How much to live comfortably Boston metro (Brookline, Arlington: insurance, safe neighborhood)

[Bruins_Fan]

I'd say $100k minimum. If you have things like student loans, credit card debt, etc, you'd need more IMO.

[chicagoliz]

A year or two ago, Bill Maher cited a study regarding how much it took for a family (I believe of 4) to have what is generally considered a "middle class" lifestyle, which was a decent house in a safe neighborhood, 2 decent (not luxury) cars, a non-luxury vacation each year, etc - a nice lifestyle but not extravagant. It was just over $100K. So, if you're looking at a higher cost area like DC, NYC, Boston, Chicago, etc., (even though Chicago is a bit less expensive than Boston), I'd say you have to up that slightly.

But of course, there is so much tinkering -- maybe the family wants to be in or very close to the city, which is more expensive, but maybe that means they need only one, or even zero cars. Maybe they can work from anywhere, or own their own business, or do something remotely, and don't need or ever want to go into the city, so they can live very far out. Maybe they hate being outside, so they would never go to the beach for a vacation. Maybe they never want to go on vacation. Or maybe they love outside, so their ideal vacation is camping in a tent. Some people are very handy and can do basic electrical and plumbing repairs/additions themselves. Some people need to call in professionals for a light bulb change. That's also going to factor in.

The biggest driver is housing, so very much rides on that. If they have help with a down payment, or inherit their parents' house, or their grandparents' house, it would take a lot less. If they have no outside help, don't have a job with any bonuses, and have always needed to come up with every penny of housing expenses themselves, it would take a lot more.

I'd guess, on average, you'd probably need about $125K. More would be better (as always).

[Surf123]

Originally Posted by Bruins_Fan

I'd say $100k minimum. If you have things like student loans, credit card debt, etc, you'd need more IMO.

Thank you for your input.

Originally Posted by Dm84

I think a family of 4 pulling in less than $100k around here is in a precarious position. That said, I do realize many if not most families in this area do pull in less than that.

Thanks for your input. Based on what I know about my family members there I can see how too much below that can result in a lot of tightening that financial belt

[Surf123]

Originally Posted by chicagoliz

A year or two ago, Bill Maher cited a study regarding how much it took for a family (I believe of 4) to have what is generally considered a "middle class" lifestyle, which was a decent house in a safe neighborhood, 2 decent (not luxury) cars, a non-luxury vacation each year, etc - a nice lifestyle but not extravagant. It was just over $100K. So, if you're looking at a higher cost area like DC, NYC, Boston, Chicago, etc., (even though Chicago is a bit less expensive than Boston), I'd say you have to up that slightly.

But of course, there is so much tinkering -- maybe the family wants to be in or very close to the city, which is more expensive, but maybe that means they need only one, or even zero cars. Maybe they can work from anywhere, or own their own business, or do something remotely, and don't need or ever want to go into the city, so they can live very far out. Maybe they hate being outside, so they would never go to the beach for a vacation. Maybe they never want to go on vacation. Or maybe they love outside, so their ideal vacation is camping in a tent. Some people are very handy and can do basic electrical and plumbing repairs/additions themselves. Some people need to call in professionals for a light bulb change. That's also going to factor in.

The biggest driver is housing, so very much rides on that. If they have help with a down payment, or inherit their parents' house, or their grandparents' house, it would take a lot less. If they have no outside help, don't have a job with any bonuses, and have always needed to come up with every penny of housing expenses themselves, it would take a lot more.

I'd guess, on average, you'd probably need about $125K. More would be better (as always).

Thanks for your best guess on income requirements. I agree with all you said.

[pennyone]

Originally Posted by Surf123

Thanks for your best guess on income requirements. I agree with all you said.

I'd say 150K just to get by decently. To be comfortable, I think you need at least 180K if you have 2 kids.

[Shizim]

living in an "average" town i would say $100k is comfortable assuming you bought the house 6+ years ago for a less outrageous price.

if you are buying now, $150K.

note this is "living comfortable" which is a higher standard (and subjective) than getting by which can be and is done on substantially less.

[gf2020]

Originally Posted by timberline742

Well a lot of households and families earn A LOT less in the Boston area and would think they're on easy street and living large if they made 80k.

The median family income for most Eastern MA towns (say, inside 495) is over $100,000. It is true there are many families making less than $80K per year, but most families do, in fact, make more than $80K in the Boston area.

[timberline742]

Originally Posted by gf2020

The median family income for most Eastern MA towns (say, inside 495) is over $100,000. It is true there are many families making less than $80K per year, but most families do, in fact, make more than $80K in the Boston area.

I'm surprised by that. Quite a jump. According to the census bureau the median household income for the Boston Metro Area in 2013 was under 75k ($72,907).

https://www.census.gov/newsroom/pres.../cb14-r13.html

Where is it shown that is over 100k? I've generally not seen data on families, but on households, which is a bit different.

[tysmith95]

Originally Posted by gf2020

The median family income for most Eastern MA towns (say, inside 495) is over $100,000. It is true there are many families making less than $80K per year, but most families do, in fact, make more than $80K in the Boston area.

Yes the per capita income the Middlesex county is 43k. That means for a family of four the average income would be 172k. For Essex county the average is 35k and for Norfolk the average is 45k. The suburbs of Boston is one of the wealthiest regions in the country, that's why it is so expensive to live here.

I think per capita income is better than looking at the average household income. Families in kids often have two parents in their prime working years therefore they make more than the statistics for the average household. The average household includes people living by themselves and retirees. While looking at per capita income might overestimate the averages slightly I think it is still a good estimate on what the average four person family makes.

[timberline742]

Originally Posted by tysmith95

Yes the per capita income the Middlesex county is 43k. That means for a family of four the average income would be 172k. For Essex county the average is 35k and for Norfolk the average is 45k. The suburbs of Boston is one of the wealthiest regions in the country, that's why it is so expensive to live here.

No, it doesn't mean that at all. Not even close.