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Old 06-14-2012, 07:54 PM
 
Location: Santaluz - San Diego, CA
4,301 posts, read 4,007,277 times
Reputation: 1745
I agree with the numbers above. But again, the big wildcard factor is the number of kids you will end up having.

My approach to San Diego was instead of moving out here earlier in life (like in my early 20's out of college) was to delay that instant gratification and move to less glamorous cities instead where I could build up more of a real career and make a lot more money and then the idea was to always move to a more desirable city more financially stable with a bigger net worth and absolutely no debt at all.

That worked out well and I'm so glad I did it that way looking back.

But it's still relative based on what kind of lifestyle you live here and how much you spend. I do think there is a higher amount of people living paycheck to paycheck in San Diego vs. other cities.

And much just depends on your personal situation. For example, if you work for someone else, if you own your own company, etc. For example, just on individual medical coverage we spend almost $1,400 per month now insuring myself, wife and 2 kids. Although our house is completely paid off, the property taxes on it and HOA are more than most people pay just renting their properties in San Diego. So everything is all relative on your spending habits and personal situation.

The numbers the posters above are mentioning sound about right to me, especially when you factor in contributions towards retirement, which should be an important part of the picture and budget.
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Old 06-14-2012, 08:36 PM
 
Location: Ocean Beach, San Diego
1,470 posts, read 1,634,991 times
Reputation: 549
Quote:
Originally Posted by earlyretirement View Post





My approach to San Diego was instead of moving out here earlier in life (like in my early 20's out of college) was to delay that instant gratification and move to less glamorous cities instead where I could build up more of a real career and make a lot more money and then the idea was to always move to a more desirable city more financially stable with a bigger net worth and absolutely no debt at all.

That worked out well and I'm so glad I did it that way looking back.

But it's still relative based on what kind of lifestyle you live here and how much you spend. I do think there is a higher amount of people living paycheck to paycheck in San Diego vs. other cities.
........

The numbers the posters above are mentioning sound about right to me, especially when you factor in contributions towards retirement, which should be an important part of the picture and budget.
I agree with all of this...as I have mentioned in many a thread. That is certainly the case for us. We were glad to move here debt free and with a job in hand (for spouse, for me that was another story!). I'd hate to come here young and struggling and either stay in financial crisis forever or have to leave to survive.
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Old 06-14-2012, 08:57 PM
 
157 posts, read 205,607 times
Reputation: 49
alrite well first of all, i definitely wouldn't move here if i knew what i was getting myself into. this part is complicated but i can say that we needed to move. it was a bad time in my life and my mind wasnt right so i took someone else's advice who was already living in san diego. we decide to move to san diego, but he wanst completely honest about a few things.

i dont wanna give a bunch of info like how much i want my retirement, would i be needing loans, how much i'd spend on my kids, etc. im only 23 years old so i dunno much about that stuff. but uhh, i guess what i basically wanna know is what would be the average annual income needed for a couple with 2-3 kids to live in a house in san diego comfortably in those areas i listed in my op. for most people who live here, what would everything average out to?
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Old 06-14-2012, 10:24 PM
 
Location: Santaluz - San Diego, CA
4,301 posts, read 4,007,277 times
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I've posted this several times but the best and only way to figure out what YOUR numbers would be is to add it all up on an excel spreadsheet. This list below includes every possible expense you might have. Obviously it's going to differ from family to family. Us personally even having our mortgage completely paid off we still spend over $10,000 per month with 2 young kids on actual expenses. But this will fall a bit once they are out of pre-school and in Kindergarten. Pre-school is fairly expensive here at around $1,000 per month per kid.

And "only being 23 years old" shouldn't preclude you from learning basic principles of understanding how much income comes in each month and how much in expenses goes out each month. That's the very basics of what EVERYBODY should be doing and figuring out. Time flies by so very quickly. 23 turns into 30 which turns into 40 which turns into 50. It all goes by so quickly and if you don't start planning for it at your age...it's too late later in life.

-Mortgage or Rent
- Property taxes if you own
-Phone (Land line and Cell phone, blackberry, etc)
- Utilities (gas, water, electricity, cable, internet, etc)
- HOA fees (if you own vs. rent)
- Maintenance and repairs (if you own a property)
- Car payments
- Car insurance
- Annual fees on any credit cards
- Auto Fuel each month for each car
- Registration fees for your car each year
- Maintenance on your car to include car washes and oil changes
- Home/rental insurance for your property
- Life insurance
- Health insurance premiums
- Dental insurance premiums
- Medical/Dental expenses (what insurance won't cover)
- Prescription medications
- School expenses for kids (tuition, stuff for school, ballet classes, etc)
- Babysitter expenses
- Clothes for kids and yourself
- Toys for kids
- Dry Cleaning
- Health club / gym
- Beauty (hair salon for hair cuts, color, nails, make up, etc)
- Extracurricular activities dues/fees
- Entertainment (movies, theatre, plays, Seaworld, Zoo, concerts, sporting events, etc --- TONS of stuff to do with kids here)
- Magazine/newspaper/Ipad subscriptions
- Dining out at restaurants
- Grocery budget
- Retirement savings contributions
- Kids college fund savings contributions
- Charity/donations
- Travel / vacation expenses
- Federal/State/local income taxes
- Any revolving debt payments you might have
- Bad habit type stuff (alcohol, smoking, etc --- this doesn't apply to me but it does for many people)
- Emergency savings fund for any major health issues
- Non reimbursed office/work expenses and supplies




Quote:
Originally Posted by Clevelandgal View Post
I'd hate to come here young and struggling and either stay in financial crisis forever or have to leave to survive.

Exactly! It would be depressing for me to be forced out of San Diego because I couldn't afford it. I think especially in San Diego (and much of Coastal California) you had people moving here younger in life and they got jobs where they made enough to survive or get by..... but there was no focus or game plan on what the next stage of life would bring. The problem is that 20's turns into 30's or 40's and they wake up and figure out they have no net worth or worse yet, negative net worth..... It just makes things really tough trying to play catch up in life when you're in that situation. So it makes sense to at least think about these kinds of things before a move to San Diego.

You will read plenty of posts that say "don't come" or "come..what do you have to lose". But you should think about all of these things before you come out here or if you are already living here.

The key to always ask yourself is what's your game plan?

Last edited by earlyretirement; 06-14-2012 at 10:52 PM..
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Old 06-14-2012, 11:36 PM
 
157 posts, read 205,607 times
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i do have a plan for the next 20 years. i have a budget for the income i have right now. i wont wait till the last minute to plan out how to buy a house and everything, but for now im not thinking a whole lot about that. everything i mentioned in this thread is nearly about as much as i know. i will get around to it well before the last minute

and as i said in the post right above yours, i wouldn't move to san diego if i knew what i was getting myself into. not entirely my fault

so none of you can gimme a rough estimate? like 300k-500k, 500-700k, 700-1mil. in the areas i listed, what would be the annual income for most families?
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Old 06-15-2012, 04:25 AM
 
Location: San Diego A.K.A "D.A.Y.G.O City"
998 posts, read 1,564,034 times
Reputation: 738
Dang, some of you here make a gang of money. Hey Earlyretirement, you spend $10,000 a month on expense cost alone!? That doesn't include a mortgage payment either? Wow, you are very wealthy man.

Your name explains it all.

Not too many people in SD make over $100,000 a year, especially young people. I only know one person that makes over 100g's a year, and he lives modestly.

We just don't have the kind of jobs to support that kind of pay scale. You either own your own business or are a professional in a certain industry to make that much.

This is why it takes 2 incomes these days in order to afford a house in SD, and sometimes that's not even enough when you have kids, and other major expenses to go along with it.

People that work in the service sector make the least amount of money, and this is why every time I hear of a new Walmart opening up there doors, or another retail store popping up, it's really depressing knowing that those new jobs are not allowing those people to actually move up in life, but rather stay stuck in a vicious circle to nowhere.

I mean that's all you hear about in the SD media these days, always low paying service sector jobs at the malls, or hotels downtown or in Mission Valley.

This is why I am leaving SD next year, the cost of living is crazy here and pay scale sucks balls.
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Old 06-15-2012, 07:16 AM
 
Location: Lemon Grove, CA, 91945
4,536 posts, read 4,526,802 times
Reputation: 1617
Quote:
Originally Posted by sandiegoguy22 View Post
i do have a plan for the next 20 years. i have a budget for the income i have right now. i wont wait till the last minute to plan out how to buy a house and everything, but for now im not thinking a whole lot about that. everything i mentioned in this thread is nearly about as much as i know. i will get around to it well before the last minute

and as i said in the post right above yours, i wouldn't move to san diego if i knew what i was getting myself into. not entirely my fault

so none of you can gimme a rough estimate? like 300k-500k, 500-700k, 700-1mil. in the areas i listed, what would be the annual income for most families?
My wife's co worker bought a house in Clairemont recently for 400k and 20% down. Her husband is commission based and she goig to be a stay at home mom in the next few months. I dont think they made much more than 100k combined.
Their mortgage is probably around 2k /mo with todays rates.
After those expenses 'comfortable' for them is livinh fairly modest lives. No expensive dinners or BMWs.
That should give you a ballpark....and I agree wity earlyretirement and Clevelandgal about true COL otherwise it might be wiser renting when the time comes. Which isnt necessarily a bad thing for some.

Last edited by shmoov_groovzsd; 06-15-2012 at 07:38 AM..
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Old 06-15-2012, 07:46 AM
 
1,688 posts, read 1,198,599 times
Reputation: 638
earlyretirement doesn't appear to exactly live a normal middle class life...so if you are looking at estimates for a modest middle class life in SD you may want to take his estimates with a grain of salt.

put it to you this way, my family currently lives in North County. My Dad is a CPA and my mom is a nurse. Combined they are making around 200k. My brother who is 24 lives with them and goes to school full time. He doesn't pay for anything. They are looking at buying houses is the 500k range and live very comfortable middle class lives.

So if you are only going to have one kid with little or no debt, that should give you a rough estimate.
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Old 06-15-2012, 09:34 AM
 
Location: San Diego, CA
1,666 posts, read 1,281,980 times
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Look, guys, the median household income here is around $60K. There are plenty of people making it on that income. You may not be dining out every night, and you may have to cook meals from scratch after you do a Costco run. And you might have to drive your car until it drops.

But it can and is being done. Don't let the you can't make it if you don't make $150K types scare you. People ARE making it on a whole lot less.
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Old 06-15-2012, 11:06 AM
 
Location: Santaluz - San Diego, CA
4,301 posts, read 4,007,277 times
Reputation: 1745
Quote:
Originally Posted by GMUAlum08 View Post
earlyretirement doesn't appear to exactly live a normal middle class life...so if you are looking at estimates for a modest middle class life in SD you may want to take his estimates with a grain of salt.

put it to you this way, my family currently lives in North County. My Dad is a CPA and my mom is a nurse. Combined they are making around 200k. My brother who is 24 lives with them and goes to school full time. He doesn't pay for anything. They are looking at buying houses is the 500k range and live very comfortable middle class lives.

So if you are only going to have one kid with little or no debt, that should give you a rough estimate.

Oh absolutely I know my case isn't the norm. It's not a middle class life. I live a much better than middle class lifestyle. But I know several others that also have kids and they also spend a good amount of money per year here. Plus, many families here in North County are dual income families so they bring in a good bit of money. There are many families here with combined incomes making above $150k in San Diego. Also, there are plenty of people making over $100k a year in San Diego.... but there are also a TON of people making really low basic wages as well. But like GMUAlum mentioned, there are many people like his folks with combined incomes in the $200k range or more. Unfortunately state and federal taxes cut a big chunk out of that gross amount.

The thing is, in most good neighborhoods of North County for a 4 bedroom place in a good school district you are going to spend a good bit of money.

Absolutely in no way, shape or form am I saying you can't make it here on less money than that because you certainly CAN. It's good to get perspectives from all sides. You can't just look at "median income" and say because it's only $X it means you can make it in San Diego. Renting a one bedroom apartment with no kids is much different vs. wanting to buy a 4 bedroom house in a good area so that's why I threw out another perspective. I think it's healthy and informative to talk about budgets and spending patterns. I realize most people don't like talking about this type of stuff but it's helpful for those out there reading the board.

I'm not hurting/struggling but I don't consider myself "very wealthy". I guess it's all relative and people have different perspectives on what they consider very wealthy. Yes, I do spend over $10,000 a month on expenses including property taxes and HOA fees, kids pre-school tuition, insurance (house/cars/umbrella policy), life insurance policies, health insurance for the family, groceries, gas, housing supplies, gardener, kids classes (ballet, swimming, etc), various utility bills, country club monthly dues, dining out, various subscriptions for newspapers/magazines, kids stuff (clothes and toys), occasional babysitter for "date nights", entertainment (going to movies, spending money at Seaworld, Zoo, etc), monthly contributions to both kids college fund. There are a few things I left out but those are the majority of the bills. And I didn't even include income taxes in this expense or include travel/vacation expenses which is our biggest expense each year.

Again, I know it's not the norm but plenty of people in North County and especially North County Coastal have similar spending patterns I'm sure and most of them have a mortgage so their budgets are probably even more than mine. And my budget didn't include any car payments as our cars are also paid off.

This thread could be very useful if people post their current situation and what they spend per month. If you do post, include the size of your property and location and also how many kids you have. It will help future people moving here get a very good sense of what most people spend and what is and isn't doable.

Last edited by earlyretirement; 06-15-2012 at 12:20 PM..
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