If 70,000 a year before taxes comfortable? (Austin, West: apartment, for rent, health insurance)

[Andrewam]

I'm looking into moving to Austin in the summer and I'm a little nervous about the cost of living. I will be making 70,000 a year before taxes. I will be living by myself and I'm looking at an apartment that's 950 a month.

[ashbeeigh]

It should be okay if you don't have a car payment, credit cards, insurance payments, etc, etc, etc. $950 is pushing it rent wise. You might want to bump it up to $1050.

[TexasRedneck]

Take-home pay after taxes should be around $4,500/mo. Call it: 1k/mo rent, 200/mo utilities, 400/mo groceries, 500/mo misc - that's $2,100/mo. That should leave you a decent balance with which to address insurance, etc. unless you have an crazy lifestyle, I think you'll be just fine.

[FalconheadWest]

I sell houses to people all the time who are married with kids and only have a household income of $50k. You can get by just fine on $70k as a single person.

[karpo1]

Originally Posted by TexasRedneck

Take-home pay after taxes should be around $4,500/mo. Call it: 1k/mo rent, 200/mo utilities, 400/mo groceries, 500/mo misc - that's $2,100/mo. That should leave you a decent balance with which to address insurance, etc. unless you have an crazy lifestyle, I think you'll be just fine.

Without any deductions 70k income should pay only 8700$ tax annually, so maybe 5100$ per month after taxes (minus health insurance and 401k) .

[TexasRedneck]

Originally Posted by karpo1

Without any deductions 70k income should pay only 8700$ tax annually, so maybe 5100$ per month after taxes (minus health insurance and 401k) .

I tend to run my numbers conservatively......it's always nicer to have more $$$ at the end of a budget cycle than less.

[gabetx]

Originally Posted by TexasRedneck

I tend to run my numbers conservatively......it's always nicer to have more $$$ at the end of a budget cycle than less.

You will be fine on $70,000 a year. $950 will get you a decent one bedroom and if you look in older areas along E. Riverside Dr., you can find you something nice for $850-$900 a month, and that is being within 5 miles of downtown. The good thing about Austin is that there are no real unsafe areas here.

[cBach]

I think you'll be okay.

[Austin97]

100% comfortable for me. Obviously it depends on hw luxuriously you live.

[riaelise]

Originally Posted by FalconheadWest

I sell houses to people all the time who are married with kids and only have a household income of $50k. You can get by just fine on $70k as a single person.

Thank you. And seriously, people. Austin is nowhere close to New York City or San Francisco. The impression I'd get from some of the posts is that at 70k, you'd be a step above struggling. That is NOWHERE near the case. Many people in Austin make much less than that, despite all the techies you see zooming around on their scooters or crowding spots at the Domain.

When I made 70k, I could live basically anywhere without roommates. As Austin 97 said, it all comes down to extravagance. If apartment location and amenities are paramount, you would need to spend more for rent. If you'd rather spend more $ on play, then you spend less on rent. The OP seems like the latter with such a low budget. apartment buildings usually want you to make 3 x rent (gross, not net), and at 70k, that'd get you a nice place in the downtown area and downtown for 1700. See if you'd be able to live in any other similar city at that price.

950 is going to get you small, kinda run down, possibly sketchy. just up your budget by about 200, pick a place close to transit routes, and enjoy the city.