50K a year in Jersey (apartment, rental, car insurance)

[OnVacation]

Is it possible to survive with a family of four in New Jersey on 50K a year? how much taxes will be deducted?

What is the average rent in suburbs (Cheery Hill, Moorestown, Mt Laurel)

What is the average for electrical and internet bills?

How much should I expect to spend at grocery stores and everyday expenses?





Any realistic feedback is highly appreciated

[zhelder]

Is it possible? Well, people do it, but it sure won't be easy.

Will you be able to do it in the three towns you mentioned? Extremely unlikely.

[OnVacation]

Originally Posted by zhelder

Is it possible? Well, people do it, but it sure won't be easy.

Will you be able to do it in the three towns you mentioned? Extremely unlikely.

Thanks for the input.

My current salary is 44K in Tennessee and I'm getting by just fine.

What is a reasonable income for a family of four (2 and 4 year old boys) in new jersey?

[nybbler]

Originally Posted by OnVacation

Thanks for the input.

My current salary is 44K in Tennessee and I'm getting by just fine.

What is a reasonable income for a family of four (2 and 4 year old boys) in new jersey?

Multiply by 3 and you're getting close.

[pinkydapimp]

a salary of 44k in tennessee is comparable to a ~$65k salary here in NJ. You can definitely live on that. The median household income is ~$71k which means many many people do so. Now you many not be able to afford a huge house and you may need have a long commute to work, have average schools, no cable or big cell phone bills, etc. but its definitely doable.

[TheDarkHorse]

Extremely unlikely. You'd likely be going from a comfortable middle class existence in TN, to struggling just to get by here. Maybe if the parents EACH made 50k, you would be ok.

[OnVacation]

Thanks for the input.

Can somebody provide me with an estimate of tax that will be deducted out of 50K?

[pinkydapimp]

Originally Posted by OnVacation

Thanks for the input.

Can somebody provide me with an estimate of tax that will be deducted out of 50K?

Plug your information into this and it will give you an estimate.

Salary Paycheck Calculator | Payroll Calculator | Paycheck City

[pinkydapimp]

Here is another site to give you an estimate of other costs

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

[samanthayakobchuk]

We live on about that much. I did the math the other day and we take home somewhere around $38k a year. However, we don't get insurance through the employer. If we did, it would be more like $34k a year at the most.

I can't speak for the towns you mentioned with regards to rental prices. However, with regards to groceries, I budget $300/month for groceries (mostly for myself and husband, as my 11 month old son eats from our plates, basically). In the two-bedroom apartment where I live (roughly 800 sq feet maybe?) we pay around $40 for water, anywhere from $40 to $200 on gas, and between $40 and $100 for electric. Factor in cars and car insurance. For two cars we pay around $220/month for good (though not amazing) coverage. Keep in mind if you have recurring debt, you'll have to make those payments every month. Also, if your wife is planning on working, you'd have to factor in the cost of childcare for one or both kids.
The up sides are that you have no taxes on food and clothes.

Can you survive on $50k? Sure, though it would be tough, do you need six figures to live comfortably? Well, it ultimately depends on your lifestyle, but I would say no.