Is 80k a reasonable salary in Orlando? (Altamonte Springs, Sanford: condo, homes)

[Pete C]

Originally Posted by miami_winter_breeze

80k a year for a family of 4?

It's enough to live. You will need to budget, and unless you have a lot of savings already, you may never save enough to buy a home.

My suggestion, have your wife work.

You are way off. 2 kids is not too many for 80K budget in Orlando if you don't have a lot of debt.

[Arcenal813]

Eh... 3 kids here, modest house with modest mortgage, and I can honestly say I think we'd be struggling on 80k/year household. Lucky for me, my wife works also, so combined we rake in significantly more. On 80k/year, we'd have to sacrifice quite a few things that I now deem somewhat essential to enjoying life.
It's certainly doable, as I have friends who support their families on less than that, but for me, I'd rather have my wife work, if at least part time.

[miami_winter_breeze]

Originally Posted by Pete C

Depends on the house payment, car payment, and other debt. If you mortgage <250K house, have no or minimal car payments or other debt, you can live quite well on that salary.

Let's say he gets a 200k house, 20% down, on a 30 year mortgage.

That's still roughly 1,200$ a month or roughly 14-15k a year.

Just in mortgage, at 20% down for 30 years. If he reduced to 10% down, or 20 year, it would go up. 20% down on a 200k home is 40k, meaning he'd need well over 40k in savings to begin with (moving costs, furniture, etc).

Let me remind you this is just mortgage, he will need to pay taxes and this is Florida, HOA. He will have insurance. We are talking something in the neighborhood of 25-30k a year on money just towards the house (mortgage + taxes + hoa + insurance).

On a 80k salary, he will probably see 60-65k after federal income taxes and necessary deductions for his family. Let's take 65k,

that leaves 35-40k a year for all other expenses, for a family of 4. That's less than 10k a year per person.

That would need to include food, clothing, health insurance, miscellaneous, probably car expenses somewhere (this is Florida).

And I haven't touched putting money aside for saving. Everyone needs to save, in case of hardship.

So basically it's doable, but it's a struggle.

[tinytrump]

depends on life style my kid makes 100K/ family of 5- between football/ school/ medical/cars, the oldest soon drives, gas food, electric Disney etc etc --adds up

[Pete C]

Originally Posted by miami_winter_breeze

Let's say he gets a 200k house, 20% down, on a 30 year mortgage.

That's still roughly 1,200$ a month or roughly 14-15k a year.

Just in mortgage, at 20% down for 30 years. If he reduced to 10% down, or 20 year, it would go up. 20% down on a 200k home is 40k, meaning he'd need well over 40k in savings to begin with (moving costs, furniture, etc).

Let me remind you this is just mortgage, he will need to pay taxes and this is Florida, HOA. He will have insurance. We are talking something in the neighborhood of 25-30k a year on money just towards the house (mortgage + taxes + hoa + insurance).

On a 80k salary, he will probably see 60-65k after federal income taxes and necessary deductions for his family. Let's take 65k,

that leaves 35-40k a year for all other expenses, for a family of 4. That's less than 10k a year per person.

That would need to include food, clothing, health insurance, miscellaneous, probably car expenses somewhere (this is Florida).

And I haven't touched putting money aside for saving. Everyone needs to save, in case of hardship.

So basically it's doable, but it's a struggle.

I hear you, but for example...my house is 165K bought during the downturn of the market back in 2012. It's a 2100 sq/ft, 4 bed/2 bath 50's rancher which was completely renovated. I put 10% down. My monthly mortgage payment is $752, my tax escrow is only $152 per month, and my yearly insurance is $1200. That's $10,848 per year. I have no HOA.

[miami_winter_breeze]

Originally Posted by Pete C

I hear you, but for example...my house is 165K bought during the downturn of the market back in 2012. It's a 2100 sq/ft, 4 bed/2 bath 50's rancher which was completely renovated. I put 10% down. My monthly mortgage payment is $752, my tax escrow is only $152 per month, and my yearly insurance is $1200. That's $10,848 per year. I have no HOA.

I overestimated the mortgage. But still, you think he's going to find a home like yours for 170k? It isn't 2012 anymore.

[Arcenal813]

Originally Posted by miami_winter_breeze

I overestimated the mortgage. But still, you think he's going to find a home like yours for 170k? It isn't 2012 anymore.

Even then, we bought ours in a similar fashion in 2009 for $169,000. 4 bed 2 bath 2 story on nearly 1 acre. Mortgage + taxes and insurance is roughly $1150/month. After cars, groceries for 3 kids, gas, extra-curricular activities for all, etc. etc., money adds up quick, kids being the main factor.
If I were single with no kids, making what I make, I'd be able to live like a king in Orlando.. Or at least make myself feel like one. With 3 kids in tow, not even close.

[uberwulu]

You'll survive, just not luxuriously if that $80k is split between 6 people.

[DCStudent]

Originally Posted by miami_winter_breeze

80k a year for a family of 4?

It's enough to live. You will need to budget, and unless you have a lot of savings already, you may never save enough to buy a home.

My suggestion, have your wife work.

I am the wife. 😉
But I get what you're saying.

[StreetSmarts]

Originally Posted by Arcenal352

Eh... 3 kids here, modest house with modest mortgage, and I can honestly say I think we'd be struggling on 80k/year household. Lucky for me, my wife works also, so combined we rake in significantly more. On 80k/year, we'd have to sacrifice quite a few things that I now deem somewhat essential to enjoying life.
It's certainly doable, as I have friends who support their families on less than that, but for me, I'd rather have my wife work, if at least part time.

Agreed. 2 kids. Not a lot of debt but a lot of bills. Couldn't live off 80k. No way but others can. Just have a budget and live somewhat modestly.