Fairfax County Poll: Single Income vs Dual Income (condo, mortgage)

[05c6400]

Just curious which is greater single or dual income families in Fairfax County.

[05c6400]

Interesting... thought it would be the other way around...

[becwells]

Originally Posted by 05c6400

Interesting... thought it would be the other way around...

I thought so too! I have no idea how folks can afford to live in this area on just one income. That one income must be pretty damn high.

[SteelCityRising]

Originally Posted by becwells

I thought so too! I have no idea how folks can afford to live in this area on just one income. That one income must be pretty damn high.

Not necessarily. I'll only be earning a starting salary in the low-$40,000 range when I relocate to Fairfax County from Pennsylvania in a few months, and I've already designed a budget that, while slim, is most definitely plausible. Not everyone has to drive an Audi or live in a McMansion just because the "Jones's" do.

[becwells]

Originally Posted by ScranBarre

Not necessarily. I'll only be earning a starting salary in the low-$40,000 range when I relocate to Fairfax County from Pennsylvania in a few months, and I've already designed a budget that, while slim, is most definitely plausible. Not everyone has to drive an Audi or live in a McMansion just because the "Jones's" do.

Fair enough. I was thinking along the lines of folks who own instead of rent, and who have families instead of being single, which is the point of the poll (supporting a family that is, not owning a house).

We don't live in a McMansion, nor do we drive an Audi, but we do pay a mortgage on a place that is fairly "cheap" by NoVA standards, and living on just one income would be hard. It would be doable, but pretty hard.

[oneasterisk]

It's only 9 votes, I hardly think that's a compelling stat at this point

This region, not only in FFX there are a lot of high earners. I wouldn't be suprised if there are a lot of stay at home spouses. My buddy is a fed employee and his wife stays home with his two kids. They live in a nice townhome purchased in 2005 and they both drive newer hondas. He used to have a BMW, but when it got totalled he got a hybrid instead.

Heck, I didn't finish college and my hourly rate is much greater than my age in years. My buddy and I have always said, that as long as you can keep that rate going, you can live a very comfortable life. For example, if you are 25, and you can make $25.00 an hour and work a 40 hour week. You are making $48k a year. Depending on your lifestyle, that rule may not work but not everyone has to drive an expensive car or live in a lavish home.

[SteelCityRising]

Originally Posted by oneasterisk

It's only 9 votes, I hardly think that's a compelling stat at this point

This region, not only in FFX there are a lot of high earners. I wouldn't be suprised if there are a lot of stay at home spouses. My buddy is a fed employee and his wife stays home with his two kids. They live in a nice townhome purchased in 2005 and they both drive newer hondas. He used to have a BMW, but when it got totalled he got a hybrid instead.

Heck, I didn't finish college and my hourly rate is much greater than my age in years. My buddy and I have always said, that as long as you can keep that rate going, you can live a very comfortable life. For example, if you are 25, and you can make $25.00 an hour and work a 40 hour week. You are making $48k a year. Depending on your lifestyle, that rule may not work but not everyone has to drive an expensive car or live in a lavish home.

Exactly. You'd be surprised how many of my 22-year-old college-graduate-to-be peers are already planning to purchase their first luxury vehicles while I simply just try to work out a feasible budget that will leave me with enough left over to perhaps dine out once a week (that's really not much to ask), see an occasional movie, and pay off my student loan debt. I hate to sound nasty, but I hope our current recession worsens. Not enough people have a "reality check" yet, and I suppose this is my inner-accountant rearing its ugly head---until people start learning how to live within their true means instead of relying upon plastic or contingencies to justify purchases they would otherwise be unable to afford, then they deserve to keep on failing.

I may be a social liberal, but when it comes to finances I'm quite the polar opposite. The mortgage bailout enraged me from the very beginning. I've grown up watching my dually-employed parents pour their hearts and souls into their jobs just to keep a roof over our family's heads. Then I see how people who knew that it would be a "gamble" purchasing a home that was multiple times their net salaries with no money down and adjustable rates (i.e the "sub-prime folks") and getting BAIL OUTS to keep these rooves over their heads. Why? This nation is starting to reward people for being fiscally moronic, and I don't encourage that in the least bit.

[terrence81]

Originally Posted by ScranBarre

I hate to sound nasty, but I hope our current recession worsens. Not enough people have a "reality check" yet, and I suppose this is my inner-accountant rearing its ugly head---until people start learning how to live within their true means instead of relying upon plastic or contingencies to justify purchases they would otherwise be unable to afford, then they deserve to keep on failing.

Wow. If you hate to sound nasty then why do it? That is a really ugly thing to write when so many people are losing their jobs and going without. While everyone should live within their means, does it really matter if they don't if you're doing what you're supposed to do? If I want to go nuts at the mall and drive a car I can't afford let me and you do you.

At the same time I would say that now that I'm without the credit cards I'm surprised how comfortable one can still be without going to the mall and traveling all the time. So I see the point but to say people should continue losing jobs and money is just mean.

[becwells]

Originally Posted by ScranBarre

This nation is starting to reward people for being fiscally moronic, and I don't encourage that in the least bit.

I don't agree with this at all. Do you honestly think that these people who are about to lose their homes, who are filing for bankruptcy, who can't afford to feed their families, are being rewarded?? Seriously? They're being helped, in an attempt to better the country. I guarantee they don't see the bailout as a "reward", and I doubt they will make the same mistakes again. They're on the brink of losing EVERYTHING, and by some miracle they've been offered a helping hand - I think the majority of those folks will learn from this, be eternally grateful for the help, and come out of this a little bit wiser.

Good for you for being so financially savvy, but there's no need to kick them while they're down.

As for the whole, "make the equivalent of your age in dollars" thing - sure, that may work for a single person. But if you have a family (and the poll did ask about single vs. dual-income families), I don't think that's going to cut it in this area.

My husband is 30 and I'm 25, so using your logic we should be able to easily survive on $114k a year. Which is fine, perfect, as long as we're both working. Sure, we could only afford a 2-bdrm place, probably a condo or a townhouse far from where we work (close to the city), which would add commuting expenses and the stress of being away from home for 11+ hours a day. Throw a kid in the mix, and you're supporting 3 people on $114k...another kid and you're SOL. The cost of childcare/food for 2 kids would all but wipe out one of those salaries, so you're essentially paying all your bills (mortgage, car, utilities etc) and entertainment money out of one, $60-$70k salary.

[leighland]

Originally Posted by becwells

My husband is 30 and I'm 25, so using your logic we should be able to easily survive on $114k a year. .

You can well afford NOVA on that income with 2 kids if you rent. And they share a room.