How well can a family of three (2adults,one 3y/o) live on 115K a year in Raleigh, NC? (Durham: rent, condo)

[guateek]

What if say your rent on an apt was 1300 per month or a Mortgage of 1500/month. Plus about $400 in groceries a month, is that too much food?? I really just want to throw a number out there and see if one can live a better life? In other words have enough money for nice vacations, evenings out, nice clothes etc..... Give me some ideas on how far our money can go......

how much is gas?
how much is food?
Pre-schools?

CAN WE MAKE IT???????

[Bethanytedder]

Good heavens. You should be fine unless you really throw away money. I have lived off less than $30,000.00 a year with four children back in the 80's. And now, the two of us live off less than half that much and my medication bill is nearly $600.00 a month. We have no mortgage or rent or car payment. But we are beset with medical bills. You should do fine unless you built a house with a $4000.00 a month mortgage.

[mm34b]

According to Sperling's Cost of Living Calculator, an income of $115K in Raleigh-Durham is equivalent to an income of $172K in Boston, MA.

[Miker2069]

Originally Posted by mm34b

According to Sperling's Cost of Living Calculator, an income of $115K in Raleigh-Durham is equivalent to an income of $172K in Boston, MA.

Assuming you have no other debt but the mortgage, you can leave from pretty good to absolutely positively faboulous- although I'm making assumptions about what you consider living fabolously. To some hearing the crickets and the rustling of the wind on your 3 acre lot with a pond is all one needs to be happy...

[Weis02]

I don't know how accuate that sperlings is but $115k, bi-weekly, without deductions for med, dental (pre-tax anyway) will net you $2997 per ck, about $6k per month (go to paycheckcity.com and you can figure out how much money - you can add deductions too if you know what theya are)

6000 per month

1500 mortgage or rent (Rent no taxes but other things)

(figure in taxes, utltities, phone, cable, etc)
gas - how much to you drive and spend - compare costs where you are and how much you spend to there

Food again look online at local circulars compare where you are now

[guateek]

AHHHHHHHHH most definately not MIKER2069. We want to live in the city and prefer the sounds of good movies, good food and good wine. hee hee

[guateek]

Originally Posted by Weis02

I don't know how accuate that sperlings is but $115k, bi-weekly, without deductions for med, dental (pre-tax anyway) will net you $2997 per ck, about $6k per month (go to paycheckcity.com and you can figure out how much money - you can add deductions too if you know what theya are)

6000 per month

1500 mortgage or rent (Rent no taxes but other things)

(figure in taxes, utltities, phone, cable, etc)
gas - how much to you drive and spend - compare costs where you are and how much you spend to there

Food again look online at local circulars compare where you are now

Thanks for the suggestion!

[leighbhe]

Okay....here goes

I think it all depends on what your recurring expenses are...my family has recurring expenses of:
student loans
car payments
1 **** credit card that will be paid off soon!

then, I think the rest depends on your family living..............the main thing is what do you currently owe that you will owe regardless of where you are living, start there and then start looking at the other stuff in different areas like:

Currently gas (in wake forest) is 2.68 a gallon
Taxes vary town to town, whether you are in the city limits or not, they probably average 1.1 , we are not in the city so ours are .68

I have heard from people that moved here from the north east and florida areas that food is a little more expensive in the grocery store but less expensive in restaurants. So, if you are a family that goes out to eat a lot, you need to put that in the budget. We spend about 100 a week on groceries and we are two adults to small kidlets (who eat a lot!).
My daughter attends preschool, and the prices vary a bit, but generally, she is 4 and going 3 mornings a week is 165 a month. The younger they are the less it is. I would say the 150/175 a month is average.

I cannot imagine how you could not make it on 115k a year. The majority of people are going to be living on less and making it very well. North carolina is a great state, and the triangle is centrally located so that the beach is 2.5 hours away and the mountains is 4 hours away.........

vacations all depend on what you want to spend. you can rent a nice beach house or condo for 600 a week and have a great vacation....but if you are used to vacationing by getting on a plane and going someplace, that will cost more.

I think that housing is reasonable here, food is reasonable, and there are a number of things to do that don't cost anything. If you move here you will be making more than most, so if others can make it making less, I am sure you will be fine!

Leigh

[Weis02]

you are very welcome !

[scottinmass]

I used the sperling chart and we would have 20% more to spend in Raleigh than Sturbridge,Ma. That extra would be used up in a bigger house and taxes, but thats a good thing!