How much do you need to make to live in Windsor Farms? (Richmond: mortgage)

[AnglicanPrer212]

What would a family's houshold income need to be to do these things in Richmond?
1. Buy a home in the Windsor Farms nighberhood
2. Join the Country Club of Virginia
3. Send kids to Collegiate or St. Chris
4. Shop at the Fresh Market for food
Would 250k a year be enough to do all of these things?

[STEVEN 1]

Hey everbody, how much would one need to make in order to have these things:
1. Own a NASCAR Team.
2. Purchase a Corporate Jet.
3 . Live in a home twice the size of what I actually need.
4. Drive an Audi.
5. Make 4 trips a day to Starbucks.
6. Pawn my kids off on nannys and summer camps so I dont have to face responsibility.

[_Mario]

Yeah, I did it, until i moved to Northern Virginia, now Las Vegas.

[BicoastalAnn]

There seems to be some price variation there so I'd say a house at ~$800k is doable but tight on $250k/year. I'd want to have significant savings just in case someone is laid off or has a medical emergency. I personally wouldn't buy a $800+ home on that salary even without the country club and private school but I don't value a beautiful home as much as most (there are plenty of beautiful homes below that range).

[sls76]

If you have to ask, you can't afford it.

I know someone who does most of these (different country club but still very pricey). My guess is their income is north of $300 K (surgeon).

It depends on oodles of factors including net worth.

Also some people live way better on $250,000 than others who make $350,000 because they manage their money better.

[richmondpics]

Do you have a trust fund?

[Perryinva]

There are a handful of homes in the 800k range in WF. Most are well above that. If you (like many many there) bought in 20-30 years ago, you can live nicely on $300k, and cover much on that list. Not sure about VCC, though To get in NOW, more like $500k. Taxes alone on a $1M home will be $14-16k/yr. The homes closer to the river or A$hcroft & Virginia house are a few mil. So how much do you have to make to be comfortable paying $30 or 40k a year in property tax?

[burtonrider3889]

This question is so general I don't know how you would answer it. Are you sitting on hundreds of thousands of dollars? Did you just land a good job? Did you inherit some money? How many kids do you have? You are all over the place with that question. You could be looking at a $10,000 mortgage payment give or take. So $120k a year there. Then say two kids in Collegiate-$35k a year. Country Club of VA-I'm not sure of the cost monthly, but just the upfront cost is probably north of $50,000. Let's just say you spend over $20k a year there. I find it odd Fresh Market is even listed in there, but lets say you spend $12,000 a year on groceries. All of that is close to $200k. Then you have taxes to pay, so really you would need over $260k just to break even. Then what about savings, retirement, vacations, upkeep, automobiles, etc? I'm saying $400,000+ as a starting point if you don't have lots of money stored.

You would need over $300,000 in cash just for down payments and up front membership costs most likely. The more I type the dumber this question gets.

[quanva]

My guess would be 4-500k a yr to be comfortable

[spencer114]

why would you want to live there?

Its pretty but not nearly as interesting as many other neighborhoods in the city.