What do you consider a "comfortable" yearly salary?

[FINFAN]

But, but....you don't understand. Many people NEED to live in a 4000 sq.ft McMansion, have a top-of-the-line kitchen where only the microwave is ever used, have two $500 per month car payments, stop at Starbucks every morning, shop exclusively at Whole Foods, enroll their kids in every expensive activity, etc. etc. etc. Anything less just won't do.

we have exactly zero of that. Why? Because we don't make 175,000. To live in your description in my location would take more than 175 p year. Comfortable means you can live the way you choose without many restrictions (within reason, not living like a rock star) Around me for a family of 4, just trying to do right and keep your head above water, plan for the future responsibly takes 175. If I were to live by DIS standards...well add a LOT of zero's lol

 

[Maxpowers]

But, but....you don't understand. Many people NEED to live in a 4000 sq.ft McMansion, have a top-of-the-line kitchen where only the microwave is ever used, have two $500 per month car payments, stop at Starbucks every morning, shop exclusively at Whole Foods, enroll their kids in every expensive activity, etc. etc. etc. Anything less just won't do.

$175k will not get you this in the NYC suburbs...you'd need something more like $300k+ for that.

Here's a slightly over 4000 sqft house...estimated mortgage is $7k a month.

http://www.trulia.com/property/3208800988-10-Overlook-Park-Montclair-NJ-07043

 

[DisneyPrince1982]

I have to ask: Where do you live to have this viewpoint?

Downtown Chicago! How bout dem apples?

 

[Mickeyluver37]

But, but....you don't understand. Many people NEED to live in a 4000 sq.ft McMansion, have a top-of-the-line kitchen where only the microwave is ever used, have two $500 per month car payments, stop at Starbucks every morning, shop exclusively at Whole Foods, enroll their kids in every expensive activity, etc. etc. etc. Anything less just won't do.

But shouldn't having all of those things be in the definition of comfortable? We don't even have 1/2 the things that you are mentioning, and are far from comfortable, so for our area, I don't even think 200K for a family of 6 would qualify as comfortable, unless maybe it was a single wage earner and there were no child care expenses.

DH and I have been on a much lower pay scale in the past. I know how easy it is to point at someone and say "If I had their money, I would be RICH!" But it's not until you're there, and realize the ridiculous impact of taxes on your income that you realize it's just as easy for every dollar you make to be needed to support your household. Or covering the student loan debt we had to take to get our income levels where they are. I gave up Starbucks a long time ago to drink the free office coffee and a trip to Disney is a luxury that is not something we can afford any time in the near future.

Now if we had our incomes and NO kids? We'd be "rich." Or at least it seems that way from the perspective we're sitting at now. But who really knows.

 

[Patch'sD]

Here on Long Island 10 to 20 miles from the NYC queens boundary line I would say you are looking at least $ 200,000. Cost of home is roughly $400 K and Property taxes are about $10,000 per year. Electricity Rates are High, Sales tax is 8%. You have State Income Tax as well as Your Federal Taxes and payroll taxes. If you consider 10% of your salary for retirement and another 10% for College for the kids. There will not be much left over.

 

[Rhombus]

Downtown Chicago! How bout dem apples?

Hey....you can drop by and visit the Queen when she's in town.

 

[FINFAN]

Downtown Chicago! How bout dem apples?

Do tell, as I am in the west burbs. Are you raising a family? car payment/insurance? college fund, after school care, day care? If you are single, no vehicle, renting, have decent benefits and have no college debt, sure, 175 sounds high~but still not do what you want when you want. No way. If you mean hit what bars /clubs/concerts you want, eat out , take a trip, sure.


to be fair tho, for the OP's question, answers would have to be apples to apples. Comfortable for a single person is going to be different than a family based on standard/traditional lifestyle of kids, college, retirement etc.

 

[FINFAN]

Hey....you can drop by and visit the Queen when she's in town.

lol...there was Corgi Beach Day at Montrose Beach last Sunday..I SWEAR that's why she bought a place lol

 

[mefordis]

$175k will not get you this in the NYC suburbs...you'd need something more like $300k+ for that.

Here's a slightly over 4000 sqft house...estimated mortgage is $7k a month.

http://www.trulia.com/property/3208800988-10-Overlook-Park-Montclair-NJ-07043

Agreed. Maybe 250k if you are debt free (except for a mortgage). You won't live in a palace though (like the one linked in your post), just a modest 700k ranch.

 

[Patch'sD]

But, but....you don't understand. Many people NEED to live in a 4000 sq.ft McMansion, have a top-of-the-line kitchen where only the microwave is ever used, have two $500 per month car payments, stop at Starbucks every morning, shop exclusively at Whole Foods, enroll their kids in every expensive activity, etc. etc. etc. Anything less just won't do.

Not even close. A 2000 sq ft existing house in my area is going for close to $500,000 with property taxes at $12,000 per year. A Nissan Sentra loan payment will run you close to $ 400.00 a month. Remember the post was to live comfortable, if you want post something like that you should look for a post that says what salary do you need to live like a "tight wad".

 

[Maxpowers]

You won't live in a palace though (like the one linked in your post)

haha, yeah just listing an example of what it would cost for this 4k sqft-whole foods-starbucks life style described by Rhombus. $175k couldn't even pay the mortgage and taxes (which were $28k and not factored into the $7k mortgage payment) on this place.

Here's a luxurious $650k palace with only $17k in taxes

http://www.trulia.com/property/3210873621-60-Gates-Ave-Montclair-NJ-07042#photo-25

 

[Gumbo4x4]

Comfort means different things to different people or even to the same people at different stages of life. And aside from cost of living differences (which are vast), $100k (which, BTW is more than I make) to one isn't the same as $100k to another.

I mentioned medical expenses. 3 of 4 in my house are buying medical plans outside an employer plan at an annual cost of $8,400 a year. And because my take home pay is roughly 62% of my gross, I need to earn $13,500 to pay for that. This year alone, expenses not covered under medical & dental insurance is another $12,000 or $19,300 worth of salary.

There was a time in my life when my GROSS was less than the total cost of these 2 expenses AND I was "comfortable". I even socked away a much larger percentage of my income in those days. Things change, especially as we age & have families.

Thankfully, I live in an area where the cost of living is low. OTOH, this area lacks any public transportation AT ALL. So, a minimum of 2 reliable cars (3 once DD gets her license) is an absolute requirement, and honestly at least 1 needs to be 4wd to deal with Winter weather.


Unlike my younger days, the surprise $10,000 home repair or $4,000 car repair is always a possibility. Not having that in the bank day in & day out adds "discomfort".


This is really just scratching the surface.

 

[mefordis]

haha, yeah just listing an example of what it would cost for this 4k sqft-whole foods-starbucks life style described by Rhombus. $175k couldn't even pay the mortgage and taxes (which were $28k and not factored into the $7k mortgage payment) on this place.

Here's a luxurious $650k palace with only $17k in taxes

http://www.trulia.com/property/3210873621-60-Gates-Ave-Montclair-NJ-07042#photo-25

Yeah, I'm sure the interior needs some work and updating as well. NJ is notorious for out of control taxes. It is astonishing how little your money will buy in NJ.

 

[McGreezy]

Been seeing lots of money, budget, job hunting, cost of living threads lately and got to wondering...

What do most people consider a "comfortable" salary?

Obviously, there are lots of factors like where you live, size of family, etc..

But based on your own perspective what do you consider "comfortable"?

I live in MA which has a pretty high COL. With our lifestyle and where we live, I think I consider $125,000 a year to be very comfortable. Obviously, more would be more comfortable, but I think that amount allows people to have a decent home, save for retirement, vacation a bit, put some aside for kids college, etc.

What do you guys think?

I'm from MA as well, and am not really sure about the homes some people have purchased or lifestyles you'd consider "comfortable", but we have a 3 bedroom home, are vacationing to Disney this year, and have two cars with one car payment and our family of 4 have lived comfortably for quite some time on a $60,000/year income. No government assistance whatsoever. Home is nice, not falling apart or disheveled by any stretch, and we have retirement and savings. I think "comfortable" means many things to different people. I am not a crazy spender, and prefer to pay less for clothes and decor so that we can save for things we need. To me a $100 pair of sneakers or a vase that costs $50 at Pier 1 is just silly. I am an avid thrift shopper, and you could never tell by looking at our wardrobes and home that we pay any less than full price. I don't think you need a six figure salary to live comfortably, you just have to find ways to live within your means.
That being said, I think we would be able to vacation more than once a year and put a bit more in savings if we could get up to around $80,000. Anything over that would be complete gravy And gravy is just delicious

 

[McGreezy]

You guys tossing around $175,000 for a comfortable salary? I mean c'mon folks. That's way more than comfortable. If you're burning through $175,000 and still can't do whatever you want, whenever you want, something is very wrong.

I'm with you. I'm floored at these numbers!!

 

[FINFAN]

K...I'm going to specify that at my age of 53, with my family dynamic of current middle class (hanging on to that by a thread) and hopes of not being homeless in my old age or existing on medicaid, I'm sticking with $175 for comfortable. With any luck my responsibilities and needs will change for the better and I can lower that number. Reiterating that comfortable to me means, not having to choose between financial situations that need tending, I can do both without losing sleep and still have a decent size cushion.

 

[Christine]

Downtown Chicago! How bout dem apples?

Shocking!!

 

[DisneyPrince1982]

Do tell, as I am in the west burbs. Are you raising a family? car payment/insurance? college fund, after school care, day care? If you are single, no vehicle, renting, have decent benefits and have no college debt, sure, 175 sounds high~but still not do what you want when you want. No way. If you mean hit what bars /clubs/concerts you want, eat out , take a trip, sure.


to be fair tho, for the OP's question, answers would have to be apples to apples. Comfortable for a single person is going to be different than a family based on standard/traditional lifestyle of kids, college, retirement etc.

I don't do car payments. I buy cars straight up in cash. I don't get the whole car payment thing unless you're doing a lease. But to take a loan to buy a car makes no sense. And of course I'm paying car insurance. My college debts have all been paid, didn't have much to begin with because I paid most of it off very early on in my career. Yes I have kids.

"But still not do what you want when you want." Disagree again. I am doing what I want, when I want. I went to Italy in April, going to Egypt in a few weeks. Bora Bora in April 2016 and I'm thinking Japan late in 2016. I would classify that as doing whatever I want, whenever I want.

 

[AnnaFloridaLover]

I don't do car payments. I buy cars straight up in cash. I don't get the whole car payment thing unless you're doing a lease. But to take a loan to buy a car makes no sense. And of course I'm paying car insurance. My college debts have all been paid, didn't have much to begin with because I paid most of it off very early on in my career. Yes I have kids.

"But still not do what you want when you want." Disagree again. I am doing what I want, when I want. I went to Italy in April, going to Egypt in a few weeks. Bora Bora in April 2016 and I'm thinking Japan late in 2016. I would classify that as doing whatever I want, whenever I want.

Don't forget Cuba. Are you taking your kids or are these single trips?

 

[DisneyPrince1982]

Don't forget Cuba. Are you taking your kids or are these single trips?

Ha, not yet on Cuba. I'm not sure my boss will take any vacation requests lightly. The ones I mentioned no kids but I am planning a week in Southern Cal next summer, kids will be on that one.