U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Pennsylvania > Philadelphia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-05-2014, 06:06 AM
 
347 posts, read 975,138 times
Reputation: 282

Advertisements

How much combined yearly salary would you say is needed to survive in Philadelphia suburban areas before taxes? For say a family of 3 or 4?

Is 55-60K a year enough?
Reply With Quote Quick reply to this message

 
Old 05-05-2014, 06:30 AM
 
129 posts, read 261,733 times
Reputation: 53
Open ended ?, depends on your wants and needs. Are you renting or buying? How many cars do you have? How often do you go out to eat? etc. What are most of your expenses going towards? If you are buying, what tax bracket are you living in? 60K is possibly doable if you are thrifty and keep a good budget and it depends on the above ?'s.
Reply With Quote Quick reply to this message
 
Old 05-05-2014, 06:50 AM
 
347 posts, read 975,138 times
Reputation: 282
Own house - taxes, mortgage, insurance @ 1100 per month
2 cars - 1 note @ 280 per month / other is paid off
most expenses are utilities, food, etc.
no Credit Card debt
I am usually pretty thrifty

Just looking to start planning for the future with a potential family and trying to see what it takes to make it if we decide to have kids.
Reply With Quote Quick reply to this message
 
Old 05-05-2014, 10:07 AM
 
Location: New York City
6,239 posts, read 5,570,825 times
Reputation: 3325
Quote:
Originally Posted by mi26 View Post
Own house - taxes, mortgage, insurance @ 1100 per month
2 cars - 1 note @ 280 per month / other is paid off
most expenses are utilities, food, etc.
no Credit Card debt
I am usually pretty thrifty

Just looking to start planning for the future with a potential family and trying to see what it takes to make it if we decide to have kids.
Its all about personal judgement. I would personally say that in order to live comfortably in the suburbs with a family you need to have a household income of 100k+ per year. However, my lifestyle may be different than yours. Obviously you can make it with your listed income, however, it will not afford you much more than the basics.
Reply With Quote Quick reply to this message
 
Old 05-05-2014, 03:25 PM
 
8 posts, read 11,788 times
Reputation: 14
IMO, no way. My husband and I are child-free (for now) and make close to 80. I feel like it would be an absolute stretch for us to have kids at this point.
Reply With Quote Quick reply to this message
 
Old 05-05-2014, 05:46 PM
 
9 posts, read 9,711 times
Reputation: 10
Default do the math

Based on ur numbers assume you want to have kids and stay where you are.

1100+280*12~~1380*10, 13800+260~16560??
60k married file joint(25% BRACKET?)~45K TAKE HOME???
assuming you have no kids atm

ESTIMATE MONTHLY OTHERS for family of two(food, utils...Cells, gas...) @ 800/month~9600,

45k-26k ~ 19k for clothes/things you want, hospital(do u have really good insurance wrt kids and family planning needs?), oh snap expenses...

Is your savings account growing? Payinginto 401k?
Only you know what you save and what you can save....

I know of one family of 12 that the husband works, the wife works at home...hpusewife, farming, breeding animals, maintaining chickens and other smaller farm animals. Kids contribute when old enough and not in pub school.

have an honest assesment of your expense, what your wiling to sacrifice, and what everyone can contribute in some way. Good luck.

Last edited by FindingZen; 05-06-2014 at 04:19 PM.. Reason: nice try; this is a family-friendly forum
Reply With Quote Quick reply to this message
 
Old 05-06-2014, 07:33 AM
 
347 posts, read 975,138 times
Reputation: 282
Quote:
Originally Posted by CheeseOfNight View Post
IMO, no way. My husband and I are child-free (for now) and make close to 80. I feel like it would be an absolute stretch for us to have kids at this point.
What are your expenses though?
Reply With Quote Quick reply to this message
 
Old 05-06-2014, 09:01 AM
 
8 posts, read 11,788 times
Reputation: 14
Quote:
Originally Posted by mi26 View Post
What are your expenses though?
Rent plus utilities is around 1200
2 car payments 460
car insurance 160
student loan payment 250
train pass plus parking 180
health insurance 180

there goes 2430 a month, not including food or spending money. am i missing anything?

gas i can't even give a good estimation. i just go to the train station, but my husband does a ton of local travel... but he gets reimbursed.

if we had a kid we'd either have to shell out another 1000 for daycare or id have to stop working and find something part time. if i stopped working i'd at least not need the train pass anymore, but we'd switch to my husband's insurance which is much more expensive with worse coverage.

we're also starting to look for houses which makes me want to vomit from anxiety. sigh.

i know i have a long way to go in terms of managing my finances in the best way possible. i'll get there. if we had an accident we'd make it work but it would be rough on both of us for sure.
Reply With Quote Quick reply to this message
 
Old 05-06-2014, 04:28 PM
 
8,048 posts, read 18,476,341 times
Reputation: 2738
Quote:
Originally Posted by mi26 View Post
How much combined yearly salary would you say is needed to survive in Philadelphia suburban areas before taxes? For say a family of 3 or 4?

Is 55-60K a year enough?

That might be enough for some working-class/lower-middle class areas in, say, eastern Delaware County or lower Bucks County along the riverfront. However, if buying rather than renting is the goal then you might not have many options that would be moderately popular among families.
Reply With Quote Quick reply to this message
 
Old 05-06-2014, 05:48 PM
 
271 posts, read 316,940 times
Reputation: 321
Quote:
Originally Posted by mi26 View Post
How much combined yearly salary would you say is needed to survive in Philadelphia suburban areas before taxes? For say a family of 3 or 4?

Is 55-60K a year enough?

The family-income for a family of four (two adults and two children) should be at least 100 000+ US dollar a year in Philadelphia. If not one of you make at least 100 000+ US dollar than one of you have to work. An income of 100K would maybe be the very minimum for a working to middle class family with two kids owning a home. Business Insider concluded in an article published in February 2014 that you need to earn 36,836 dollars a year to buy an average home. A salary of 40 000 US dollar a year would be very livable for a single person – which need to be considered pretty low regarding that Philadelphia (proper) is the fifth largest city in United States. That single person would likely be living in a studio apartment in a decent to even good neighborhood – but when you involve two children and two adults you need more space, good schools (as good as Philadelphia can get) and high security. With a 100K family-income you would look at houses and apartments at around 300K.

This is the price of living in a bigger city and even a cheap big city like Philadelphia. If you are not middle class, have some good savings or single with little costs you will live in a very unsafe ghetto or close to an unsafe ghetto. This is why working-class families have a much better quality of life in small rural cities or metropolitans than in the “big-city”. In fact – this is the case in most of the World. Large cities are unsafe even in very well-ordered societies for the poor to lower middle class. This is why the working and middle class left the cities for the suburbs in the 1950s. Living in a Philadelphia suburb would also be expensive and what I know some Philadelphian suburbs are just as dangerous and bad as the very city. A 100K salary for a family of four would actually be a basic requirement. It is sad to see what America and Western Europe has come to – poverty and high crime.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Pennsylvania > Philadelphia
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top