Good salary

[Belle5]

Where did you find the COL index. I googled but I am not finding it for our area. We live outside of Fort Worth, Texas. I think that we are in a fairly low COL.

I am just curious how to figure that out. Thanks!

You must not have the same electric fees that we have in the Dallas area. The electric bills alone are enough to drive us into a higher cost of living bracket, IMO! Our electric bills were consistently near $1,000 a month in the summer months until we did some VERY drastic things (improvements) and lowered them a couple hundred a month. I know in some parts of the country people croak if they get $100 bill!

I was just in NE Ohio for a wedding and was SHOCKED at the low grocery prices, etc. No, I wouldn't say we are in the truly low-cost of living areas.

 

[GoofItUp]

This all depends on WHEN you ask IMO. If you had asked me 10 years ago when I was just getting out of college, I would have said $50k is more money than a person could spend. Ask me now, and I'd say around $100k is necessary to feel comfortable. I guess "good" is relative to what you've had before or have currently. BTW - I'm in a low COL area.

 

[crazelion]

WOW all you make really good money. I feel like now making 40,000 dollars year is low income. House price starting at 100,000 or more makes feel that I stole my 3 bedroom house all-bricked house for 65,000 dollars. My house payment is cheap than rent around here. Here for a one bedroom starts at 500.00 dollars and up. I raise two foster kids on 40,000 dollars a year too.

 

[nunzia]

I'm definately in the low area of the country..New Mexico is a pretty darn poor state. I've lived in the bay area (CA) and Vegas and Reno and am actually pretty content to be living where my 1,800 sq foot house payment is 400 a month. Average house for that size is selling for about $110,000. Of course, wages are pretty low..we both are pretty lucky in our jobs but the 50K sounds about right. Biggest employers here are the Air Force base and 1800flowers.com. I work 2 jobs so we can do extra stuff (Disney mainly!) with my second job being at hastings, an entertainment store for small towns..town is about 36,000 people, no Starbucks, no Taget, SuperWalmart and Lowes are only grocery. You can get by pretty cheaply here and in a pinch can either walk or ride a bike most places..

 

[zachnsamsmommy]

We live in NC. The median household income is around $70K for our town, and the median house value is around $194K. I'm a SAHM, and DH makes $73K. We bought our 3br 2ba house in 2007 for $166K.

I think our COL is similar to yours! I am also a SAHM and DH also makes around $70,000. Pretty good money around here, and enough to SAH with my boys. Our 5br/3ba house cost around $240,000 (but we put A LOT down so I could SAH).

I think anyone around here making 6 figures is pretty well off.

 

[3boymthr]

I "good money" is definitely a relative term. I recently went back to work after many years as a SAHM. Compared to some I know I make peanuts but for a part time job my pay is definitely "good money" more than that actually - in a word "excellent." Not many people out there make $45k for part time work - no matter where they live.

I actually just added this up because we're buying a new truck. DH and I now make $103,000 combined before his overtime on-call and stand-by pay.

We don't own our house (we rent from a family friend for 1990 rent with additional contigencies - it's complicated) but I feel that we are quite comfortable for all that we live in an area where the COL is high - houses average in excess of $400k here, probably higher, many houses cost almost $1M.

Having lived on much much less for many years, I figure that although we don't own our house, since we can afford three full blown vacations this year (including a stay at the YC) as well as buying pretty much whatever we want for cash, two new cars, and can eat out at least once a week, we make good money.

 

[lisaross]

I think alot depends on how you live and spend the money you make!

I live in NYC - we have 2 kids - husband makes about 75,000 a year and i've been working p/t for the past 3 years perhaps i make about 6000.00 per year so lets say for a family of 4 we make about 80,000.

I think we are doing fairly well..have our emergency savings, no credit card debt - a mortgage w/about 8 years left - 2 cars - we are comfortable - kids play sports - etc. etc.

I would love to re-do my kitchen but i have to save for that...would like to go on a "big" vacation each year, but we don't so again i think besides the salary it depends how one choses to live as well!

lisa

 

[Dis_Yoda]

In my area - the median income is $27,405. My husband & I are right at 100k between the two of us. I say we are comfortable.

Houses here range a lot depending on what part of town you want to live in. We have a 2100 sq ft home in a private neighborhood for only 200k. I could have gotten a 2500 sq ft home in one of those dime a dozen subdivision where all the houses look the same for 150k though.

 

[kydisneyfans]

We live in the highest average family income county of KY, and that is just under 50K a year. If a family makes 50K here, you are living a very comfortable life.

 

[TheNewman6]

We live in a small town 30 minutes from WV. People around here do not make a lot at all. My DH is a Pharmacist and I am a RN. So we look pretty darn near rich here comparatively speaking at well over 100,000+ a year.

 

[ekatiel]

This site is pretty cool: http://www.bestplaces.net/COL/

You can put in where you live now, your current salary, and where you'd like to move. It will tell you how much you will need to earn in the new city to maintain the same standard of living. It also lists the COL index for your area and the new area. Our COL index is 87, so we are in a LCOL area. DH makes 87K, and I don't consider us to be rolling in the dough, though! I would agree that he makes "good money", but we are a one income family, so his salary is it for us. --Katie

 

[wall*e2008]

Of the 7 catagories we were under in 4 and over in 3. Lowest was 91 and highest was 111 (utilities). So I guess I live in a very middle cost of living area (an average of 100 area)

 

[punkin]

I just did a COL calculator online and apparently where I live the COL is HIGHER that NYC!

Ha...no wonder I feel poor.

 

[kim_d]

Also I think it important to remember a 2 earner home can be paying $2400/m in childcare for 2 young children (infant and toddler) so while a single earner may make 100K and a double earner family making 150K- they aren't any "better off" than the single earner.

 

[Arielle22]

As you mentioned in your OP it is all relative to where you live. I make 65K, DH makes 60K and we both have to work full time. A 3 BR 2 BA house here will cost just over $300,000. We can't afford our mortgate and car payment on just one salary but we're not struggling to pay the bills on two salaries. When I was laid off we were charging groceries. So thankful I don't have to do that now and we're back to being able to take vacations and eat out. I was smart and finally started putting enough $$ in a savings account. Live and learn I guess.

I live a short hop away in Scituate and Dh and I make approximately the same as you. A 3BR 2BA here is closer to $400,000. Since we are a bedroom community our commutes are over 1 hour each way. I pay $210 for a commuter rail pass while we spend about $80 a week fo Dh's gas.

We also have 2 teenage DD so that makes the money do even quicker

 

[carj]

You must not have the same electric fees that we have in the Dallas area. The electric bills alone are enough to drive us into a higher cost of living bracket, IMO! Our electric bills were consistently near $1,000 a month in the summer months until we did some VERY drastic things (improvements) and lowered them a couple hundred a month. I know in some parts of the country people croak if they get $100 bill!

I was just in NE Ohio for a wedding and was SHOCKED at the low grocery prices, etc. No, I wouldn't say we are in the truly low-cost of living areas.

We did live in the Frisco area for a time and the real estate prices were higher but our electric rates were actually lower than where we are now.

Currently we live about 20 minutes southwest of Fort Worth. Our house is not large, 1800sqft, all electric, and our highest electric bills have been around $400. Usually those are for August, September, January and February. The rest are between $175-$300. And...I HATE to be hot. We keep it nice and chilly!

Even my brother and my friend who have 2 story houses, 3500 sqft, with 2 AC units and a pool never has electric bills that come close to $1000. Their highest have been pushing $600.

We use Reliant Energy but I honestly don't think that there is a significant difference among providers. Maybe the size of your house is a factor?

 

[carj]

Okay, I just did the calculator provided by another poster. My town has an index of 80.

The most significant thing about that is that in every category our town is in the 90's except housing which is at 51. That confirmed my belief that we have good housing prices.

 

[bethy]

Also I think it important to remember a 2 earner home can be paying $2400/m in childcare for 2 young children (infant and toddler) so while a single earner may make 100K and a double earner family making 150K- they aren't any "better off" than the single earner.

I think this is a huge consideration. Not just taking childcare into consideration but also other expenses and lifestyle choices associated with having two working parents in a household.

 

[Colleen27]

The COL index for the town we're in is 82, with 48 for housing. That 48 is why 50K here is good money; on a very average income just shy of that mark, we're able to own our home free & clear about 20 years before we would have if we'd gotten a typical 30 year mortgage.

Just for kicks, I put in NYC as the comparison and got a result of "Housing costs are 325% higher in NYC". Eeek!

 

[Gabes_mommy]

We live in a relatively high cost area and I think families with childcare costs need to make at least 150K to be "comfortable" here- nice cars, freestanding house.

DH and I make 6 figures together but we live in a town house and we can support our lifestyle comfortably but there is no way we could buy a single family home here.