Is it possible to support a family in Philadelphia area on $99,000 income (York: apartment, renting)

[dsclaw88]

I am 29 years old and currently finished my two years of training in Michigan and can now work anywhere within the continental US for my job. My girlfriend and I have been talking and we have decided on the Philadelphia area. It is close enough to our family (all located in NY metro area, Long Island for those who are familiar) but far enough away to not feel obligated to come to all the family events.

I currently make 95k income, but in May it will raise to 99.5k. After that each year it should raise about 2k and eventually max out at 120k. I have no debts.

My girlfriend has a degree in education and certificates to teach in New York, but isn't really interested in getting certified in pennsylvania (requires several tests) and will pursue alternate jobs which prefer education degrees (some sort of training and development is the idea). She also just finished paying off all her loans.

My take home after taxes , my 401k (roth) contribution, and various insurances (medical/dental) is approximately $5000 a month.

1) Coming from NY, where my salary would not be sufficient to support both of us, is my salary sufficient to support the two of us?

2) Also what areas suburbs/city districts would you recommend for someone in their late 20's soon to be thirties.

I know central city and society hill are the best areas, but we are not opposed to be in safe area proximate to center city. Friends in the area have recommended Manayunk or Fishtown.

For Suburbs, we would want to be in a good school district. I know Lower Merion and the Wayne area are reknowned for schools. Are there any less expensive suburbs with a good school system?


3)Also would this salary be enough to support a child?

Thanks for the help.

[1ondoner]

It's enough if you can buy a home that you want, grow your savings and/or pay off your debts.

[cpomp]

Its enough for a family to live in a good school district.


Will you be in a gorgeous home in Wayne or Society Hill, no.

[dsclaw88]

Thanks for the help guys, if you have any suggestions on suburbs outside of wayne and lower merion that would be appreciated. Also any other areas to consider within the city. My girlfriend always wanted to live in the city, everytime we are walking around NYC she always mentions how much fun it would be able to walk around and just try new things all the time.

[cpomp]

Originally Posted by dsclaw88

Thanks for the help guys, if you have any suggestions on suburbs outside of wayne and lower merion that would be appreciated. Also any other areas to consider within the city. My girlfriend always wanted to live in the city, everytime we are walking around NYC she always mentions how much fun it would be able to walk around and just try new things all the time.

Where exactly will you be working? That would help narrow down suburbs.


As for the city, there are many options:
Manayunk
Northern Liberties/Fishtown
Center City (several neighborhoods within CC)
University City/West Philadelphia
Fairmount/Spring Garden
Queen Village
Pennsport
Point Breeze
East/West Passyunk
South Philly in general
Chestnut Hill (more like a nice suburb)


I'm sure other posters can help the specifics, but that batch is a good starting point. Each neighborhood is unique with different offerings, if you any specifics of what you want in a neighborhood that would help.


For example, Fishtown is very artsy and turning to a hot spot for a young, well-off, hippy crowd, whereas Manayunk is a lot of very young 20 somethings fresh out of school.

[dsclaw88]

Oh I work from home, so location does not matter to me.

As far as what I am looking for from Philadelphia, just something similar to NYC in that I can walk around safely and check out a bunch of boutique shops and little new restaurants/bakeries. It also would be nice if its close (within relative walking distance ~ a mile or so) to some sort of large green space park.

[kyb01]

Originally Posted by 1ondoner

It's enough if you can buy a home that you want, grow your savings and/or pay off your debts.

The OP mentioned they are debt free...at least they are right now.

[kyb01]

Originally Posted by cpomp

Where exactly will you be working? That would help narrow down suburbs.


As for the city, there are many options:
Manayunk
Northern Liberties/Fishtown
Center City (several neighborhoods within CC)
University City/West Philadelphia
Fairmount/Spring Garden
Queen Village
Pennsport
Point Breeze
East/West Passyunk
South Philly in general
Chestnut Hill (more like a nice suburb)


I'm sure other posters can help the specifics, but that batch is a good starting point. Each neighborhood is unique with different offerings, if you any specifics of what you want in a neighborhood that would help.


For example, Fishtown is very artsy and turning to a hot spot for a young, well-off, hippy crowd, whereas Manayunk is a lot of very young 20 somethings fresh out of school.

OP, substitute the Graduate Hospital neighborhood for Point Breeze. Point Breeze still has a lot of transitioning to do.

[Kevin1813]

Spruce Hill has a good school district and is within city limits. Your budget could get a nice 2 bedroom apartment if you're looking for that.

[cpomp]

Originally Posted by dsclaw88

Oh I work from home, so location does not matter to me.

As far as what I am looking for from Philadelphia, just something similar to NYC in that I can walk around safely and check out a bunch of boutique shops and little new restaurants/bakeries. It also would be nice if its close (within relative walking distance ~ a mile or so) to some sort of large green space park.

Sounds like Center City then. Washington Square West, Old City, Rittenhouse. Lots of shopping, dining and unique offerings. Those are the most expensive neighborhoods though, so obviously renting is the best way to start. Only issue with the city is the overall terrible public schools.


You could opt for suburban communities with a downtown, but they may be too quiet if you are looking for a NYC vibe.