Is it possible to support a family in Philadelphia area on $99,000 income

[AJNEOA]

There is a very wide palette of lifestyles, neighborhoods and incomes on this board. Not sure why anyone is surprised at the discussion.

If the OP lives in Center City on $99k, it could be tight. But, if the OP never goes out and lives on $200 for a month's worth the food, it'll work.

If the OP lives in Fishtown, but goes out all the time, finances are going to be very tight or even undo-able.

If the OP lives in the far northeast and buys a $110k house and eats at home a lot, he will do just fine.

Living in the core of Philly provides the ability to go out to many cultural events, eat at restaurants, etc. Most of us willing to pay that premium take advantage of those choices, and you have to make bank to do that. It's just one of many scenarios. Adding kids into the mix with "good schools" in the city of Philadelphia poses other variables that pull on those finance strings.

[2002 Subaru]

Where can I buy a 110k house in the Far NE?

[FamousBlueRaincoat]

Originally Posted by AJNEOA

There is a very wide palette of lifestyles, neighborhoods and incomes on this board. Not sure why anyone is surprised at the discussion.

It's a lot of money to most. I mean the median household income in Philadelphia is in the 30's - and even the median househould income in the most expensive neighborhoods in Philadephia (Society Hill, Chestnut Hill) is below 100k. Meaning of course that half the people make less than that. The richest counties in the state (and it's only a very few) have median incomes approaching this amount.

I am completely aware of someone making a lot of money and spending a lot of money at the same time. I've seen it. My wife and I combine to make well over the median household income for the city - and feel pretty fortunate about it.

I'm also not surprised that someone not from Philadelphia is asking about local economic conditions - i.e., the OP, who's just trying to get his bearings straight before moving here.

What I am surprised at are the responses it usually gets from locals on this board. Which leads me to believe that a lot of people here who make a lot of money don't realize they make a lot of money. Which is sad. When I think about the people at the company I work for - a medium sized company - who make this much, it's limited to a very small handful of people in upper management. And I always pictured them as people who probably knew they were doing well in life, not wondering whether or not they can survive.To me making an enormous amount of money ought to come with some sense of security. Makes me wonder what they think about the people who work for them, most of whom make 20-40k per year.

So to be more respectful to the OP, I think my point is clear that yes you can live on 99k in Philadelphia. And I think that's statistically backed up by data from the census and other sources. That most people in Philadelphia don't make anywhere near that amount. And even if you go to the wealthiest parts of the area (Society Hill, Chestnut Hill, wealthy suburban communities), you'd find plenty of people making less than that.

[jazzy jeff]

Originally Posted by FamousBlueRaincoat

It's a lot of money to most. I mean the median household income in Philadelphia is in the 30's - and even the median househould income in the most expensive neighborhoods in Philadephia (Society Hill, Chestnut Hill) is below 100k. Meaning of course that half the people make less than that. The richest counties in the state (and it's only a very few) have median incomes approaching this amount.

I am completely aware of someone making a lot of money and spending a lot of money at the same time. I've seen it. My wife and I combine to make well over the median household income for the city - and feel pretty fortunate about it.

I'm also not surprised that someone not from Philadelphia is asking about local economic conditions - i.e., the OP, who's just trying to get his bearings straight before moving here.

What I am surprised at are the responses it usually gets from locals on this board. Which leads me to believe that a lot of people here who make a lot of money don't realize they make a lot of money. Which is sad. When I think about the people at the company I work for - a medium sized company - who make this much, it's limited to a very small handful of people in upper management. And I always pictured them as people who probably knew they were doing well in life, not wondering whether or not they can survive.To me making an enormous amount of money ought to come with some sense of security. Makes me wonder what they think about the people who work for them, most of whom make 20-40k per year.

So to be more respectful to the OP, I think my point is clear that yes you can live on 99k in Philadelphia. And I think that's statistically backed up by data from the census and other sources. That most people in Philadelphia don't make anywhere near that amount. And even if you go to the wealthiest parts of the area (Society Hill, Chestnut Hill, wealthy suburban communities), you'd find plenty of people making less than that.

Yep, a household income of 99k puts the OP in the top 25 percent nationally. Tons of affordable options in the area.

[jazzy jeff]

Originally Posted by 2002 Subaru

Where can I buy a 110k house in the Far NE?

Actually in the market for a townhouse or condo 110K is doable in the far NE. Of course it means having those huge condo or association fees on top of a mortgage. But the OP can certainly afford much more the 110k on a 99k salary.

[AJNEOA]

Originally Posted by FamousBlueRaincoat

It's a lot of money to most. I mean the median household income in Philadelphia is in the 30's - and even the median househould income in the most expensive neighborhoods in Philadephia (Society Hill, Chestnut Hill) is below 100k. Meaning of course that half the people make less than that. The richest counties in the state (and it's only a very few) have median incomes approaching this amount.

I am completely aware of someone making a lot of money and spending a lot of money at the same time. I've seen it. My wife and I combine to make well over the median household income for the city - and feel pretty fortunate about it.

I'm also not surprised that someone not from Philadelphia is asking about local economic conditions - i.e., the OP, who's just trying to get his bearings straight before moving here.

What I am surprised at are the responses it usually gets from locals on this board. Which leads me to believe that a lot of people here who make a lot of money don't realize they make a lot of money. Which is sad. When I think about the people at the company I work for - a medium sized company - who make this much, it's limited to a very small handful of people in upper management. And I always pictured them as people who probably knew they were doing well in life, not wondering whether or not they can survive.To me making an enormous amount of money ought to come with some sense of security. Makes me wonder what they think about the people who work for them, most of whom make 20-40k per year.

So to be more respectful to the OP, I think my point is clear that yes you can live on 99k in Philadelphia. And I think that's statistically backed up by data from the census and other sources. That most people in Philadelphia don't make anywhere near that amount. And even if you go to the wealthiest parts of the area (Society Hill, Chestnut Hill, wealthy suburban communities), you'd find plenty of people making less than that.

Most people who make good money have more obligations - i.e. large amounts of student loans, expensive car payments, etc. Even when the medium HH income is around $100k, housing prices are much higher. Sure, you can find a house in Center City for $300k, but it's either TINY (e.g. 450 square feet) or it's in poor condition and needs a lot of money put into it.

The other challenge is that while you can find an affordable house in a safe neighborhood, Philly has a lot of neighborhoods with severely lacking amenities. So, you buy a house in a safe neighborhood and have to leave the neighborhood to get groceries or do other basic activities. Or a safe neighborhood requires a 45 min commute to Center City for your job. There are so many trade-offs to consider.

Some folks may not know they make a lot of money, but mostly it's because of their obligations and their requirements. We still don't know what the OP really wants. Will he be happy living in the far NE to save money? He may not even have to, but what he can afford depends directly on how he lives.