Seattle on 60K? (Bellevue: big house, deductible, tax)

[cocaseco]

Originally Posted by CityGirl72

Did you need a house? We make 150K and hardly afford a thing

Seriously? Nothing personal but wow. Assuming you dont have a huge expense like medical bills, I just can't imagine how you can struggle on $150,000.

[mrman78]

$60k? Single, that would be plenty. With kids, not so much.

[Ruth4Truth]

Originally Posted by noplacelikeWA

60k is a good base minimum and you will probably do better. We did not live downtown or on the eastside, instead we lived 12miles north of Seattle and 80k was plenty for us and our 4 kids to live very comfortable in the 2300sq ft house we owned. (We moved to TX to dry out )There is no question it is expensive to live in the Seattle area, but how much you personally will need is really a matter of how you live.

Exactly. Lynnwood and Edmonds are great for families, maybe Everett, too, and are more affordable. Working as a chef, your husband probably wouldn't be commuting at the same time as everyone else, so he wouldn't have to worry about the crush of traffic into Seattle at that time. There's also public transportation into Seattle.

[amaiunmei]

Originally Posted by cocaseco

Seriously? Nothing personal but wow. Assuming you dont have a huge expense like medical bills, I just can't imagine how you can struggle on $150,000.

Not wanting to wrap up a lot of income in one investment is generally smart, but it limits your options in this area.

I have friends who make twice that amount (dual-income home), and still took almost a year for them to find a home.

[cocaseco]

Originally Posted by amaiunmei

Not wanting to wrap up a lot of income in one investment is generally smart, but it limits your options in this area.

I have friends who make twice that amount (dual-income home), and still took almost a year for them to find a home.

True, but that has nothing to do with the poster saying her HH income was $150K and could "hardly afford a thing". Not really sure how your post is relevant to that at all.

[Rcsligar]

Originally Posted by Balco9

60k in Seattle barely get you by on one income...
Chefs don't really make that much money.
I live in Tacoma with combined salary of 100k
with two children and still struggle to make ends meat....

struggle to make ends meat

[fumbling]

Originally Posted by benleis

There should be a statute of limitations on reviving 6+ year old threads. Presumably everyone involved has moved on.
Ben

I like old threads.

[branh0913]

I make over $90k and under $110k. I get by just fine in Seattle. But I'm single, rent a room (for $1100 in Bellevue, but still), and I get by just fine. With a family, I doubt my nigh 6 figure salary would do much. But then again, if you live somewhere no on the East Side, I think you'd do just fine.

The housing market is making a comeback now. And really you have to get real about getting a house anywhere on the West coast. Housing prices are ridiculous here, and Seattle is considered on the lower end. I think people just have to realize that they don't NEED a house. It sucks to have kids living in an apartment, but I was raised in an apartment. So I'm not sure why people make it a necessity these days. Not like not having a house your kids grow up deprived.

[Hemlock140]

Originally Posted by branh0913

I make over $90k and under $110k. I get by just fine in Seattle. But I'm single, rent a room (for $1100 in Bellevue, but still), and I get by just fine. With a family, I doubt my nigh 6 figure salary would do much. But then again, if you live somewhere no on the East Side, I think you'd do just fine.

The housing market is making a comeback now. And really you have to get real about getting a house anywhere on the West coast. Housing prices are ridiculous here, and Seattle is considered on the lower end. I think people just have to realize that they don't NEED a house. It sucks to have kids living in an apartment, but I was raised in an apartment. So I'm not sure why people make it a necessity these days. Not like not having a house your kids grow up deprived.

You have a good deal at $1,100 in Bellevue, the average there is up to $1,700.

Despite the latest 12% increase in home values, mortgage payments continue to be lower than rent and that will not change any time soon. Add to that a federal tax deduction of about $20,000/year, and the
equity that's climbing at a rate close to what it was before the crash, and renting is just not cost-effective.

New apartments in Seattle area don’t halt rise in rents | Business & Technology | The Seattle Times

[mkarch]

Originally Posted by Hemlock140

You have a good deal at $1,100 in Bellevue, the average there is up to $1,700.

Despite the latest 12% increase in home values, mortgage payments continue to be lower than rent and that will not change any time soon. Add to that a federal tax deduction of about $20,000/year, and the
equity that's climbing at a rate close to what it was before the crash, and renting is just not cost-effective.

New apartments in Seattle area don’t halt rise in rents | Business & Technology | The Seattle Times

You need to have a pretty big mortgage to get $20K/yr above the standard deduction. On a median priced house with 20% down, the deduction is more like $5K/yr for a married couple!