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Old 07-15-2013, 08:48 PM
 
Location: The People's Republic of Austin
5,184 posts, read 6,341,671 times
Reputation: 2564

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$4,000 more than than the national median - even higher in the 'burbs:

Quote:
That number’s a bit higher for the metropolitan area. Robinson used data from the U.S. Department of Housing and Urban Development and found for the five county area, the median family income is closer to $75,000 year, which doesn’t surprise him.
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Old 07-15-2013, 09:09 PM
 
8,240 posts, read 16,155,821 times
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I would agree with that number.
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Old 07-15-2013, 09:22 PM
 
Location: ATX
49 posts, read 178,643 times
Reputation: 54
Well I seem to be doing just fine with a little more then half that for a family of four. We live within our means and still have a good time, so I would have to disagree with that number but I suppose everyone's situation is different.
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Old 07-15-2013, 09:35 PM
 
55 posts, read 124,909 times
Reputation: 34
yes, things are getting costly - someone with a house and 67000 pay has 20% tax - leaving $4467 per month to spend.

per month expense :
$1000 mortgage (a 200000 house with 4.5% and 30 yr fixed).
$250 utilities - cable, phone
$500 for property tax.
$500 for two cars payments including car and house insurance.

that leaves 2217 per month.

$1000 grocery and gas for work commute
$250 kids clothes and school misc supplies
$67 paid to favorite political fund

I have $900 per month left - man I am rich..
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Old 07-15-2013, 11:49 PM
 
Location: Round Rock, Texas
12,681 posts, read 12,844,422 times
Reputation: 17412
Quote:
Originally Posted by austin0 View Post
yes, things are getting costly - someone with a house and 67000 pay has 20% tax - leaving $4467 per month to spend.

per month expense :
$1000 mortgage (a 200000 house with 4.5% and 30 yr fixed).
$250 utilities - cable, phone
$500 for property tax.
$500 for two cars payments including car and house insurance.

that leaves 2217 per month.

$1000 grocery and gas for work commute
$250 kids clothes and school misc supplies
$67 paid to favorite political fund

I have $900 per month left - man I am rich..
Having $900 extra per month is actually not bad at all. Many people continue to live paycheck to paycheck.

I think things have definitely risen here in Austin (too bad it ain't household income), but compared to other cities, you definitely live nicely here on less. I've just returned from Florida, and the food costs are staggering in comparison to Austin. Same with gas.

That being said, I think that a family of four can make it on $67k here. It takes budgeting and a good dose of reality. If people can make it on 67k in New York City of all places, they can make it in Austin.
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Old 07-16-2013, 02:11 AM
 
Location: Pensacola, FL
147 posts, read 568,435 times
Reputation: 112
Quote:
Originally Posted by riaelise View Post
I've just returned from Florida, and the food costs are staggering in comparison to Austin. Same with gas.
That's because there's "no" tax on food in FL but they always find a way to balance things out.

Quote:
Originally Posted by austin0 View Post
$500 for property tax.
What is the rate there in Austin? I believe it's around 0.8% here in Florida. In three months you pay what Floridans average in a year!
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Old 07-16-2013, 07:03 AM
 
731 posts, read 1,425,467 times
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What saddens me most about this is that they had no mention of saving for retirement or general savings, at all. Retirement is a MUST.
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Old 07-16-2013, 07:41 AM
 
404 posts, read 642,486 times
Reputation: 683
Quote:
Originally Posted by austin0 View Post
yes, things are getting costly - someone with a house and 67000 pay has 20% tax - leaving $4467 per month to spend.

per month expense :
$1000 mortgage (a 200000 house with 4.5% and 30 yr fixed).
$250 utilities - cable, phone
$500 for property tax.
$500 for two cars payments including car and house insurance.

that leaves 2217 per month.

$1000 grocery and gas for work commute
$250 kids clothes and school misc supplies
$67 paid to favorite political fund

I have $900 per month left - man I am rich..

why not start with the numbers for two working parents who make ~$35K/yr each. its $450 each extra per month after bills.
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Old 07-16-2013, 08:01 AM
 
2,602 posts, read 2,489,549 times
Reputation: 997
Quote:
Originally Posted by austin0 View Post
yes, things are getting costly - someone with a house and 67000 pay has 20% tax - leaving $4467 per month to spend.

per month expense :
$1000 mortgage (a 200000 house with 4.5% and 30 yr fixed).
$250 utilities - cable, phone
$500 for property tax.
$500 for two cars payments including car and house insurance.

that leaves 2217 per month.

$1000 grocery and gas for work commute
$250 kids clothes and school misc supplies
$67 paid to favorite political fund

I have $900 per month left - man I am rich..

That's not "getting by", there's a lot of extras/non-necessities in there.
$250 /month on cable/phone? Give up both, get a cheap cell plan.
$200,000 house is not getting by. A family of four can do fine in a smaller house. ~150,000.
Getting by does not include 2 new (I'm assuming, since the payments) cars. Take the bus.

I think you're massively off on the 20% tax thing. Married, filing jointly, two dependents with the mortgage rate you specify above gives an effective tax rate of 12% when I plug it into an online tax estimator.
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Old 07-16-2013, 08:08 AM
 
2,627 posts, read 6,030,874 times
Reputation: 1227
Quote:
Originally Posted by WDaleHerring View Post

What is the rate there in Austin? I believe it's around 0.8% here in Florida. In three months you pay what Floridans average in a year!
The total property tax rate is normally somewhere between 2.3% and 2.9%. You'll find the 2.9% rate mainly in the newer surrounding suburbs that feed into Leander ISD/RRISD and in MUDs.
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