Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I never said it can't be done, nor did I say that one should not live frugally, save their money, or buy a modest home.
The facts, however, indicate a serious affordability problem when comparing incomes and housing prices. Sure, one *could* save a huge pile of money and buy a place, or earn more money than average, etc. One could also work hard and get laid off anyway, or suffer all sorts of unpreventable expenses (medical, etc.) that can rapidly deplete one's savings.
Comparing median sales prices to median household incomes is the best data we have to work with since it looks at what people can actually afford across a huge number of people and houses. We all have stories about people who bought places despite having less income thanks to years of saving, just as we all have stories of people who saved their money and died poor anyway. The data, however, is impartial and smooths out individual stories.
Long story short, there is still an affordability problem, and that's assuming median HOUSEHOLD income, not individual incomes, which would be even smaller and would be what one would typically see if we're to simply assume 2 incomes are "not needed" as the OP claimed. The same affordability problems extend into healthcare, education, and so on, though the data is not as clear-cut and easy to interpret as the housing price data.
So, yes, living on 1 income can be done these days, and saving your money is good, but it is still a lot harder to live this way than it was years ago.
I have to agree with everything Rambler123 has posted. Yes it can be done in theory but its not feasible, even with the best intentions for everyone.
The other thing to consider is income potential. Not everyone has the potential to bring home a great salary. My husband and I both had great paying jobs before the recession hit. Both our companies folded, leaving us unemployed and starting over with temp jobs, then slowly into permanent but lower paying jobs. I've been in the job market ever since and we still have not gotten back up to where we are. I finally did nab a great paying job just recently but its only a contract position. I could very well find myself unemployed or underemployed, ie. underpaid in about 6-12 months. Even with this bump in salary, I still could not take over all the household bills, gas up both cars, put away for retirement, pay all health insurance, car insurance, put money in both our pockets and feed and clothes us both and then add a baby in the mix on this increase alone.
Throughout my best efforts, I just cannot demand a $60k, $80k, or $100k anytime I want to. Its just not the reality I live in despite my education, my years of experience or how good my resume and interview skills are. I have to deal with the cards I am dealt.
My in-laws live in a house built in the 1950's. They have added extra insulation, upgraded the windows, added central a/c instead of window a/c units, etc. Their home is a 3/1 ranch, about 1000 s/f plus a partially finished basement (by father-in-law). It's worth about $70K. They will be looking to sell in a few years. The per capita income in their area is $34K. Give me one good reason that a single income family couldn't afford that house. Of course maybe not that house and two cars and all sorts of fancy toys. And many would poo-poo it because the rooms are small and horrors, there isn't a master bath.
Yet I have a number of friends who have bought their first home over the past couple of years. In one case the wife is a full time student. In another the husband works very p/t and makes $100 net on a good week. In another case the husband works p/t and goes to school full time. His income covers his tuition. And in the last they have two kids at home, the wife doesn't work, the husband is the sole breadwinner. So how are they buying homes? Easy. They live frugally, save their money, and bought a modest home.
And homes are cheap right now. You can buy a house like mine for about half of what I paid for mine in 1995 right now. Right now, people who could never afford homes before can buy a house because they are so cheap.
These are modest homes. One bath on the main floor, maybe a 3/4 bath in the basement, if it's finished. Three small bedrooms. About 1100 sq. ft.
Yes I get it, but the original post stated "if one of the spouse's wanted to stay home".
Who cares whether you can afford to live on one income or not? Who cares what sacrifices you'd need to make? It's not like having a spouse at home is something to aspire to. IMO, having two working parents offers way more security for the family. Who cares that I could stay home if we scrimped and saved. I'd rather scrimp and save and watch my savings grow so I know tomorrow is taken care of. Life is more than just about today.
i would be bored as crap sitting at home all day with no children. maybe if i have kids ill stay home when they're young, but i couldn't see myself doing that without kids no matter how much my future spouse is making.
i would be bored as crap sitting at home all day with no children. maybe if i have kids ill stay home when they're young, but i couldn't see myself doing that without kids no matter how much my future spouse is making.
I agree. I'm teaching right now and I am so BORED by August and I have kids still at home. I do it now beause they're teens and I think they need the supervision but I'm going to have to find summer work once they're adults.
Who cares whether you can afford to live on one income or not? Who cares what sacrifices you'd need to make? It's not like having a spouse at home is something to aspire to. IMO, having two working parents offers way more security for the family. Who cares that I could stay home if we scrimped and saved. I'd rather scrimp and save and watch my savings grow so I know tomorrow is taken care of. Life is more than just about today.
Actually a lot of people care. This entire Convo is clearly based on different people having different opinions about the benefits of a parent staying at home with children, and the art of homemaking. It's not just for scene to stay at home and sit on their butt.... Most families who have a parent or want a parent to be the homemaker.... Is to d just that. To have a parent available for the children at all times, to help kee the home clean, warm, and inviting. To cook and make meals instead of fast food all the time etc. of course there are different opinions in whether or not that makes a difference for one family or another.... But I know many men that love having their wives at home... Running the household and playing a huge role in the nurturing and growth of the children.
Folks have different priorities... And as many would say your not always guaranteed a tomorrow. That's not an excuse to not plan and be prepared the best that you can.... But again, not everyone, but some people don't mind a certain lifestyle to make sure their priorities are taken care of. Those priorities are different for each person.
So is to possible to live on one salary in this day in age? Yes absolutely. Is it probably much more difficult to do than in the past? Yes.... Absolutely. Luckily we all have the choices to make for our own families. :-)
i would be bored as crap sitting at home all day with no children. maybe if i have kids ill stay home when they're young, but i couldn't see myself doing that without kids no matter how much my future spouse is making.
I definitely agree with this. I don't think I could stay at me with no kids.... Unless i Volunteered a lot or something. But from my understanding is that the main point of one parent staying at home is for and with children.....
I once new this extremely..... I'll say interesting lady who stayed at home... And still put her kids in daycare..........was rather confusing to me. Didn't make much sense at all..... I definitely don't know anyone else that could afford... Or would even want that kind of "luxury".
I make a good salary. I also have a student loan. A car payment. And a kid in college. I am barely making it. Scrape. Maybe it is my, "lifestyle", but I don't see how families can live on one income with those issues.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
