Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We're a family of 4 who lived on $55,000 until my husband was laid off. We own a home in Garner. We have a great mortgage rate on a descent 3 bedroom house. It's cheaper than rent. We don't have a lot of debt....2 credit cards and we don't use them that often. We vacation at least twice a year. We eat out a couple of times a month, our kids play recreational sports. We eat local when we can and eat mostly whole foods. We have a good life. We're not in the business of keeping up with the Joneses. You see a lot of that around here. Just because you have a job in Cary, doesn't mean you have to live there. It's a nice place to live--a lot of people describe it as vanilla. There are a lot of great towns surround Cary that are cheaper and are great places to live.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,775 posts, read 15,776,851 times
Reputation: 10880
My question to you would be, "is that your expected salary for a long time or do you think it will increase?" I think you can get by on that as many people have said, but I worry that if that is the level you will stay at whether you will be able to build up savings over time. If you want to retire, you should be putting money away each month for that. I don't think that will be possible at a $50K salary. Or if you want to contribute to your kids' college fund, that may also not be possible. So, while you might be able to get by with that salary, you might not be able to thrive unless you think your compensation will increase as time goes by or if your wife will be acquiring a job after the kids are in school.
The other question is, "what is the alternative?" Are you working now? Are you making a similar salary? Moving is expensive, and the question should really be considered in context of your current situation. If you are currently unemployed, then $50K here is a good opportunity. If you are currently making an okay salary in Augusta, then you might be worse off here, financially.
Lastly, I think some depends on the benefits. Healthcare insurance can be a big part of someone's budget. If this company offers generous benefits, then it would be a lot more doable than if you have to buy health insurance, which can be $500 per month for a family of 4.
The single largest variable in costs will be real estate related.
Small offsetting variances aside... all the other stuff is pretty much the same everywhere.
---
As to the question of how much is enough anywhere...
anything less than $60,000 has your family of 4 in statistical poverty.
No it isn't. $50,000 is the statistical median (average) number of income.
"Middle Class" is about a lifestyle... not a number.
Quote:
...you won't be living high off the hog, but you'll be able to eat, stay warm, put gas in the car.
If you consider that a description of a middle class life...
or the standard of what makes life for the average Americans should be ...
then good luck to you.
I was recently offered a job in Cary earning 50k. From the research I've done, I'm concerned that's not enough to support a family of four. Do you think my worries are well-founded? We'd want to live in a 3br house or townhome where there are good schools for our kids. Thank you for your input.
Before we get any further off-track, a reminder that ^^ this ^^ is the thread topic.
No it isn't. $50,000 is the statistical median (average) number of income.
"Middle Class" is about a lifestyle... not a number.
I don't think you caught my sarcasm...
Back to the thread at hand. I know a family of five living off of $42k (pre-tax) a year in Durham. They own a $180,000 house down in Woodcroft, which they got a good deal on in 2009.
They do just fine. The kids aren't in day care, because the mom stays home (hence the $42k a year limitation). But, they live the lifestyle they want. No need to go out to eat too often, because you have 3 kids under 5. It all depends on your expectations, but know that plenty of families live on $50k or less a year.
That family of four budget with $400/month for food seemed tight to me. Our food bill is at least twice that and we garden so have blueberries, raspberries, lettuce, herbs, peppers, eggplants, and tomatoes six months out of the year. We rarely eat out, and when we do it is with Groupon or Living Social coupon.
$400/month for groceries seems tight? You should try having to eat on it!
To OP: If you're living paycheck-to-paycheck now, it's a losing proposition for you unless you can ramp that salary up pretty quickly. If you're relying on savings to move, consider all the deposits you'll need to pay out for housing/utilities, as they quickly add up.
A 2BR/2BA apartment at Westover Hills, your cheapest multi-family complex option near I40/Harrison Ave rented for $989 two years ago when we left. Farther down Harrison Ave are some older, less expensive apartment options, and there are a handful of houses up and down Harrison that I know are rentals, and they run in the neighborhood of $1200 like ours does. I doubt you'll find rental homes off Weston Parkway (the first major intersection off I-40) that come anywhere near that price.
I'm from NJ, and have an opportunity to work for THE SAME company in Durham, NC.
And making a 50K salary, + some commissions and benefits.
Deal?, or no deal? Any toughts will be really appreciated as I need to communicate my decision soon.
PS: my family is from there, so I will be closer to my mom, brother, etc...
And wifey is OK with the change....
I also think NJ housing is way to high: too much for something too small and too old.
I'm from NJ, and have an opportunity to work for THE SAME company in Durham, NC.
And making a 50K salary, + some commissions and benefits.
Deal?, or no deal? Any toughts will be really appreciated as I need to communicate my decision soon.
PS: my family is from there, so I will be closer to my mom, brother, etc...
And wifey is OK with the change....
I also think NJ housing is way to high: too much for something too small and too old.
How big is your immediate family? Are you the only one working?
__________________
When in doubt, check it out: FAQ
I'm from NJ, and have an opportunity to work for THE SAME company in Durham, NC.
And making a 50K salary, + some commissions and benefits.
Deal?, or no deal? Any toughts will be really appreciated as I need to communicate my decision soon.
PS: my family is from there, so I will be closer to my mom, brother, etc...
And wifey is OK with the change....
I also think NJ housing is way to high: too much for something too small and too old.
Of course you can live on that. This is an old thread but I think I asked it before, where does everyone who works in retail making $9-$15 an hour live... this is the lands of malls and people who work there have to live somewhere. If they are able to get by, at $50K a year (no kids?) you'll be fine. If you are making the same right now in Jersey you'll do even better.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
