Is Washington DC worth the cost of living? (contractor, income)
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Such a scenario would essentially require both indivuduals to be at the highest GSA grade (15-10), which in the DC area means an annual salary of $155,500. (http://www.opm.gov/oca/10tables/pdf/saltbl.pdf) Of the millions of government employees, precious few ever ascend to that level on the GSA payscale.
Keep in mind that individuals obtaining a GSA grade of 15-10 are those who are among the preeminent practitioners in their field (you can find the qualifications for obtaining a GS-15 grade here: United States Code: Title 5,5104. Basis for grading positions | LII / Legal Information Institute). These are individuals who could likely earn anywhere from 3-5x that salary working in the private sector. Now, they're certainly not living in poverty, but there are comparably few government employees making nearly that significant a salary.
But you have to consider overtime and bonuses. GS-14s and even some 13s can maximize their overtime and reach $155,500. And there are plenty of them.
If you can put 20% down on a million dollar house (I think that's reasonsable if you've owned previously and have savings), then that leaves $800,000. So, a couple with a combined income of $267,000/yr can comfortably afford it. That's high, but still reasonable for two federal government incomes.
But you have to consider overtime and bonuses. GS-14s and even some 13s can maximize their overtime and reach $155,500. And there are plenty of them.
If you can put 20% down on a million dollar house (I think that's reasonsable if you've owned previously and have savings), then that leaves $800,000. So, a couple with a combined income of $267,000/yr can comfortably afford it. That's high, but still reasonable for two federal government incomes.
Now tell us how many federal workers families actually make >$250K per year. The answer, as I originally posted, is "very few."
Now tell us how many federal workers families actually make >$250K per year. The answer, as I originally posted, is "very few."
I guess percentage-wise that might be true. I do know a number of families that do, so maybe I hang around an elite crowd and that's skewing my perspective on things. I suppose that's the case.
I guess percentage-wise that might be true. I do know a number of families that do, so maybe I hang around an elite crowd and that's skewing my perspective on things. I suppose that's the case.
It could be several thousand in the area. That is still "a few."
A lot of people with the money are voting with their pocketbooks that it is worth the cost of living. The people I know who have moved here from the New York City area love the quality of life and affordable real estate.
Same here. The DC metro area is significantly more affordable than the NYC metro area. The median household incomes here are higher as well - huge surprise for me. The biggest factor that keeps me from seriously considering moving to the NYC area is the intimidating COL.
Same here. The DC metro area is significantly more affordable than the NYC metro area. The median household incomes are higher here as well. The biggest factor that keeps me from seriously considering moving to the NYC area is the intimidating COL.
and significantly less affordable than most other parts of the US
and significantly less affordable than most other parts of the US
Yeah, that's the trade-off aspect again. You often get what you pay for. It boils down to whether or not you feel DC and its metro area, as a whole, are worth their COL compared to other cities. It's something that each person needs to determine on an individual basis. For me, one of the best things about DC is its fantastic location along the NE corridor of cities. That's just golden right there.
Last edited by BigCityDreamer; 06-25-2010 at 11:19 AM..
Yeah, that's the trade-off aspect again. You often get what you pay for. It boils down to whether or not you feel DC and its metro area, as a whole, are worth their COL compared to other cities. It's something that each person needs to determine on an individual basis. For me, one of the best things about DC is its fantastic location along the NE corridor of cities. That's just golden right there.
Probably less a trade off than a reasonable first level screening device.
I don't know about federal worker households but I can tell you that the District has an abundance of two-income households that exceed $150,000. It's not uncommon to have married couples with professional degrees and high level of professional achievement in this town. Well-educated and ambitious people are attracted to one another.
This is one BIG reason why the cost of living in the Washington, DC area is so freaking expensive. The wives and mothers don't stay home: they are participating in the workforce.
I feel bad for single parents though. The COL is absolutely crushing for these people.
Quote:
Originally Posted by rhinestone
Now tell us how many federal workers families actually make >$250K per year. The answer, as I originally posted, is "very few."
. The COL is absolutely crushing for these people.
I just gave you a rep point.
And yet someone on another thread claims that dc people choose to have roommates to enjoy "dense urbanity". In reality it's more similar to Chinese factory workers jammed into group dorms because they can't afford anything else. There have been many complaints on forum of the low quality of the apartments in the DC region, even in far out suburbs. Those people don't sound happy to me.
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