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Old 06-29-2007, 01:36 AM
 
4 posts, read 13,317 times
Reputation: 10

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helo everyone. my wife and i are thinking about moving to reno from hawaii. we will have a huge paycut ( abot 30%) but we will move closer to family. our net income will be about $ 4400 a month but we will also buy a home. we think our mortgage will be about $1800. this leaves us with $ 2600. does it suffice for a family of 3? we do not spend lavishly but we like to travel. will we save any money? we just can't decide if this is the right move. any help is appreciated
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Old 06-29-2007, 07:47 AM
 
Location: CA Coast
1,904 posts, read 2,441,300 times
Reputation: 350
A very rough approximation of mortgage vs house is that each thousand of mortgage equals 100,000 of home, based on that you can afford a $180,000 home.

Remember that is an approximation. You need to check with Reno Realtors, but a $200,000 home in Reno may be tough to find in a decent neighborhood.

Also, check Fernley, a tad cheaper and within commuting distance to Reno.

We have friends currently moving from Reno to Hawaii, they got tired of the winters, which aren't bad, unless you are from Hawaii

Speaking for our experience, Reno is less expensive to live in than Hawaii, but $4,400 will be tight, doable but tight. If you can let us know your lines of work, there may be other communities which would work better.

I rate Elko much higher than Reno.
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Old 06-29-2007, 10:07 AM
 
4 posts, read 13,317 times
Reputation: 10
my wife and I are both nurses. we calculated our net income after subtracting taxes(22%) and 401K (15%)and childcare ($700 month) we'll be making about $28/ hour. as for the house we figured we could afford a $250K home. after the downpayment the mortgage will be about $1800. it seems to me that $4K a month is a bit tight but i don't know much about the cost of living. are our calculations correct?what is the net income of an above average household?thanks
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