yourself stressed and watching every penny, rather than feeling that you can go out occasionally, decorate your place, buy clothes or jewelry that you don't technically need, have cable and high speed internet, join a gym or tennis club, pay unexpected doctor or car repair bills, have pets, give gifts and contributions, travel to visit friends, etc.

You may want to use an online calculator to compare how far your salary would go where you are now versus here (with the primary driver here being high housing costs), then I would add another 10-20% costs, because it's my experience that the calculators understate the difference, maybe because they are not comparing similar commutes, e.g., you have to drive much farther here to get an 1800 square foot house in a nice neighborhood than you do in a typical mid-sized city.

A major reason for the expense here is that there are so many more professionals here than in many other places, and many of them want the same things you do and are willing to push the prices up to get them.

I think $80K+ would be a minimum for a more relaxed lifestyle for a 30-something, that also allows savings, and/or you may want to move farther away, e.g., Dunn Loring or farther west, or take a roommate. I don't mean to be a downer but rather to provide another opinion that I think is realistic. There have been other posters here who have come here as young professionals and taken what they thought were good salaries (and they were, for other areas of the country) and then found themselves very stressed about money.

[Movinanshakin]

Originally Posted by ACWhite

I will be the contrarian here.

IMHO, although I agree that you can survive on $55-60K in Old Town Alexandria here (which is expensive), I think you will not be happy over time, even with the types of salary increases typically received in the early 30s. If you want to save for retirement and to buy a house to stay in the area longer term, you'll find yourself stressed and watching every penny, rather than you can go out occasionally, decorate your place, buy clothes or jewelry that you don't technically need, have cable and high speed internet, join a gym or tennis club, pay unexpected doctor or car repair bills, have pets, give gifts and contributions, travel to visit friends, etc.

You may want to use an online calculator to compare how far your salary would go where you are now versus here (with the primary driver here being high housing costs), then I would add another 10-20% costs, because it's my experience that the calculators understate the difference, maybe because they are not comparing similar commutes, e.g., you have to drive much farther here to get an 1800 square foot house in a nice neighborhood than you do in a typical mid-sized city.

I think $80K+ would be a minimum for a more relaxed lifestyle that also allows savings, and/or you may want to move farther away, e.g., Dunn Loring or farther west, or take a roommate.

That sounds more like it. And a lot closer to what I was just offered anyway. So maybe it's more do-able than I thought. I seriously don't know how any young person coming to that area can go out every night, buy a fancy car and live in a nice place all on $60k. That sounds more like a $100k lifestyle, at least. But as many people pointed out, yes, it's got everything to do with personal financial management skills.

[ACWhite]

Movinanshakin,

Even with $100K, one couldn't afford to go out *every* night, buy a fancy car, and enjoy lots of other luxuries. Taxes and other mandated expenses take up a big chunk of $100K for a single person, and housing (esp. in Old Town) will take up another big chunk. $100K is *below* the household income for close in suburbs and probably well below the median household income in Old Town. Also, there is a much higher proportion of households headed by couples with two professional incomes than in many other cities, which again makes prices tough for people living alone. One would still need to be careful with financial management between $80K and $100K, and above.

Also, I didn't mean to presume anything about your offer--I should have worded my post differently as I was reacting to figures others were using as minima.

[Movinanshakin]

Originally Posted by ACWhite

Movinanshakin,

Even with $100K, one couldn't afford to go out *every* night, buy a fancy car, and enjoy lots of other luxuries. Taxes and other mandated expenses take up a big chunk of $100K for a single person, and housing (esp. in Old Town) will take up another big chunk. $100K is *below* the household income for close in suburbs and probably well below the median household income in Old Town. Also, there is a much higher proportion of households headed by couples with two professional incomes than in many other cities, which again makes prices tough for people living alone. One would still need to be careful with financial management between $80K and $100K, and above.

Also, I didn't mean to presume anything about your offer--I should have worded my post differently as I was reacting to figures others were using as minima.

I agree - your post is more or less as I expected the situation to be. I'm just flummoxed that anyone would even try to "live the life" at $60k-ish. I guess that might explain the sheer number of roommate situations in the area, most of which are young females seeking the same, a lot of which are starry-eyed interns fresh out of college, moonlighting as pay stub inspectors and earning far less than $60k.

[chariega]

Originally Posted by Movinanshakin

I agree - your post is more or less as I expected the situation to be. I'm just flummoxed that anyone would even try to "live the life" at $60k-ish. I guess that might explain the sheer number of roommate situations in the area, most of which are young females seeking the same, a lot of which are starry-eyed interns fresh out of college, moonlighting as pay stub inspectors and earning far less than $60k.

hey don't diss the pay stub inspector!! lol

but there are many others in more "lucrative" jobs like IT and law who are living paycheck to paycheck. I know because I've rented rooms to plenty of them as a landlord. Sad, but true!

[Movinanshakin]

Originally Posted by chariega

...but there are many others in more "lucrative" jobs like IT and law who are living paycheck to paycheck. I know because I've rented rooms to plenty of them as a landlord. Sad, but true!

Law..... lucrative......

Bwhahahahahaha! Had to pick myself up off the floor after that one! Ever talk to a non-baby boomer attorney? Ask about their student loans vis-a-vis their 'big shot' law job. I guess old reputations about well-off professions die hard.

[scottfs]

Originally Posted by Movinanshakin

I agree - your post is more or less as I expected the situation to be. I'm just flummoxed that anyone would even try to "live the life" at $60k-ish. I guess that might explain the sheer number of roommate situations in the area, most of which are young females seeking the same, a lot of which are starry-eyed interns fresh out of college, moonlighting as pay stub inspectors and earning far less than $60k.

Another explanation for some young people's spending habits is that many of the younger people I know in this area have parents with gobs of money who are willing to pay for a lot of their kids' lifestyle. I personally know people my age who work work FT, maybe they make $60k, but mom and pop are still buying them nice cars, and giving them some sort of allowance. I know a guy who is 22, and he makes $45k working in Falls Church, yet he is living in Clarendon in an apartment instead of at his folks' house in Vienna. Doesn't really make any sense to me. Of course this isn't universally true, but I see it a lot in this area.