Can a family of 3 live on 80k? (rental, health insurance)

[enjoymusic]

Do you think a family of 3 can live in north jersey on 80k salary? With no debt except for school and renting, no mortgage.

I say it's possible but significant other disagrees.

What are your thoughts?

[TylerJAX]

Do you eventually want to own a home? What is your estimate for household income trajectory? What do you currently earn, and how is the COL where you currently live? Do you want to live in an area with highly rated schools? Do you plan on having any more kids? Do you have any equity built up? $80k and a family of three in North Jersey is certainly doable, but I'd say a household income of around $150k-$200k/year is the minimum threshold for a comfortable life in N. NJ if you are a new entry into the housing market.

Personally, I'd much rather live in a low COL area like large areas of the American South and Midwest and have a household income of $60k/year than try to scrap by on $80k/year in NJ.

[HalfFull]

Originally Posted by enjoymusic

Do you think a family of 3 can live in north jersey on 80k salary? With no debt except for school and renting, no mortgage.

I say it's possible but significant other disagrees.

What are your thoughts?

Of course it can be done. But as TylerJax also indicates, it depends on a bunch of other questions about yor plans and expectations.

[NJ Person]

I think you just need to do the math - write down your concrete monthly expenses (food, car costs, clothes, rent, health insurance, rental insurance, etc) and then don't forget those out of blue costs like a medical emergency, car repairs, gifts (weddings always blow our budget). Remember to look at your net salary, not the gross, too.

I think the bottomline is how much you are going to pay for rent; I think if your rent is $2000 month it is doable if you have at least some savings put away for emergencies. I wouldn't plan on taking annual trips to Disney though - unless you have some other income sources.........

[pinkydapimp]

the average household income in NJ is $71,637. So yes, most people here do so.

[usayit]

Absolutely.

Set your expectations very low.