Possibly moving, see if you think these COL numbers work out to what you think (Arlington: sale, new home)

[rpe290]

I have run the COL increase numbers I would need to "break even" in NOVA--this is taken into account a smaller commute house or TH of 450k. From coming in from the low COL midwest, making ~100k here, it looks like I would need to make at least 126k-130k in NoVa--mostly for housing, so if you felt you needed more house than I stated, it would obviously go up.

Does this sound about right? Just looking to be comfortable, and not worry about a little bit of spending is all (family of five). Currently fully own my house in midwest, but only worth about 200k on sale or so- so would have to finance a new one there in VA.

Thanks!

[Old Guard]

I think that if you are making 100K in a low COL area that you are better off than making 136K in the immediate DC area if you are happy there. But you need to make that decision.

[rpe290]

Originally Posted by Old Guard

I think that if you are making 100K in a low COL area that you are better off than making 136K in the immediate DC area if you are happy there. But you need to make that decision.

If it helps, I won't have to be in the "immediate DC area" like Alexandria or Arlington at all (that would be a distinct no). Dulles airport area for work. (so a little lower COL)

Thanks!

[Old Guard]

Originally Posted by rpe290

If it helps, I won't have to be in the "immediate DC area" like Alexandria or Arlington at all (that would be a distinct no). Dulles airport area for work. (so a little lower COL)

Thanks!

I think this is a huge difference. Certainly doable but I would think long and hard about the lifestyle you have now and what you would lose.

Do not get me wrong, I love the area, 130K would be good but depending on where you are now there is a possibility I would rather make less and be there just because I feel you are probably a big fish in a small pond as opposed to a normal fish in a big pond.

Please do not take this as a personal insult or an insult to where you live now. I just believe that if I could make 40K less than I do now and live in some areas the I could possibly be better off.

[rpe290]

Originally Posted by Old Guard

I think this is a huge difference. Certainly doable but I would think long and hard about the lifestyle you have now and what you would lose.

Do not get me wrong, I love the area, 130K would be good but depending on where you are now there is a possibility I would rather make less and be there just because I feel you are probably a big fish in a small pond as opposed to a normal fish in a big pond.

Please do not take this as a personal insult or an insult to where you live now. I just believe that if I could make 40K less than I do now and live in some areas the I could possibly be better off.

Thanks, I appreciate the opinion! (no insult taken!)

[GlobeGuy]

One thing I want to add to what Old Guard has said, remember that when it comes to Tax breaks government doesn't care if you are living in a high COL area. You may start losing tax breaks you enjoyed at around 100k once you start making more in a high COL area.

[rpe290]

Originally Posted by GlobeGuy

One thing I want to add to what Old Guard has said, remember that when it comes to Tax breaks government doesn't care if you are living in a high COL area. You may start losing tax breaks you enjoyed at around 100k once you start making more in a high COL area.

I don't think I get much more than kids written off and std deduction, I should look into when those get dropped off...

[Fallout Zone]

In my view, there are two main costs that come from living in a major urban center (like the DC area) vs places like the midwest: 1) Housing, 2) Child care. Other things can be more expensive (hiring an electrician, going out to a nice restaurant), but those are in the weeds compared to 1 and 2.

[rpe290]

Originally Posted by Fallout Zone

In my view, there are two main costs that come from living in a major urban center (like the DC area) vs places like the midwest: 1) Housing, 2) Child care. Other things can be more expensive (hiring an electrician, going out to a nice restaurant), but those are in the weeds compared to 1 and 2.

Housing is obviously #1 on my list of things to worry about!...I own my current home outright (around 200k or so rough guess) so after applying that to new home, the hit should be much less, but its still a pain in the butt to wait/sell and do all that...

Child care is 0 here and there (stay at home mom)

I am seeing the car tax is a big # in Virginia and state income tax is something to consider too. Nothing HUGE but on the bigger side.

Thanks!

[Fallout Zone]

Originally Posted by rpe290

Housing is obviously #1 on my list of things to worry about!...I own my current home outright (around 200k or so rough guess) so after applying that to new home, the hit should be much less, but its still a pain in the butt to wait/sell and do all that...

Child care is 0 here and there (stay at home mom)

I am seeing the car tax is a big # in Virginia and state income tax is something to consider too. Nothing HUGE but on the bigger side.

Thanks!

The states will get you one way or the other, so the tax issue feels like mostly a wash to me. VA income taxes aren't onerous. Property tax rates are low compared to some areas, but because the housing is so expensive they end up pretty significant. And yes, the dreaded car tax. So, the car tax is very much tied to the age of your vehicle. I have an '04 Mazda that I barely pay anything on (tax + license fee ~$50). I also have a '14 Honda that is more like $450, but is now coming down each year with depreciation. So, factor that in, especially if you have newer, more expensive cars.