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Old 11-26-2012, 05:40 PM
 
4 posts, read 6,751 times
Reputation: 10

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Ok, please do not continue reading if you are negative or not open minded to help. Given salary discussion, I understand very sensitive for people.

My wife, child and I have always lived in large cities, ie NYC/DC where cost of living is high. Currently own a home in the $700k range but it is tiny w/ only 2 bdrs. Day care is $1700/month and plenty of other typical city costs associated with a large city.

Our combined income is approx. $225k. I have an opportunity to move to the GR area for a job with a salary of appox $140k, but my wife would lose her job. Therefore, less total income of $85k a year. She nor I mind her being a stay at home mom. We are considering b/c this gets us away from a large city and to a place where we would like to raise a family.

We are wondering if the cheaper cost of living makes up for the loss of income. Would love to get a larger house/maintain lifestlye. Based on salary/cost of living calculators online, it states we can take a hit to salary and live and equivalent lifestyle in GR. However, I have my doubts with those calculators simulating "real" life scenarios.

Question, people making in the +100k range in GR area, are you still struggling to get by or have a generous amount of disposable income? Are you able to afford nicer things once in a while.

Thanks for any help or thoughts.
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Old 11-26-2012, 05:52 PM
 
Location: On the brink of WWIII
21,093 posts, read 24,771,258 times
Reputation: 7812
It might all depend on what you "need" to spend on housing and the area you want to live.
At $140K you and yours can do pretty well. If you forego the $500K plus house and look for a nice neighborhood in the $250K--$350K. Of course, if your $700K house is paid for, feel free to reinvest in a really nice $900K place. You $140K income should cover property tax and still live comfortably.

From what I have heard from other NY'ers, the difference in property tax alone will be worth the move.
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Old 11-26-2012, 06:47 PM
 
55 posts, read 255,322 times
Reputation: 38
I'm not much help since I'm coming from a $40,000 income but if my husband, I, and our little one can make it on this and typically be quite comfortable as long as you're not into caviar (which it doesn't sound much like you are) you should be fine. Have you tried looking into the type of home you could afford in the area? That should give you a better idea of how far your money will go, as well as looking to child care in the area you're looking to move. I've heard cost of living is horrible in NY, so I think your thinking is quite reasonable.
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Old 11-27-2012, 06:37 AM
 
Location: Grand Rapids Metro
8,872 posts, read 17,742,937 times
Reputation: 3833
Quote:
Originally Posted by dchen View Post
Ok, please do not continue reading if you are negative or not open minded to help. Given salary discussion, I understand very sensitive for people.

My wife, child and I have always lived in large cities, ie NYC/DC where cost of living is high. Currently own a home in the $700k range but it is tiny w/ only 2 bdrs. Day care is $1700/month and plenty of other typical city costs associated with a large city.

Our combined income is approx. $225k. I have an opportunity to move to the GR area for a job with a salary of appox $140k, but my wife would lose her job. Therefore, less total income of $85k a year. She nor I mind her being a stay at home mom. We are considering b/c this gets us away from a large city and to a place where we would like to raise a family.

We are wondering if the cheaper cost of living makes up for the loss of income. Would love to get a larger house/maintain lifestlye. Based on salary/cost of living calculators online, it states we can take a hit to salary and live and equivalent lifestyle in GR. However, I have my doubts with those calculators simulating "real" life scenarios.

Question, people making in the +100k range in GR area, are you still struggling to get by or have a generous amount of disposable income? Are you able to afford nicer things once in a while.

Thanks for any help or thoughts.
Well here's an example, an "executive" level home in East Grand Rapids, 4 beds 4 baths, for $399,900, that would probably be in your price range:

1717 Franklin St SE Grand Rapids MI - Home For Sale and Real Estate Listing - MLS #12051079 - Realtor.com®

Excellent school district, "city" feel with sidewalks, parks and schools within walking distance.

Since you won't have daycare needs, that saves a lot. I think you'll find life pretty comfortable at $140K year.

If you need help with housing, send me a message. I know some people who own a relocation service.
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Old 11-28-2012, 05:34 PM
 
47,531 posts, read 62,171,166 times
Reputation: 22306
Yes of course you can live on less if everything costs less and your wife could eventually find a job and in the meantime you'd save on day care costs which are enormous at $1700 a month. Plus your current income must mean extremely high income taxes and a certain big hike in them and your lowered income means you'll be spared that big tax hike -- maybe.
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Old 11-30-2012, 09:35 AM
 
4 posts, read 6,751 times
Reputation: 10
Thanks everyone for the responses. Glad to hear everyone's views.
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Old 12-03-2012, 09:13 PM
 
157 posts, read 261,180 times
Reputation: 48
As long as you are comfortable with the transition to a much smaller city, you will be fine. Your challenges will likely not be financial, just adjusting to many major changes at once. You might even be able to comfortably afford a nanny here a couple days per week or more on that. Strongly encourage you to focus on East Grand Rapids.
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Old 12-04-2012, 08:28 AM
 
Location: Grand Rapids Metro
8,872 posts, read 17,742,937 times
Reputation: 3833
Quote:
Originally Posted by canewbie View Post
As long as you are comfortable with the transition to a much smaller city, you will be fine. Your challenges will likely not be financial, just adjusting to many major changes at once. You might even be able to comfortably afford a nanny here a couple days per week or more on that. Strongly encourage you to focus on East Grand Rapids.
I would second that. East Grand Rapids is made up of a lot of transplants from bigger cities and other countries. Forest Hills too but it's pretty rural/exurban feeling. It would probably be less of a culture shock in EGR (there will be a culture shock moving to the Midwest/Great Lakes area). But nothing terrible.
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Old 12-04-2012, 08:52 AM
 
Location: Allendale MI
2,525 posts, read 1,951,554 times
Reputation: 698
use this
Cost of Living Calculator: Compare prices in two cities - CNNMoney
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Old 12-06-2012, 12:46 AM
 
142 posts, read 671,573 times
Reputation: 184
Quote:
Originally Posted by dchen View Post
Ok, please do not continue reading if you are negative or not open minded to help. Given salary discussion, I understand very sensitive for people.

My wife, child and I have always lived in large cities, ie NYC/DC where cost of living is high. Currently own a home in the $700k range but it is tiny w/ only 2 bdrs. Day care is $1700/month and plenty of other typical city costs associated with a large city.

Our combined income is approx. $225k. I have an opportunity to move to the GR area for a job with a salary of appox $140k, but my wife would lose her job. Therefore, less total income of $85k a year. She nor I mind her being a stay at home mom. We are considering b/c this gets us away from a large city and to a place where we would like to raise a family.

We are wondering if the cheaper cost of living makes up for the loss of income. Would love to get a larger house/maintain lifestlye. Based on salary/cost of living calculators online, it states we can take a hit to salary and live and equivalent lifestyle in GR. However, I have my doubts with those calculators simulating "real" life scenarios.

Question, people making in the +100k range in GR area, are you still struggling to get by or have a generous amount of disposable income? Are you able to afford nicer things once in a while.

Thanks for any help or thoughts.
Greetings,

Make a list of your can't live withouts and see if your new salary will support your list.

If your wife gets antsy being a stay at home mother or if your list is larger than you realized;
have her find employment (if thats possible in her field).

It will be quite an adjustment taking that much of a salary cut, no matter what type of lifestyle
you would want to keep or hope to achieve.

It's inevitable some sacrifices will have to be made simply by moving to a much smaller
metropolitan area (culturally as well as amenities wise).

Cheers...
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