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Its nearly impossible unless you are still living at home, or living with roommate/spouse/significant other. I cant imagine how SINGLE people survive period. Of course, I say this as someone born, raised and still living in Los Angeles where the CHEAPEST one bedroom currently on the market in my area (per zillow) goes for $1700 per month.
I was born in California. I went to college there and I have owned a home there. I think I do understand your perspective on life in California.
However for the last 20 years I have been doing okay living on my Navy pension. It started at $15,000 a year and has slowly inched up to around $19,000 a year now.
Its nearly impossible unless you are still living at home, or living with roommate/spouse/significant other. I cant imagine how SINGLE people survive period. Of course, I say this as someone born, raised and still living in Los Angeles where the CHEAPEST one bedroom currently on the market in my area (per zillow) goes for $1700 per month.
Im guessing it'll be much much easier in places like Mississippi, Alabama or Arkansas to live on that amount compared to here, but still, it has to be difficult. Even if you live in a paid off home inherited from your parents, it'll still be difficult when you consider the true cost of living. You really need two incomes to make it work. Heck, I make six figures and couldnt imagine making things work on my own without the spouse who also make close to six figures.
You almost have to have some type of "side hustle" to make it work. Heck, most people I know have some type of side hustle. THREE times this past few months my Doordash driver showed up to deliver my food in a Tesla Model X. THREE TIMES!!! He said "Hey, if there is money to be earned, why not?".
It comes down to income and expenses. Doordash driver wants to drive a tesla so is forced to do a side hustle to fund their lifestyle. I drive a paid off Honda and live comfortably in a single income household. With a $309 PI mortgage, and no other debt it's easy to do. We're in the DC Metro area so not exactly cheap, but we've setup our lifestyle so we're no longer running on a treadmill and never getting ahead in life.
Not bragging or putting anyone down. I am just wondering how anyone can survive now a days on that? Back in 2012-2014 I was making around 30-40k a year, but things seemed a lot cheaper. I was renting a apartment for 900 a month and eventually a house for 1200.
I make a lot more now and look back and just wonder how people now a days get by on that. I would find it almost impossible to do so with the current inflation. Sure, I guess if your single and have no kids it could work.
But by the time you add insurance, gas, housing, etc... you cant have anything left. I really feel like the next generation is really screwed on the American dream of home ownership. Some cities you will be needing a minimum of 150k a year to buy a house.
I thought it was bad being a millenial and going through 08 (i was jobless at the time and couldn't find any work), but now a days ....
I cant imagine how hard it will be for kids entering the labor force in this decade... inflation and a upcoming recession is really going to make it hard for them to get on their feet.
If you are referring to household income, I totally agree. However, if using per capita with a working couple, I could see them making it. I do not know how single people (living on their own, no roommates) could make it.
I make 45K and my rent will probably be going up to 2K this summer (Florida). I am currently looking to move out of state because I can't make it here.
Yes, there is always the commute, but even the smaller towns here are not that cheap.
So in a nutshell, I agree with you (assuming the person still has rent or a mortgage).
I am not sure I follow....in most areas, it would be more expensive to rent.
Years ago you would rent to save money for a house. Now, people want to buy a house to get out of high rents.
I think it’s been that way for a while now. As a kid I was told one of the reasons you want to buy a house isn’t because when you rent you are paying someone else’s mortgage. Might as well pay your own mortgage I guess.
Not bragging or putting anyone down. I am just wondering how anyone can survive now a days on that? Back in 2012-2014 I was making around 30-40k a year, but things seemed a lot cheaper. I was renting a apartment for 900 a month and eventually a house for 1200.
I make a lot more now and look back and just wonder how people now a days get by on that. I would find it almost impossible to do so with the current inflation. Sure, I guess if your single and have no kids it could work.
But by the time you add insurance, gas, housing, etc... you cant have anything left. I really feel like the next generation is really screwed on the American dream of home ownership. Some cities you will be needing a minimum of 150k a year to buy a house.
I thought it was bad being a millenial and going through 08 (i was jobless at the time and couldn't find any work), but now a days ....
I cant imagine how hard it will be for kids entering the labor force in this decade... inflation and a upcoming recession is really going to make it hard for them to get on their feet.
I make $30,000 after 9 years in a government job. And since the inflation started, you are correct, I don't have anything left and am struggling to meet my mortgage and vet bills.
Two years ago I was saving a few hundred a month. Now I've had to use much of that savings just to make ends meet after a few car repair bills and vet bills and not quite making ends meet, even using that.
I am not sure I follow....in most areas, it would be more expensive to rent.
Years ago you would rent to save money for a house. Now, people want to buy a house to get out of high rents.
Only if you compare apples to apples. But the smallest houses (at least where I live) have 3 bedrooms, 2 baths, a full basement, and a 2-car garage. On a per month basis, they're much more expensive than renting a studio or 1 bed apartment. Sure, your mortgage might be less, but you have to pay for property tax, interest, repairs, maintenance, PMI (no one is putting 20% down anymore), HOA fees...
I make $30,000 after 9 years in a government job. And since the inflation started, you are correct, I don't have anything left and am struggling to meet my mortgage and vet bills.
Two years ago I was saving a few hundred a month. Now I've had to use much of that savings just to make ends meet after a few car repair bills and vet bills and not quite making ends meet, even using that.
What can you do for additional income - pet sitting, working at a vet on week ends, counter work at businesses open on week ends, ... .?
What can you do for additional income - pet sitting, working at a vet on week ends, counter work at businesses open on week ends, ... .?
I'd think looking for a different job may be a better solution than working multiple jobs, especially if those 9 years were spent becoming proficient at something.
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