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Old 03-14-2013, 06:56 AM
 
1 posts, read 1,691 times
Reputation: 10

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Hi,

I am moving to Farmington Hills, Michigan. I have been offered $56,000 annual salary.
i have a few questions?
what will be my take home salary / month?
how much income tax deductions from my salary?

My family is
Me+Wife+2 Kids+Mother (5 in Total)

what is 2 bedroom apartment rent/month?
what is expected travel cost?
how much i can get a used car (sedan)?
how much will it cost me for groceries?
how much will it cost me to pay utility bills (water+gas+electricity+Internet)?
how much medical insurance cover i should be looking for my family members?

Will i be able to save a penny?
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Old 03-14-2013, 08:58 AM
 
1,648 posts, read 3,271,575 times
Reputation: 1445
As far as salary, for married filing jointly, up to 73K will max you out in the 15% tax bracket. Michigan's state income tax will be for simplicity 4% - so we'll round that combined to 20%. So with a base of 56K, your after tax (ignoring 401k/benefits) would be 45K, which divided by twelve months is $3,700/month or $1,723 every two weeks.

You can get two bedroom apartments in Farmington Hills for anywhere from $575-$1,000 depending on how luxurious you want to live. detroit metro apts/housing for rent classifieds "farmington hills" - craigslist Compared to other suburban cities, FH is relatively safe so there aren't areas that you need to compltely avoid. You can get a used car for 3K-10K depending on your choice and travel costs will depend on where you decide to rent. I would recommend looking on Craigslist and keeping the commute to less than 10 miles. Groceries will be as cheap or expensive as you want - you can shop at Aldi for $60/week or Whole Foods on Orchard Lake for $250/week.

In summary, 56K is a very livable salary for Metro Detroit. Over half the households survive on less - so it's just up to you to be smart with your money.
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Old 03-14-2013, 04:41 PM
 
104 posts, read 241,556 times
Reputation: 116
You might want to use a cost of living calculator to compare costs of where you are at now to costs in FH. I will leave a link to one that I have found to be useful at the end of my post.

Moderator cut: link removed, linking to competitor sites is not allowed

Last edited by Yac; 03-22-2013 at 07:07 AM..
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Old 03-15-2013, 04:40 AM
 
Location: Michissippi
3,120 posts, read 8,061,719 times
Reputation: 2084
If you're going to be there for years, you might consider purchasing a condo after a couple months. Last I checked, you could get a 1000+ ft condo for around $70,000.
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