DC on 35K/yr?? (Washington: rent, health insurance, condo)

[NOVAmtneer82]

Originally Posted by coldbliss

I make $60,000 per year and I am barely, BARELY scraping by because the cost of living here is ridiculous. Oh and I have a roommate by the way.

Think real hard about this decision. There are more affordable cities in this country where you can find exciting job opportunities, vibrant arts and culture community, and a good night life vibe.

To say that the average person here is scraping by on 60K is ridiculous. I know people making 15K less than that and they are doing just fine. You are definitely in a VERY small minority if you are single and having problems in this area on that type of salary.

When I first moved here I made 10 grand less than that and had PLENTY of extra money, and I didn't exactly live a frugal life. I had a decent apartment (with roommates), a car and all the costs that come with that, went to happy hours and out on the town pretty much every weekend, traveled some during the summer, and had plenty left over to put in the bank.

[juniperbleu]

Originally Posted by coldbliss

I make $60,000 per year and I am barely, BARELY scraping by because the cost of living here is ridiculous. Oh and I have a roommate by the way.

Originally Posted by mtneeratheart

To say that the average person here is scraping by on 60K is ridiculous. I know people making 15K less than that and they are doing just fine. You are definitely in a VERY small minority if you are single and having problems in this area on that type of salary.

It's possible to have a tough time while making $60k, especially if you live in an area like Dupont or have a lot of loans, but I wouldn't say that's a majority situation. Most I know (including myself) make far less than that, some have roommates and some don't. We don't live in the ghetto and yes, our savings aren't really that hot, but I wouldn't say that all of us are "barely scraping by." The ones who chose to live in studios in Dupont Circle obviously have a harder time than those of us in other areas of the city, but they knew that going in. For them it was worth the stretch to live in that area, while I'd rather have a larger and cheaper place in a quiet neighborhood 15-20 minutes away.

It's hard, but definitely not impossible. A lot will depend on your personal preferences, spending habits, and previous financial situation.

[NOVAmtneer82]

Precisely my point, which is why I said one would be in a rather small minority. Sure if you try to live in Dupont or Georgetown on that salary, had very large spending habits, loans, etc it would indeed be quite difficult. But most people fresh out of college aren't living like that and are therefore perfectly capable of surviving on salaries of less than 60K.

[LIS123]

The fact that people making $60K/annum have to watch their finances very carefully shows that the area is expensive and that things will be very tight on an annual salary of $35K. There's a big difference between those two points. I can see people being stretched with an annual income of $60K. My rough benchmark for an enjoyable life in this area (nicer living conditions and a reasonable amount of discretionary income and saving) without children would be $70K+. By no means is this the minimum to scrape by, but this would allow for some upgrade in lifestyle and more money to play with and save.

[SandpaperTongue]

I think a huge part of the whether or not one can live comfortably on $35K would be how much debt you have. If you have large student loan payments or a big car payment, or both, it can be very difficult.

An easier way to look at things may be to see how much play money you can afford per month, after budgeting for rent, transportation, utilities, groceries, cell phone, cable, healthcare, AND savings. I give myself $400 a month for fun, and that's enough for me to go to lunch with coworkers a few times a week, go out to dinner a few times a month, and whatever else I need. I'm cheap though.

[NOVAmtneer82]

If 60K a year = being stretched then just about every single college grad who starts work in the DC area must be struggling financially. Do you guys know how much the college hires at your company (not law firms) get paid? The usual going rate in this area, at least in the private sector for an out of college hire is between 45K and 55 per yr. Even in an expensive place like DC that works just fine, I don't understand what people not getting by on salaries like this are doing with their $$.

I could see commenting on how one would have to watch their finances very carefully on 35K but to act like you need to count pennies in their slum neighborhood when making salaries in the 50s and 60s isn't accurate. There are exceptions to everything of course, and a lot of people do have crazy spending habits, but it isn't the norm. Countless people on this board have given examples of how they survived just fine in the 30s, obviously it can work.

[v3ronika]

The only place I couldnt have a pretty good life on 60K would be Manhattan! After that, struggling on 60K has to be more about having huge debts, a huge family, a serious medical problem or being brainwashed by advertisements like Sex + the City about what really constitutes "necessities."

Of course I'd like to eventually make far more than that so I can save and travel like a banshee but I think 60K could provide a pretty good day-to-day lifestyle if one lives within their means and doesnt covet all that garbage on TV.

[chrisherbert]

$60K/year is PLENTY of money. What does "stretched thin" mean? Can't get that second Jag? I don't make that I live pretty well. I go go a couple times per week, have a few nice things, a car, etc., and am still able to save some money.

[coldbliss]

Walk in my shoes for a minute, Mr. Quick-to-Judge.

1. I am paying medical bills because my health insurance coverage only goes so far. By the way, the MAJORITY of American people have this problem with health care coverage. Medical expenses are the number one cause of personal bankruptcies in the United States.
2. I got student loans from graduate school. MOST people in their 20s and 30s have this financial issue.
3. I am putting more money into my retirement account because I don't want to be a starving old dude.
4. The cost of groceries, fuel, and public transportation have increased significantly in the past year.
5. I don't eat out much or blow money on trendy clothes or stupid high-tech gadgets from Best Buy.

Got a news flash for you...$60K per year doesn't take you very far in the DC region. Sure, maybe back in 1995, you could live the High-Life as a young person making that income. Not today with inflated real estate and food prices. As more money goes towards living expenses (shelter, health care, transportation, food), I have less money available for savings and investment.

I will always tell people to look for employment opportunities in more affordable regions of the country. Decent paying jobs are more scarce outside of the Washington, DC area but if you look hard enough, you will find an exciting job with good pay in cheaper parts of the country. I am pissing away valuable savings and retirement money by living in the DC region. The gridlocked road traffic, crowded and dysfunctional public transit system, and the "judge you by your resume" arrogant DC culture adds more stress and misery.

Originally Posted by mtneeratheart

To say that the average person here is scraping by on 60K is ridiculous. I know people making 15K less than that and they are doing just fine. You are definitely in a VERY small minority if you are single and having problems in this area on that type of salary.

When I first moved here I made 10 grand less than that and had PLENTY of extra money, and I didn't exactly live a frugal life. I had a decent apartment (with roommates), a car and all the costs that come with that, went to happy hours and out on the town pretty much every weekend, traveled some during the summer, and had plenty left over to put in the bank.

[NOVAmtneer82]

Easy there tex, I wasn't judging you, I just said most people in this area don't have a problem living surviving off 60K per year. Don't take it so personal, it was more of an inquiry as to how it didn't work for you. I didn't have school debt (or medical bills) so I guess I'm able to see things differently.

Also, I didn't move here in 1995, more like 2004. Rent prices were pretty much the same as they are now as were most other living costs, minus gas prices.