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If you are not married, no kids, and not drowning in debt--I would call it working class poor. If you add in the all other aforementioned items...you are poor--end of story.
Sadly, I agree with this.
An income in an urban area where housing isnt cheap, 37,000 isn't enough to own a home with a mortgage worth more than probably $100,000. When adding things like bills, car, fuel, and extremely limited entertainment budgeting, $37,000 just can't cut it on your own. If you get a roomate or s/o that earns equal or great income, then you can set a nice life for yourself.
But single, living alone on 37K? Yikes, gonna be a bumpy ride. Unless you can find housing for $40,000 which nets you around a $200 a month mortgage.
I didn't read all the posts and this has probably been addressed, but it depends where you live and how many people that amount has to support. A single person in my neck of the woods would be living pretty high on the hog at $36K; even a family of four could get by on it, but without a lot of extras.
But I see you're apparently in Oakland, where the cost of living is much higher which makes all the difference.
Sadly, I agree with this.
An income in an urban area where housing isnt cheap, 37,000 isn't enough to own a home with a mortgage worth more than probably $100,000. When adding things like bills, car, fuel, and extremely limited entertainment budgeting, $37,000 just can't cut it on your own. If you get a roomate or s/o that earns equal or great income, then you can set a nice life for yourself.
But single, living alone on 37K? Yikes, gonna be a bumpy ride. Unless you can find housing for $40,000 which nets you around a $200 a month mortgage.
BS. You can rent a studio in a blue collar urban area of Chicago for as little as $550/month. Utilities would run about $20 in the winter, and more in the summer. Water and heat is usually included in the cost of rent if radiator heat is used.
I spent less on groceries in Chicago than I did after moving to the suburbs. I was buying ground beef for 0.99/lb in Chicago a year ago. In the suburbs today, I'm paying $2.49/lb, but usually opting for cheaper pork and poultry, sometimes the occasional turkey and gizzards.
Gas in the city is more expensive, but you have the option to ditch the car and spend about $80/month to ride the Metra. I worked in the suburbs where I could get my gas cheaper. I will say, my insurance is pretty cheap here, which surprised me.
Now if you want to buy a house... You're right. Yikes. I could afford a house fine here. It's the taxes that are a real killer. 5K on a modest home is absolutely criminal. But we have government pensions to pay for, something I will never see working in the private sector... And with the way the wages are going, many government jobs are actually paying more than the private sector. At any rate, I would gladly take a lower paying job with the promise of a pension after 20 years. Retiring on a 401K is theoretically possible, but a lot of things can go wrong.
Not everyone is entitled to a house, and income is usually the deciding factor. I will probably work here for a decade, bank as much as possible, and when the stress has finally done me in, I'll move somewhere cheaper and buy.
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Originally Posted by ChargerMatt
In Michigan? Very comfortable.
Get a house for 35k, put 10k into it, and relax.
When I lived there, I placed several bids for around 24-28K. The investment banks usually beat me to the punch though. Most of those cheaper houses that you can actually buy cheap usually have some problems that need consideration. At that point, you're paying 30K + the costs of repair.
It's also a very up and down place to live. The economy is better these days, but I still have a lot of unemployed or underemployed friends there. I'm glad I left, even if COL and houses are cheap. They are cheap for a reason... A lot of people still can't afford them! But my last year there I made about 40k, with some OT and a couple side gigs. I lived very comfortably and was able to save some money.
I have family there. My dad was trying to convince me to buy some property to rent out, and he could handle the obligations of maintaining the property. Not a bad idea when I think about it...
for a single person its not poor in most places and far from poverty stricken in all 50 states. it really depends on your field and the fair market value for such to decipher the quality of earnings that you have. you have learned what most new grads/ college grads learn and it feels like a ton of bricks dropped on them when they learn it - a college degree is not the golden ticket that everyone is taught it is....
you have to start somewhere and your salary should increase over time.
I am from the suburbs of Detroit but in an upscale area. I live in CA now in a similar area but the cost of living is double and you don't even get the same for your money. This is for renting and for purchasing it would be even more. Also even items like groceries,gas etc are more. Also if a person is making that income but has debt,overspends etc. I know some people who seem to live with just what they need to get by but no extras such as vacations or even cable.
I only make $36.000-$37,000 a year. It has health benefits also. I kind of feel sad because I do not make a lot of money. I have a college degree, bachelors but could not find a job with it so I went to trade school for a year in a half to learn a trade.
What do you think? I have a roomate so rent does not cost that much and every month I am saving some money, not a lot but it is some. I watch how I spend my money carefully.
Stay single your entire life and never get into debt. You'll be set.
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