Moving to Dallas - Need Help (Irving, West: middle-class, 2013, apartment)

[abhiriti]

Hello Friends,

My family would be probably moving to Irving soon from India. Most of my questions have been somewhat answered via various post on forum but I still have few doubts in mind. Would be great if you could clear them

- Would $90000 annually be enough for a family of 3? How much would be approximiate take home pay monthly in this case?
- Would there be dent in take home pay after new tax rates proposed?
- Are there any tax rebates that you can claim in US? e.g. Dependent Child, Retirement Savings, Home Loan etc.?
- How easy or difficult is it for people coming from India to get a car loan or credit card immediately after they land in US?
- What would be the approximiate monthly expenses for child education in Grade 1?
- Are there any lock-in periods if you take a house on rent? Means, can you take a house and move out of it after a short period of time e.g. 2-3 months?
- I have got different estimates around monthly expenses for Utilities (Water, Electricity, Gas and Internet), Car Insurance, Life Insurance, Groceries, Entertainment and Initial set-up (Furniture, Kitchen, Electronics)... If someone could give current estimates that would be great.
- Any other relevant information that you would like to share.

Thanks in advance for all help.

Regards...

[jennifw]

Would $90000 annually be enough for a family of 3? How much would be approximiate take home pay monthly in this case?
- Would there be dent in take home pay after new tax rates proposed?
- Are there any tax rebates that you can claim in US? e.g. Dependent Child, Retirement Savings, Home Loan etc.?
- How easy or difficult is it for people coming from India to get a car loan or credit card immediately after they land in US?
- What would be the approximiate monthly expenses for child education in Grade 1?
- Are there any lock-in periods if you take a house on rent? Means, can you take a house and move out of it after a short period of time e.g. 2-3 months?
- I have got different estimates around monthly expenses for Utilities (Water, Electricity, Gas and Internet), Car Insurance, Life Insurance, Groceries, Entertainment and Initial set-up (Furniture, Kitchen, Electronics)... If someone could give current estimates that would be great.

I can't answer all, but some.

Regarding renting a house, you will be required to sign a lease. Most leases will be a year, maybe six months. Finding short-term rentals is harder and they are usually more expensive. You can break your lease, but there are penalties associated with doing that.

For education, if your child goes to a public school, there are no additional expenses beyond clothing, some school supplies, etc. If you choose private school, the fees vary. (and it may be too late for the 2012-2013 school year that starts in a few weeks)

I am not sure about a credit card or car loan, but a friend from Mexico had to wait several years before getting a mortgage. They had no credit history in the US.

There are some tax credits for owning a home, etc however, I am not sure how they apply to non-citizens.

Best of luck with your move.

[abhiriti]

Thanks Jennifw

Any clue abt the earnings of $90000 being enough and estimated take home pay?

[Squirl]

Originally Posted by abhiriti

Thanks Jennifw

Any clue abt the earnings of $90000 being enough and estimated take home pay?

This is a generalization but you should take home about $2400 or more per paycheck (most companies pay twice a month). You may take home a bit more if you claim more dependents on your tax form submission but you also need to deduct the costs of your contributions for health insurance from this amount.

[BigDGeek]

Originally Posted by abhiriti

Thanks Jennifw

Any clue abt the earnings of $90000 being enough and estimated take home pay?

Enough for what?

For a family of 3 to live comfortably in an apartment and send a child to public school? Definitely.

[ChristieP]

Originally Posted by BigDGeek

For a family of 3 to live comfortably in an apartment and send a child to public school? Definitely.

Absolutely!

Utilities and grocery costs are difficult to estimate just because they vary greatly based on size/type of home, and personal tastes.

We always advise renting for a year to get a feel for the area before making a big commitment to buying a home.

[carroll4628]

Originally Posted by abhiriti

Thanks Jennifw

Any clue abt the earnings of $90000 being enough and estimated take home pay?

Absolutely! There are families of 5 making half that and living comfortably. You can buy homes (3bdrm/2bath) in Dallas for around $100k in good school districts (not ultra superior which is mostly discussed on city-data). That salary is definately middle-class america. If you were heading to (anywhere) California/West Coast or the Northeast (NY, Boston) I'd say it might get a little tough. But anywhere in Texas that will get you plenty, unless you have an lavish lifestyle. You don't need to spend a lot to have a good quality life in Texas.

[abhiriti]

Thanks everyone for valuable inputs

Carroll - What all you refer to when talking abt goid school districts?

Squirl - You mean $90000 per annum would translate in to nearly $5000 only per month?

[abhiriti]

How much does health insurance cost come out per month?

Any Indians in here who can throw more light on expenses as that wud b probably close to my realty

[Squirl]

Originally Posted by abhiriti

How much does health insurance cost come out per month?

Any Indians in here who can throw more light on expenses as that wud b probably close to my realty

tax rate should be about 25%, you will not likely have deductions, but I did not take into account any exemptions. But I actually calculated my low net estimated take home paycheck after (not before as stated) paying for health insirance. This is a worst case scenario and you likely will have a better paycheck!