Moving to Bellevue for 60k-Family of three- Will it be Livable ? (Seattle: rentals, buying a home)

[CraigTheBroker]

Don't forget to take income tax off the top. I have no idea what tax bracket you will be in, but if you are at 28% then take that off the $5000 to get your take home pay. The expense estimates seem reasonable. At $750/month for food that is $25/day for food for a family of 3. That is not alot, you will be taking your lunch. A one year old son will not be cheap. Diapers, baby formula, doctor copays, etc. If you are going to lease a car, you can probably do better than $500. Honda always has specials for the civic for under $200. Auto insurance for a driver with no history - can't say how much? You can call Allstate or some insurance company for a quote. You may also want to consider renter's insurance for your personal belongings.
I would say that $1400 will get you a 2 bedroom apt in bellevue with utilities all in. Look on Craigslist rentals for Seattle and search Bellevue to get an idea. I am a real estate agent in Kirkland and can always help with your search for an apartment when the time comes.

[AlohaHuey]

Originally Posted by CraigTheBroker

Don't forget to take income tax off the top. I have no idea what tax bracket you will be in, but if you are at 28% then take that off the $5000 to get your take home pay. The expense estimates seem reasonable. At $750/month for food that is $25/day for food for a family of 3. That is not alot, you will be taking your lunch. A one year old son will not be cheap. Diapers, baby formula, doctor copays, etc. If you are going to lease a car, you can probably do better than $500. Honda always has specials for the civic for under $200. Auto insurance for a driver with no history - can't say how much? You can call Allstate or some insurance company for a quote. You may also want to consider renter's insurance for your personal belongings.
I would say that $1400 will get you a 2 bedroom apt in bellevue with utilities all in. Look on Craigslist rentals for Seattle and search Bellevue to get an idea. I am a real estate agent in Kirkland and can always help with your search for an apartment when the time comes.

Two dependents will definitely decrease the withholding for federal income tax.

[barooq]

Craig
When you say utilities, what do we count in those ?
And yes, all in all , 60k seems manageable but not very comfortable by any stretch.
And once i am there, of course I would ask for your help and that was very kind of you to mention.

AlohaHeuy
yes with wife and a child, federal income tax is pretty nominal.

[Capo]

I know a lot of good feedback has been given, but I'd just add that I highly reccomend you break your expenses down into individual line-items to TRULY understand your base cost. Having just a half dozen or so high level bullet points can really get you in trouble.

As an example, don't just have a "food" budget that includes everything you may buy at a grocery store. I'd break it down by food, cleaning solutions, laundry detergents, baby food, diapers, toilet paper/paper towels, etc.

Also, I didn't see any money in your breakdown for medical bills - will you have health insurance? Even with it, co-pays + deducatibles + meds can add up fast. You have a little one, and they go to the doctor A LOT.

Same with clothes. You need clothes for work, your wife needs clothes, and your little one will outgrow clothes every few months or so.

For Insurance, make sure you include all insurances you need: Health/Dental, Renters Insurance, Car Insurance, Life Insurance (important with a family and only 1 working spouse).

For your car budget: agree with a previous poster about you having higher rates due to your status, I've heard of the same thing. Also, don't forget maintenance on the thing (oil changes, tires, etc.).

On utilities, especially in Bellevue, keep in mind that Water is very expensive. Not so much the water itself, but all of the other fees/taxes you'll likely get hit with, even as a renter. Heating can also be expensive during the winter.

I could go on, but I think you get the idea. Basically, I'd really suggest you find a template online (there are free ones) that gives you a good starting point to REALLY understand your expenses. Since your takehome pay is going to be noticeably less than 60k, plus with all of these other minor expenses (that add up quickly), I'd really suggest you target a rental more in the 1k range than 1.5k range. I really don't think you can afford to .

60k a year is 5k a month gross. Less 15% federal tax, that's 4,250ish net. If you're renting something for around 1.5k a month you'll be at nearly 2k a month after you add in utilities.

That's almost 50% of your take-home pay out the window before you even start to add in everything you listed before and I listed just now.

While I hope that your raise goes through in a year, I would also not plan on it. Hope for the best, yes. But you really need to build your budget around 60k a year AND THEN adjust it to 84k if and when you get it.

I'd also be prepared to cut non-essentials if the money isn't there. You dont have to have cable, you don't have to have smartphones, you don't have to have a new car or live in Bellevue. Just don't try to budget every last dime you have. Things WILL come up that you won't expect and if you have no wiggle room, you'll be in trouble.

[barooq]

Hi Capo
Thanks for the wonderful post. Yes, We will have family health insurance.
Apart from that, reading through , you initially have me worried

Can I get a 2 BR apartment in or around Bellevue ( As long as its within a 40 minute driving distance from work, i don't have an issue where I live) under 1K a month ? If this can be done, the over all calculation seems a lot easier.
I am looking at rentals in and around Bellevue and while I can see a lot of 2 BR places under 1500 , I am not seeing places under 1000. So, I would ask for a personal experience?


I also have an emergency fund which is basically all my savings now ( around 30k) ... It is more of a college fund I planned for my wife and I would hate to spend from it, but if needed, it can serve as a backup.

As I said, the question for here is , will we be able to manage or not? For the first year that is
I would love if you can bluntly answer that See, it seems I am getting more confused by the minute

[Inkpoe]

Originally Posted by barooq

Can I get a 2 BR apartment in or around Bellevue ( As long as its within a 40 minute driving distance from work, i don't have an issue where I live) under 1K a month ? If this can be done, the over all calculation seems a lot easier.
I am looking at rentals in and around Bellevue and while I can see a lot of 2 BR places under 1500 , I am not seeing places under 1000. So, I would ask for a personal experience?

Just looking on Craigslist... I see several Bellevue apts with 2br for less than 1K/mo listings.

If you're willing to be within 40 mins drive, that opens up a lot of possibilities of having a 2br apt for less than 1K/mo.

[Akama13]

Originally Posted by southking500

You can live comfortably on 60K. Bellevue has the highest rents of any suburban city in the area. You can easily find a nice 2 bedroom apartment for around $900.00 in Bothell or Lynnwood which are both good areas not too far from Bellevue.

You can rent for under 1000 in Bellevue,too, or even Redmond. Just go to rent.com, there are many options. Or search for apartments in the crossroads area. Zip 98052 borders on Bellevue and commute isn't much if you work downtown. Don't move to Bothell or Lynwood, your wife will feel lonely and isolated. Add to that the commute time, it will be hard on your family. It's not worth it and you really do not have to move out that far.

[Capo]

Originally Posted by barooq

Hi Capo
Thanks for the wonderful post. Yes, We will have family health insurance.
Apart from that, reading through , you initially have me worried

Can I get a 2 BR apartment in or around Bellevue ( As long as its within a 40 minute driving distance from work, i don't have an issue where I live) under 1K a month ? If this can be done, the over all calculation seems a lot easier.
I am looking at rentals in and around Bellevue and while I can see a lot of 2 BR places under 1500 , I am not seeing places under 1000. So, I would ask for a personal experience?


I also have an emergency fund which is basically all my savings now ( around 30k) ... It is more of a college fund I planned for my wife and I would hate to spend from it, but if needed, it can serve as a backup.

As I said, the question for here is , will we be able to manage or not? For the first year that is
I would love if you can bluntly answer that See, it seems I am getting more confused by the minute

You should be able to find a decent 2 BR in Bellevue (or very close to it, at least). Just don't be picky. If you want a place that does your laundry, walks your dog, and washes your car for you... good luck.

But, if you just want a decent 2/1 (maybe 2/2) with nothing fancy, you should be able to stay close.

And it's great you have the emergency fund, but I would really not use to supplement your income (then it's not a true emergency fund anymore). Make your budget as though you only have the 60k a year salary. Save your savings for your wife's schooling (hopefully) or if you lose your job (worse case).

[barooq]

Thank you all
As far as accepting the offer and deciding the move was concerned, I am doing that.
I will be landing some time in January. Then, of course I will turn to this forum again with more specific advice towards renting and other topics.

You have all been very helpful.

[PollyGlott]

Originally Posted by barooq

Thank you all
As far as accepting the offer and deciding the move was concerned, I am doing that.
I will be landing some time in January. Then, of course I will turn to this forum again with more specific advice towards renting and other topics.
You have all been very helpful.

Best of luck to you and your family! I feel as though we already know you guys!