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Started By
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re: Cost of Living & Salary Requirements
Posted on 3/7/23 at 6:11 pm to ghost2most
Posted on 3/7/23 at 6:11 pm to ghost2most
You must live in Fort Bend County. Your realtor never told you that your taxes could be cut in half by moving a mile east into a different MUD.
0
Posted on 3/7/23 at 6:15 pm to FIREAWAY
quote:
$127.27 Cell Phone
How many cell phones do you have?
Posted on 3/7/23 at 6:16 pm to bayoudude
I *think* it might cap out at some age, but even if so it would cap out at what was the highest point, so those on fixed incomes do indeed have a problem.
I would probably sell (even if it were the family home), pay off all debt, bank the rest, and rent outside of town.
Looks like around three million is currently the new million if you want to retire without anxiety and shortfall.
I would probably sell (even if it were the family home), pay off all debt, bank the rest, and rent outside of town.
Looks like around three million is currently the new million if you want to retire without anxiety and shortfall.
Posted on 3/7/23 at 6:30 pm to FIREAWAY
quote:
Married
$3,600 Mortgage
$80 Electric
$40 Water/Sewer
$342 Food Cost
$60 Internet
$120 Cell Phone
$456 Health Insurance
$0 Car Note
$156 Car Insurance
$50 Fuel
$9 Random Streaming
Total
$4,904 /Month
$58,848/Year
+ us both maxxing out our 401K contributions.
Posted on 3/7/23 at 6:33 pm to FIREAWAY
Probably really need to be at least 70k once you factor in taxes
Posted on 3/7/23 at 6:44 pm to liz18lsu
Kudos for maxing your retirement plan. It brings your taxes down and builds your future, and let's face it, no one is looking out for any of us but ourselves.
Everyone should pay themselves first and say screw the IRS, though Caesar must of course always get his in the end grrrr
That is a really high mortgage though, it made me wonder if there's a second note involved.
Everyone should pay themselves first and say screw the IRS, though Caesar must of course always get his in the end grrrr
That is a really high mortgage though, it made me wonder if there's a second note involved.
This post was edited on 3/7/23 at 6:46 pm
Posted on 3/7/23 at 6:47 pm to Hondo Blacksheep
quote:
That is a really high mortgage though, it made me wonder if there's a second note involved.
Nope, a 10 year pay off plan
Posted on 3/7/23 at 7:04 pm to liz18lsu
Cool, congrats! Well done, and you defeated the amortization curve!!
This post was edited on 3/7/23 at 7:08 pm
Posted on 3/7/23 at 7:22 pm to FIREAWAY
quote:
If you think a person's only choices are a +$200k house or a shithole then you're completely out of touch with reality.
quote:
here are your choices for an up to 100k house. youre arse is living in a trailer.
My statement is simply that there are homes available for under $200k that aren't shitholes in a lot of places.
I bought a 1400 sq ft, 2 bed and 3 bath for about $135k in 2020 that was about 2 years old.
Value now is roughly $180k.
I live about 20 min outside of a city of 160k in a town of about 2k with all the necessities so not exactly the boondocks.
Posted on 3/7/23 at 7:24 pm to GoCrazyAuburn
quote:
When is the last time you looked for a house anywhere that wasn't an extremely rural area?
A home on my street is currently listed at $190k.
Posted on 3/7/23 at 8:34 pm to FIREAWAY
quote:
$525 Car Note
Pulling this as a blatant example, but I make far more than $50k a year and don’t have a car note this high. This is right here is a spending problem rather than a COL problem. I’d also put a $1400 mortgage on a $50k salary in that category as well. My current mortgage is $1500. Based on your numbers, it looks like America has a spending problem rather than a COL problem.
Posted on 3/7/23 at 8:41 pm to Dixie Normus
quote:
Based on your numbers, it looks like America has a spending problem rather than a COL problem
But OP wants to live in Dallas or Nashville on 45k man.
I agree with the premise that required expenses are very high now but I also think people want to live in trendy areas and above their means.
This post was edited on 3/7/23 at 8:44 pm
Posted on 3/7/23 at 8:48 pm to fallguy_1978
Yeah, there’s no doubt COL has gone up and some of the numbers in there are representative of that, but this was a poor example imo.
Posted on 3/7/23 at 8:51 pm to fallguy_1978
Real estate and trendy cities are cyclical.
Look at Manhattan rents at the end of 2020 and beginning of 2021. It was actually a lot more affordable than it is now. And that’s not even 3 years ago.
Look at Manhattan rents at the end of 2020 and beginning of 2021. It was actually a lot more affordable than it is now. And that’s not even 3 years ago.
Posted on 3/7/23 at 8:55 pm to Paul Allen
I agree but if you are a fairly low earner by 2023 standards (maybe average or slightly below) you might have to come to the realization that you don't make enough money to live in a big city.
Posted on 3/7/23 at 8:58 pm to Dixie Normus
quote:
Pulling this as a blatant example, but I make far more than $50k a year and don’t have a car note this high. This is right here is a spending problem rather than a COL problem. I’d also put a $1400 mortgage on a $50k salary in that category as well. My current mortgage is $1500. Based on your numbers, it looks like America has a spending problem rather than a COL problem.
Nail on the head.
tOT are applying their lifestyles to someone who makes $50k a year and saying people can't make it.
People who make $50k aren't living like tOT, if they're doing it responsibly.
This post was edited on 3/7/23 at 9:01 pm
Posted on 3/7/23 at 9:11 pm to SidewalkTiger
I’d Kill for a $1400/ month mortgage. shite I was paying $1250/month rent when single back in ‘08
This post was edited on 3/7/23 at 9:12 pm
Posted on 3/7/23 at 9:19 pm to CE Tiger
quote:
I’d Kill for a $1400/ month mortgage. shite I was paying $1250/month rent when single back in ‘08
My mortgage is like $652 including insurance and taxes
Posted on 3/7/23 at 9:28 pm to SidewalkTiger
A $1,400 mortgage with current interest rates is a $220,000 house in a low-tax area, *if* you put 20 percent down and can get a top-tier rate. I'm including tax and insurance since, you know, that's how a mortgage works.
Posted on 3/7/23 at 9:45 pm to Porpus
quote:
A $1,400 mortgage with current interest rates is a $220,000 house in a low-tax area, *if* you put 20 percent down and can get a top-tier rate. I'm including tax and insurance since, you know, that's how a mortgage works.
No doubt.
Definitely not a great time to be buying right now.
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