How much $$ do you think you need to make to live moderately on LI? (By moderately, I mean decent house, nothing extravagant, maybe a simple vacation a year, not skrimping your pennies together but not living high on the hog)
If you DON'T make this much $$, what do you do to get by??
btrflygrl
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I think a couple has to make upwards of $60,000 on LI nowadays to do it right,.....
starhead
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I would think its got to be higher than that, maybe $80k combined?
The Original 2nd-time-around
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bump
Karen H
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I'm more in agreement with the 80K (or more) but that doesn't leave much for agressive savings for retirement - don't forget that - and start now, don't wait! (says the voice of experience!) It depends in part on what your 'must haves' are too, ie: cable modem, cell phones, new furniture, gift giving, etc.
I just looked at my paycheck, and taxes, health insurance (mine covers both of us) and 401K deductions (at 15%) - it takes about a third of my gross.
So figure your remaining take home from 80K is about 53K - take out about 26,400 for mortgage payments (figuring 2200 a month) - leaves you just under 30K for monthly expenses throughout the year, or about 2500 a month, which goes faster than you think - utilities, cable, car insurance, etc, etc.
Hope this helps!
prncssrachel
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I read a statistic about four years ago (mind you a lot has changed with the economy and the real estate since then), that claimed for a family of four on LI it costs an average of 120K a year to support and live comfortably. Dont' know how much that helps, if any at all.
when I first read this...I though $100K...but I think $80K is good too..
somewhere btwn
cluelessbride
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I'll say 90k because FH and I have student loans, as I think a lot of people do.
ETA: also, getting the DP and closing costs together for a first home home is the major hurdle, in my opinion. Then you're kind of established and can work with your equity.
LisaT
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wow, I would've guessed much higher but perhaps my perspective is warped after living in San Francisco (and we do tend to spend a bit extravagantly).
dgtlsunshine
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I was going to guess higher as well.
However if its after the downpayment is saved I would agree with the above.
Jenny5150
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I'd say $100k
butterfly20
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50k after taxes... so i guess $80k income
MrsTC
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Posted by Jenny5150
I'd say $100k
i agree
Jan05Bride
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To own a decent house (what does reasonable house on LI cost?), taxes, children, 2 moderate cars (1 new - 1 used maybe), groceries, insurance, moderate family vacations, retirement plan, modest savings account, etc, etc, etc ... wow, I'd say A LOT more than $100k combined I don't know, maybe it is possible ~ I'm still in the wedding planning phase and not up to the house-hunting phase yet but money spreads thin quickly when you think about all the bills/savings one needs to live a comfortable (by all means NOT at all extravagant) life. It's actually kind of scary to think about ...
