What do you consider a "comfortable" yearly salary?

[tvguy]

$200 000 would be comfortable for my family of four in the Toronto area. Many detached homes in decent areas are pushing a million dollars these days. The crazy part is, that seems normal to me.

Yeah, love watching Love It Or List It when they are I think in the Toronto area. Learn so much about regional differences like "detached" homes. Detached to me is a home. Otherwise it is a commercial structure with multiple occupancy. I guess they are common in Eastern Canada and the Eastern U.S.

And yes, Toronto real estate prices are just plain out of hand.

 

[NEVERENOUGHWDW]

NYC area - $200,000.

Oh I wish that were true.

 

[tvguy]

NYC area - $200,000.

A former co-worker spent 5 years in NYC. Transferred to Los Angeles. What she spent just on rent in NYC pays her house payment, 2 car payments and all auto related expenses.

 

[DawnM]

A former co-worker spent 5 years in NYC. Transferred to Los Angeles. What she spent just on rent in NYC pays her house payment, 2 car payments and all auto related expenses.

Did her pay remain the same?

 

[yeheyprincex2]

Mom, she lives in the suburbs near Chicago and is happy to get them surprisingly

I wish my mom would agree to take my two boys so I can go on a kid free vacation. But she keeps telling me no(says my youngest is to attached to me and cant be without me for too long).

But I don't give up easy and I will continue to ask her until she says yes lol.

 

[tvguy]

Did her pay remain the same?

Yes.

 

[SouthFayetteFan]

You know how depressing this thread is for a college student? Almost everyone is saying "You would need to make more than $175,000 a year to live comfortably - not rich - but comfortably..."

All my hopes and dreams of raising a family, having a moderate house with a little land, and taking yearly Disney vacations by being a doctor are now crushed... I hope you all are happy!

Pay no attention to the crap in this thread. 3 Words: Mr. Money Mustache (google it!). A family of 3 living a life of luxury spending $25k per year.

As for me and my family of 4...living VERY comfortably in Pittsburgh on under $100k salary. All of this talk of $175k...if we had that kind of income I'd be able to retire within 10 years, probably less.

 

[justgrace]

Pay no attention to the crap in this thread. 3 Words: Mr. Money Mustache (google it!). A family of 3 living a life of luxury spending $25k per year.

As for me and my family of 4...living VERY comfortably in Pittsburgh on under $100k salary. All of this talk of $175k...if we had that kind of income I'd be able to retire within 10 years, probably less.

That's what I'm leaning towards. The median household income (not single yearly salary) in my area is ~$65,000 (and we live in a nicer area). So either we're all just really poor backwards folk, or the values in the thread are greatly inflated (or they're all living in WAYYYY expensive places). I'm betting all of my "$60,000 median household income" on the latter one.

A family could have a combined $80,000 household income here and be doing just fine.

 

[Judique]

That's what I'm leaning towards. The median household income (not single yearly salary) in my area is ~$65,000 (and we live in a nicer area). So either we're all just really poor backwards folk, or the values in the thread are greatly inflated (or they're all living in WAYYYY expensive places). I'm betting all of my "$60,000 median household income" on the latter one.

A family could have a combined $80,000 household income here and be doing just fine.

Yes. In a lot of areas they could be doing just fine.

But here in the Washington, DC area, it may not be so easy.

If they already own a home and have a small mortgage payment from years ago - yes.

But, someone starting out on a family income of $80k which in this area could be 2 starter jobs are looking at no starter homes available, high rents and fixer uppers in the 250k range.

My son wants to buy a home of some kind....any kind right now.

We are looking hard but the reality is that even though he has a down payment and closing costs, he will have to get a co buyer (me), and then get a room mate to share expenses.

What I want to know is how those of you who make $50k-$60K and have homes and families ever manage to save for a Disney vacation - this being a Disney board?

 

[Judique]

One other point to make - on retirement, lots of people from this area, NY, NJ, CT, MA, move to new areas - down south, Florida, Arizona, Texas, etc.

That's because of several reasons - want to get away from Winter, but also because the money goes further, can live better, can sell homes here and move up somewhere else. Lower taxes, lots of pluses to moving away once retired.

On retirement I will be having the same amount of cash available as I have now to live due to my planning. I expect it to go further for me if I relocate. I may even buy a nicer home.

 

[Christine]

Pay no attention to the crap in this thread. 3 Words: Mr. Money Mustache (google it!). A family of 3 living a life of luxury spending $25k per year.

As for me and my family of 4...living VERY comfortably in Pittsburgh on under $100k salary. All of this talk of $175k...if we had that kind of income I'd be able to retire within 10 years, probably less.

That's because life is MUCH cheaper in Pittsburgh. We are 5 hours from Pittsburgh. My DD (24) has many friends she went to college with that have settled in Pittsburgh. *If* they managed to get a job there, they have been able to find a place to live and actually DO things. My DD visits quite often and she ensures that when she goes there she does things like get her car cleaned (it's $49 here and the same service there is $20) and is considering Lasik surgery there as it is $1200 cheaper. Little things like that, mainly rent, really add up.

 

[DawnM]

To the new college grad:

Most of us, even if we have the incomes discussed in this thread, didn't start out that way. Most of us started with very modest incomes, a starter house, used or older cars, no expensive vacations, etc......

However, as time has gone by, our income has increased. We have more expenses (college for the kids, activities, etc....)

Now, if you are willing to STAY in that starter home, or at least not get a larger home than you can reasonably afford (15 year mortgage and escrow funds not exceeding 25% of your income per month for us, but YMMV), and live well within (or below) your means, you will be fine.

Dawn

 

[AJA]

I admit I'm kinda surprised at the lower number ranges I see from places I would consider high COL areas.

We live in east Tennessee and I was going to say $100K here, before taxes, is a comfortable amount. It's a low cost of living area. Taxes and health care take a big bite out of our monthly $$.

 

[Jaya]

...any salary that gives me all of what I need and a good portion of what I want. Since retiring, I don't need much and don't want anything extravagant (traveling is my big thing), then I guess I'm comfortable on a HECK of a lot less than $100,000.

 

[Mizzoufan]

We live very comfortable on a lot less then what is being posted here.

 

[Hrhpd]

As for the college kids, my son is a recent grad and is making $60,000. Housing costs have skyrocketed so much in his area that he and his friends who have similar jobs are struggling to make it. One friend is making over 6 figures (computer science and has a wife that works. They have 2 roommates to make ends meet. There was just a report on the news that said that in his area, because of the skyrocketing rents and housing prices, that more college grads are living at home than during the recession. So, for a single guy in our area, a $60,000 salary is not comfortable.

 

[DawnM]

Yes.

Then she is fortunate. We took a pay cut when we left a HCOL area, a large pay cut.

 

[DawnM]

I admit I'm kinda surprised at the lower number ranges I see from places I would consider high COL areas.

We live in east Tennessee and I was going to say $100K here, before taxes, is a comfortable amount. It's a low cost of living area. Taxes and health care take a big bite out of our monthly $$.

This concerns me. From what I am reading, this could really affect all of us in huge numbers soon. We have really good health insurance right now, but I worry it will change.

 

[mjkacmom]

Pay no attention to the crap in this thread. 3 Words: Mr. Money Mustache (google it!). A family of 3 living a life of luxury spending $25k per year.

As for me and my family of 4...living VERY comfortably in Pittsburgh on under $100k salary. All of this talk of $175k...if we had that kind of income I'd be able to retire within 10 years, probably less.

The average household income in Pittsburg is $55,000. It's $86,000 where I live, and trust me, those making $86,000 and under are not living large. I live in a very middle class town - heck, most people I know have 2 bathrooms, tops. It really depends on where you live. Our newest vehicle is 10 years old, we haven't vacationed in years, rarely go out to eat, still have borrowed furniture, and have to pick and choose home repairs. And we've never been frivolous with our money.

 

[Pembo]

Comfortable salary is always more than we are currently bringing in....doesn't seem to matter how much our salary is, we always could use a little more.