What's considered a real, nice income in this area? (Arlington: apartment, car insurance)

[vauser]

We are happy with our lifestyle and what we make, but clearly, almost everyone we know lives in a bigger (aka, better?) home & drives equally nice cars (or perhaps, even better). Of course, they don't seem to shop or eat out as much as we do, but I am just curious to know what professionals and dual-income families actually MAKE in this area.

Is $200K/year considered a phenomenal income, or is it JUST on par with the general community?

[kutra11]

Originally Posted by vauser

We are happy with our lifestyle and what we make, but clearly, almost everyone we know lives in a bigger (aka, better?) home & drives equally nice cars (or perhaps, even better). Of course, they don't seem to shop or eat out as much as we do, but I am just curious to know what professionals and dual-income families actually MAKE in this area.

Is $200K/year considered a phenomenal income, or is it JUST on par with the general community?

It really depends on the neighborhood/community. I live in the part of Oakton where the houses are priced from $700K to $1.5M, and based on what my neighbors (and we) do, I would guess that the net income must be around $300K - $400K/year. Also, different people have different needs and/or different priorities. While we drive a BMW and a Lexus, my neighbors down the street (who definitely earn more than us) have a Toyota and a Nissan. I wouldn't necessarily make a judgement based on what people drive unless we are talking Jaguars, Porsches and other high-end cars.

[vauser]

$400K/year. My goodness. Am I in the wrong profession or what?! :-( Should I assume that the communities you are speaking of have more self-employed folks (entrepreneurs)? I didn't even know regular jobs paid that high. But, it is nice to know there are some really rich folks around!

[Azmordean]

It all depends. Yes, median incomes here are much higher than elsewhere in the country, but yes, 200K a year is still very high.

I am a single young professional making about 66K a year. I drive a new car (and a nice one at that, loaded VW GTI), and recently closed on my own condo in an excellent area (Fair Oaks / Fair Lakes area of Fairfax County). I eat out regularly, contribute to my 401K and IRA, and enjoy travel. I do have a roommate, which will net me about 10K per year.

What you "need" to live here is much overblown. People on these forums would have you believe I am poor and that you need 300K to be comfortable. Yes, you need more than I make if you have a family, but the salary requirements I see thrown around on here are overblown.

While 200K a year may not be as terribly uncommon here as it is in cheaper areas of the country, but it's still a lot of money and is more than the norm.

[NOVA_almost_native]

Originally Posted by Azmordean

What you "need" to live here is much overblown. People on these forums would have you believe I am poor and that you need 300K to be comfortable. Yes, you need more than I make if you have a family, but the salary requirements I see thrown around on here are overblown.

While 200K a year may not be as terribly uncommon here as it is in cheaper areas of the country, but it's still a lot of money and is more than the norm.

Very good points. Seven years ago, I was single, making $38,000 a year--and living alone in a very nice apartment in Herndon. (It helped that I had decent savings for a twentysomething and no debt at all at the time.) I did not worry about money (although perhaps I should have, as I would have more saved now if I had)--I had a car and an apartment, and that was all I cared about at the time.

I agree that the numbers cited on this forum are sometimes overblown. You do not need to make $200K, or anything like it, to live reasonably well here. According to the USDA, the median household income in Fairfax County was $102,325 in 2009. (In Arlington, it was $92,703.)

So, to directly answer your question, vauser, yes, I'd consider $200K to be a pretty phenomenal household income and definitely not the norm, but I'm not in a high-earning field. If I were, maybe would seem more normal. And households earning more than $300K may be composed of entrepreneurs, but around here, they're more likely to be lawyers, doctors, lobbyists, or executives.

[stp_fan]

Originally Posted by Azmordean

It all depends. Yes, median incomes here are much higher than elsewhere in the country, but yes, 200K a year is still very high.

I am a single young professional making about 66K a year. I drive a new car (and a nice one at that, loaded VW GTI), and recently closed on my own condo in an excellent area (Fair Oaks / Fair Lakes area of Fairfax County). I eat out regularly, contribute to my 401K and IRA, and enjoy travel. I do have a roommate, which will net me about 10K per year.

That's....a lot of debt for someone only making $66k a year. Are you sure mom and dad didn't contribute to anything?

[ChristineVA]

My husband and I, together, gross about this much. However, after maxing out our 401Ks, having one kid in college, paying commuting costs to work, one car payment (but 2 kids on car insurance), we don't feel "phenomenal" at all. I even live in Woodbridge with a $1400 mortgage. No debt though.

[CAVA1990]

Probably a good guide would be to take the price you paid for the house you live in or would pay to to buy one you want and divide that by 4.

[Blanca29]

Originally Posted by vauser

$400K/year. My goodness. Am I in the wrong profession or what?! :-( Should I assume that the communities you are speaking of have more self-employed folks (entrepreneurs)? I didn't even know regular jobs paid that high. But, it is nice to know there are some really rich folks around!

Most people make that. For example take a lawyer and DC area has tons of them. Starting salary for a 25 year old out of a good law school (top 15) is $160K with biglaw paying $20K+ bonuses. Good MBA programs have starting salaries of $100K. Two professionals in their 30s can easily make $400/year

[CAVA1990]

Originally Posted by Blanca29

Most people make that. For example take a lawyer and DC area has tons of them. Starting salary for a 25 year old out of a good law school (top 15) is $160K with biglaw paying $20K+ bonuses. Good MBA programs have starting salaries of $100K. Two professionals in their 30s can easily make $400/year

B.S. Most people DON"T make that, even here. 99% of people don't go to good law schools. If it were true, the median home price would be about $1.5 million. I haven't looked lately but it's considerably below that. If people living off the government do start making that on average, even I'll be joining the tea party.