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Old 05-22-2011, 03:59 PM
 
30 posts, read 113,405 times
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I am working on a potential job offer in Boston with a $115k salary and up to 25% bonus at the end of the year. I am married with two small children and we want to buy a house. I am fine with commuting via rail, but do not want to have to drive in every day and I will be the only bread winner.

Can we do it on this salary? We currently reside in Chicago. Thanks!
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Old 05-22-2011, 07:13 PM
 
Location: North of Boston
3,689 posts, read 7,429,804 times
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I would say yes, but a $115K salary does not go far. Any chance your spouse can work part-time?

What do you make in Chicago? I would think you want to get 1/3 more to make the move to Boston worthwhile.
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Old 05-22-2011, 08:07 PM
 
Location: Norman, OK
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There are plenty of nearby "suburbs" that you would be fine in with that income. What is your budget for a house (that is easier to go by to find a neighborhood vs. your income)?
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Old 05-23-2011, 08:25 AM
 
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Thanks for the replies. I do not know the property taxes around Boston so I am not clear yet on house prices. In Chicago you can get something fairly nice for under $400k, but the taxes are high...starting at around $9,000. Any place that with good schools and decent housing for under $400k? I really do not want to put all my money into the house, but want to live someplace that is considered good for kids to grow up. Is this asking too much in the Boston area?
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Old 05-23-2011, 08:42 AM
 
Location: Massachusetts & Hilton Head, SC
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Where exactly in Boston is your potential job located? It makes a difference what areas we can recommend.
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Old 05-23-2011, 10:16 AM
 
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The job is in downtown Boston and I am fine with commuting via rail. I would love to do this without the need for a car. We have one car for my wife's use, but I just want to bike it or take the train. I am ok with up to an hour train commute.
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Old 05-23-2011, 10:32 AM
 
Location: Massachusetts & Hilton Head, SC
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Quote:
Originally Posted by farans View Post
The job is in downtown Boston and I am fine with commuting via rail.
Yes, but different commuter rail lines go to different parts of the city. Would your office be closer to North or South Station?

MBTA.com > Commuter Rail Maps and Schedules
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Old 05-23-2011, 10:37 AM
 
78,416 posts, read 60,593,823 times
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Quote:
Originally Posted by gf2020 View Post
I would say yes, but a $115K salary does not go far. Any chance your spouse can work part-time?

What do you make in Chicago? I would think you want to get 1/3 more to make the move to Boston worthwhile.
Ouch. I went the other direction in cost of living by moving from Chicago to KC. I make slightly less money than the OP.

It's just scary how expensive some parts of the country are.
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Old 05-23-2011, 12:05 PM
 
Location: Norman, OK
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Quote:
Originally Posted by farans View Post
Thanks for the replies. I do not know the property taxes around Boston so I am not clear yet on house prices. In Chicago you can get something fairly nice for under $400k, but the taxes are high...starting at around $9,000. Any place that with good schools and decent housing for under $400k? I really do not want to put all my money into the house, but want to live someplace that is considered good for kids to grow up. Is this asking too much in the Boston area?
By the sound of it, taxes are less in the metro Boston area (this is city-dependent of course). As an example, Reading (which is a very nice suburb on the north side of Boston) has a median home price of $432,000 with annual property taxes averaging near $6,000.

With the real estate market the way it is, there are deals to be had. But, like an above poster mentioned, whether N vs. S Station is the end point will make a difference. Given the budget, for heading to North Station, consider Reading. For South Station, consider Canton and Natick for a good home with good schools and good amenities.

I will also throw in Arlington into this mix. This is suburb/urban area just NW of Boston and can be accessed by the very end of the Red Line. It can be pricey, but there are deals to be had as I said. You might just want top at least include it in an online search.
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Old 05-23-2011, 12:27 PM
 
Location: Brookline, MA
613 posts, read 2,307,765 times
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I'm sure you realize this, but part of your answer depends on the debt load you're already carrying. But, you can certainly be fine on that salary in the Boston area. You're not going to be living large, per se, but you should have a middle class lifestyle. Boston has a lot of nice suburbs with good school districts.

The main questions to answer are where exactly in Boston will you be working (intersection/street) and what is your house budget?
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