how much $ do you need to make to live comfortable with just 1 parent working?

[freshairoutthere]

I realize the OP has kids, but I wanted to respond all the same. I'm single and my expenses doubled when I moved to NoVA. I earn high 5 figures, I'm renting now and have student loans. I agree with the previous poster that with 3 kids you would easily need six figures to afford a mortgage here and live comfortably. That's assuming your kids will be attending public schools, because private schools will cost a small fortune.

[seanpecor]

I love this conversation. If you want to truly know how little money a family of five can live "comfortably" on then go google "homesteading today". Ask the same question and you'll get some interesting answers It will provide a shocking and humorous contrast! Of course, building a solar powered Yurt and living off of goat's milk and your organic vegetable garden in Chantilly might cause your neighbors to riot.

Sean

[BKirscht83]

Don't forget about the country as well. I know that living with one parent working can be tight as you say but living in the country can make it easier as well. Like the other member mentioned all of the other nice cut backs you can do... I agree that those do help. Country living is another way to help! My husband and I found a re-po house for 61K!!! Wonderful house, 2 bdrm, 1 bath great living area and big sitting area and kitchen. It was built in the 50's and we redid it the way we wanted it and it is wonderful. Our mortgage is $600 and we are doing great. There are other repossessed houses that are available that are brand new and bigger! We loved this one... we also received free land. wE got 5 acres. The best thing about it all is that in the country they are doing the gas wells and if you lease your land and you have mineral rights you get FREE MONEY!!! Of course you have to remember taxes but it is wonderful. We get about $1500 a month on our land. Now this may vary. It depends on how much of the mineral rights are yours. We were fortunate enough to gain 100% of our mineral rights. Just keep this in mind.

[Leaving NYS]

Originally Posted by shellytc

I suggest going to salary.com and do a comparison of salaries from where you are to where you are going. Assume how much you would need where you are to live on one salary and then it will tell you what the cost of living is where you are going and how much you would need to assume the same level of lifestyle.

Shelly

Thanks for the tip, salary.com! I just "favorited" it!!!!

[RunningHooligan]

I personally make over 100k, wife stays at home with our 2 yr old. We used to own a TH in the area (bought in 2001) , sold it this year, and are now renting a SFH in Fairfax County for $2300/month. We no longer get the mortgage deduction, but with one less salary we lower our effective tax rate and it actually breaks even. Our home equity is in a money market account earning 5% interest.

The one great thing about renting - no unforeseen repair expenses. In our TH, it was a huge burden when the HVAC would die, sinks would leak, etc. Also, our rental is about 45 minutes closer to my client's site which means I can get more billable hours and spend $200/month less on GAS.

We also consolidated bills - electric, water, cable. My wife is a skilled negotiator and got us cable, phone, and broadband at a nice discount. Cooking at home saves money too. In the end, we live a very comfortable life with 15% 401k, lots of savings, and extra spending "fun" money. The trick is finding what YOU are comfortable with. What's YOUR lifestyle? I personally despise DC traffic and was willing to sacrifice. Our rental is a bit "older", but I traded up into more space and have a yard too.

YES. It IS possible to live in NoVA on one income. You might have to rent or buy a smaller house further out. There WILL be sacrifices. Just make your priority list.

Here's the biggest secret: SPEND LESS THAN YOU MAKE

[cellar]

You're right! In SW Va, Roanoke area, you can live fairly well with 2.5 children (ha ha) on about $50,000 a year. If you can pull down 85-100k you can probably live in one of the nicest areas. Property taxes are roughly $1.09 per $100 of assessed value which is usually 10% less than market value. That is the expensive areas! If you live in the surrounding counties, taxes are 1/2 of that or less. Gas has stayed around $2.50 (close to lowest in country) and our sales tax is just 4.5%

[ShopCzar]

You didn't mention enough about your kids, whether they go to private or public schools. etc. OR what you're like, a penny pincher or budget buster.

So, on average I would say 100k for a family of five, give or take 20k on whether or not you're thrifty.

Public schools are consistently tops in these three counties: Fairfax County VA, Loudoun County VA and Montgomery County MD. Loudoun's advantage is that a majority of the schools are brand new. Fairfax and Loudoun both are in the top wealthiest counties in the country so money for education seems to correlate well.

While DC is expensive, there are ways to get around it.

1) Housing: You have to look but you can find reasonable places to stay. Most townhouses (3-4 bedrooms) in Fairfax and Loudoun are renting for about 2000/mo.

2) Recreation: museums are free (all Smithsonian related that is) with free concerts throughout the summer; there are lots of trails and parks in the Metro DC area

3) Food costs: bulk up on sale items at Giant and Safeway while buying the rest at Shoppers; make monthly trips to WalMart for household supplies; buy your produce and seafood at GrandMart or other large Asian grocery chains to save money;

4) Gas Prices: I regulary check gas prices at gasbuddy.com to save; I've also started a carpool to help with costs

And all the rest you've already hear advice on. NoVa great place to live, think big small town, not big city.

Good luck!
Janine

[seanpecor]

I know a family of five living in Alexandria and they moderate their spending on material things. Basic house. No fancy cars. No extraneous spending. Two separate weeklong family trips each year. They invest heavily in their retirement and educational investment plans. The husband makes about $175K a year. While you can live comfortably _now_ on alot less by not investing in your retirement or your childrens' education, and also living further out on the fringes of the metro area, the question is to what extent you damage your future.

Sean

[digger666]

Hi all,
I consider relocation to Herndon VA from <some nice country>, here are some calculations. The office is in Herndon, so that a home is expected to be in walking distance. No expences for far travels are expected, nearby places of interest are enough.
Please fix incorrect or missing figures. Thanks in advance...

Expences ($ per month)
Health insurance - by company
Rent - 1500
View Property Details- 1239 WILSHIRE DR, HERNDON, VA 20170
sewer+water - 120 /(quarter?) = 40
natural gas(incl. heating) - 50 ?
electricity - 50 ?
property tax - 0 ???
Internet + cable - 60
2*cell phone - 80
meals - 500
car 2nd hand - 10000 (total), value loss + repairs - 150
car tax - 4.57% * 10000 = 38
No trips to work - shoping and travel only
gas - 8000 km/y 10l/100 km $2.90/gal = 50
3 * elementary public school fees + books etc. ???