s/o What do you consider a "good" household income?

[nd293]

Adequate income covers all the basic needs mentioned by others, including health insurance and reliable vehicles.

 

Good income in my mind would allow for an overseas holiday every few years, and funds for regular investing.

[Melora in NC]

Is this the one you were thinking of? It is interesting. Using the calculator, for two adults and four children in out area (not including childcare and housing), we need $49,704 per year. I didn't include housing since that is part of our salary and we've never needed to pay for childcare. We make about half that and seem to be doing fine. If we did make $49K a year, wow!

 

That was interesting! Ours says we need $49,300, and we make significantly less than half of that and are tolerably comfortable. Our housing and vehicle expenses are much lower than their estimates, though, and we don't need childcare. Of course, they forgot to include homeschool curricula, which is a big item in our budget!

 

*Oops! Just read other responses and realized that what was in question was a Good income! I remind the children often that we are amazingly comfortable compared with most of the world, but to have all the comforts that Americans consider standard -- like insurance for myself, savings for retirement & college, family vacations, and a second vehicle -- I guess we'd want a bit more. I think that something between $50,000 and $70,000 would satisfy all my dreams of avarice!

Edited June 8, 2010 by Melora in NC
didn't read original post closely enough

[anotherbrother]

I did a little googling, but I'm terrible at figuring out the right search words for the things I want to find. What I wanted to point you to was a website that I'd seen that tells you what a "living wage" would be for your particular area. It calculates things like daycare that many of us would not need, but it gives a good basic indicator of what a single person or a retired couple or a family of four would need to earn to cover basic expenses, what a good median income would be. For our area several years ago, before housing and medical insurance costs skyrocketed, a living wage for a household of four would be $45K. I am curious about what it would be now. But what I think you're asking about, a "good" income, is referred to as a "living wage."

 

We live in the Puget Sound area with 3 children and fairly low housing costs. We have no car payments. We would be hard pressed to meet any of the above mentioned goals on $45,000 a year. It's tough on not quite $60K. The West Coast and East Coast both have an incredibly high cost of living.

[Scarlett]

Very interesting....especially since my income has dropped by 3/4 since my divorce 6 months ago. According to the living wage calculator one adult/one child in my area would need about 33K. I won't have that much coming in with just cs and alimony but I also have no child care, no vehicle payment and my house payment is only about half of the amount listed. (but only because I took my marital home equity and put it on my new house).

 

I feel like I am going to be fine with my cs and alimony with my current bills.....but I live simply. It hasn't been that hard to go from over 100K to 25K...I'm thinking because XH was the big spender. :D

[Nicole M]

We live in the Puget Sound area with 3 children and fairly low housing costs. We have no car payments. We would be hard pressed to meet any of the above mentioned goals on $45,000 a year. It's tough on not quite $60K. The West Coast and East Coast both have an incredibly high cost of living.

 

Right. Years ago, it was 45K for my area of Puget Sound, but now, looking at the calculator that Cricket linked, it's more like 68K. Not sure where you are in the area, but I agree with you, totally.

 

I guess I didn't understand the definition of "good" in the original question. To me, the calculator helps to see what would be "minimum" to be comfortable, and above that would be "good."

 

ETA: Our food expenses are almost double what the calculator lists, and our medical expenses are four times what is on the list -- unless for a family of four they meant that amount per person, but I don't think that is what they meant! Our housing is significantly less (I married an old bachelor with a ton of savings so we were able to put a huge down payment on a cracker box that we've fixed up), but I think most folks in our area pay much more than what is listed. All that said, I think the total is about right.

Edited June 6, 2010 by Nicole M

[FairProspects]

Right. Years ago, it was 45K for my area of Puget Sound, but now, looking at the calculator that Cricket linked, it's more like 68K. Not sure where you are in the area, but I agree with you, totally.

 

I guess I didn't understand the definition of "good" in the original question. To me, the calculator helps to see what would be "minimum" to be comfortable, and above that would be "good."

 

ETA: Our food expenses are almost double what the calculator lists, and our medical expenses are four times what is on the list -- unless for a family of four they meant that amount per person, but I don't think that is what they meant! Our housing is significantly less (I married an old bachelor with a ton of savings so we were able to put a huge down payment on a cracker box that we've fixed up), but I think most folks in our area pay much more than what is listed. All that said, I think the total is about right.

 

:iagree:As younger parents in the same area, our housing costs are much higher than what is listed since we moved here in 2005. Those medical costs are ridiculously low, since we pay 12x that. The food costs assume about $65 per month, and we pay more than that per week now shopping at the discount grocery store. Those numbers are way, way off even for a low standard of living here.

[6packofun]

I agree. Too many variables even if the main one is just how many children you have and where you live!

 

For us, though, if the OP wants a number, a GOOD income to meet the requirements of meeting all our expenses plus a little extra would be $60-65k+. Dh is making under $40 and we're on food stamps, living "in poverty." It feels like it. However, if we'd been able to buy our own home, there might be less financial hardship (as long as the home were in decent shape) because we rent a place barely big enough for the 8 of us at $1050/month and it's killing us. We can't save up to move, can't buy a home because we have no savings and mediocre credit and we're stuck.

[joannqn]

I didn't do all of the calculations for the living wage calculator, just took the 2 adult, 2 child family and added 2 extra kids. I didn't want to get into the tax stuff.

 

According to that, our living wage is around $60,000 or so. I would consider that a good wage though. We've never made that much, and the closest we got was before kids when we were both working full time.

[moki4]

with music lessons, french, food et all...and yearly trips to Hawaii to visit grandparents, at least 150K...a lot I know, but money well spent (really!):001_smile: I don't waste...

[justamouse]

it all depends on the size of the family and the location.

 

Huh-the poverty wage in my county is 9.83. Sounds about right.

 

And two adults/two children is 68k on the living wage calc. That sounds about right, too.

Edited June 6, 2010 by justamouse

[juelle]

Good grief, do people really spend that kind of money on child care?!? I thought it was a luxury being at home with the kids! No job could pay me enough to miss the time with them, and I feel so blessed, and thankful that dh provides for us so well.

Edited June 6, 2010 by juelle

[CAMom]

My county on the living wage calculator says $74,649 for two adults and two children. But the housing and medical costs estimated are way too low. In fact, they are off by several hundred dollars per month.

[QueenCat]

"good" is subjective. When we made in the mid 20s, 20 years ago, I couldn't wait to be in the mid the 30s. When we got to the mid 30s, I thought we'd really be in the money if we hit 50.... After a year around 50, I couldn't wait to hit 60.... and so on.... You learn to live on what you make, and save based on that too.

[amy g.]

My husband makes 5 times what he made when we first got married, and I feel like we live very well.

 

What's funny is that I thought we lived well then too. We had one car, and $80 per week for groceries, and $20 per month for spending money.

 

I felt so lucky to have a clean rent house, and be able to stay home with my oldest. Sometimes we would go out of town with Dh. We could all 3 share his $20 a day per diam, and pocket that week's grocery money. Talk about living high!

 

I know there are people who are in horrible hopeless situations, but for me, I'm rich when I choose to be.

[Wheres Toto]

Good grief, do people really spend that kind of money on child care?!? I thought it was a luxury being at home with the kids! No job could pay me enough to miss the time with them, and I feel so blessed, and thankful that dh provides for us so well.

 

I worked full time when oldest dd was a baby. At that time full time care for an infant was $800-$1200 a month. Older children are less but still around $600/month. When we last did summer camp (about 4 years ago) it was $150/week. It is a huge expense.

[jewellsmommy]

The living wage for my area is about $45,000 (2 adults, 1 child) and that seems about right. The housing listed would cover rent but not the extra $300 a month needed to heat, cool and bring water into the housing. But, that could be considered other. The medical for a month was listed at $227 a month. That is a little low but I think the food was high at $600 a month. Overall, this amount is quite doable if you are frugal. You won't be able to buy a house, have many extra expenditures, and have a significant savings account or vacations.

 

I think a "good" income that would allow for a mortgage payment, savings, retirement, and wiggle room would be about $60,000 in our part of VA. I would be thrilled at this.

[KidsHappen]

I used the calculator listed and it says that the living wage where I live for two adult and two children is about $30 per hour which comes out to about $62,500 a year. We have two adults, three adult children and two young children in the household and only one of us works. I figured that means we probably need about double the amount listed for that family configuration, so $125,000. I would say that that would be a good income here if you didn't have any debt beyond say a mortgage and car payment if you paying typical utilities, medical, insurances, taxes, etc.

 

Generally speaking we get both income tax return and a yearly bonus which makes things work out just about right (although without saving for college, retirement, emergencies, etc.). However, this year we did not receive either and in the last three year we have assumed several thousand in debt due to moving house, several funnerals, and repeated small emergencies of the house maintenance, car repair, high medical care kind. So we are stretched tighter than ever and are just making it pay day to pay day and I have two moving out, setting up household and starting college this year. My financial stress is much higher this year that it has been in a very long time.

[MaMa2005]

Worldwide, anyone living in the US and working at all is astonishingly wealthy.

 

:iagree: Having traveled the world extensively, so many people don't 'get' just how much we have here in the USA!

[cathmom]

:iagree: Having traveled the world extensively, so many people don't 'get' just how much we have here in the USA!

 

Those of you who have said this, why do you think that is? Why do we need so much more here? Is it because everyone is paying their own health expenses? Few public transportation options? Laws dictating what kind of houses we can live in? Fears of CPS taking our children if we don't provide what American society says they need? Other issues?

[Carrie12345]

The calculator says just over $51k for 2 adults/2 kids in our area. I'd say that's somewhat close, based on how we operate with 2 adults/4 kids. I know many people getting by *okay* on less.

[Scarlett]

Those of you who have said this, why do you think that is? Why do we need so much more here? Is it because everyone is paying their own health expenses? Few public transportation options? Laws dictating what kind of houses we can live in? Fears of CPS taking our children if we don't provide what American society says they need? Other issues?

 

It is sort of like make-up....if every other woman I knew would stop wearing make up so would I. :001_huh: Did I really just admit to something so shallow? Hmmm....

 

Truth is, it is VERY difficult to keep a simple eye. Everywhere we go we are bombarded with advertising to buy buy buy. It is insane.

 

Also we are set up to need certain things. For instance, I could do without electricity (an extreme example) and running water IF I had a well, and outdoor toilet and other things to function....lamps, ect. Have you ever tried to get by when the power goes out or the water is turned off? It is insane how we have come to rely on the luxuries of life.

[rafiki]

.

[Quiver0f10]

Is this the one you were thinking of? It is interesting. Using the calculator, for two adults and four children in out area (not including childcare and housing), we need $49,704 per year. I didn't include housing since that is part of our salary and we've never needed to pay for childcare. We make about half that and seem to be doing fine. If we did make $49K a year, wow!

 

 

Wow, using their numbers were fall very short. No wonder we can't make ends meet.

[Jumping In Puddles]

Nothing less than a million a year. hehe... Varies too much by region to give a number. Pay bills, plus savings = a good living to me.

[Andie]

A year or two ago, Kelli in TN posted a better calculator, but I can't find it. I did find this one, though. http://www.hopevault.org/rank.php/

[Renee in NC]

:iagree:As younger parents in the same area, our housing costs are much higher than what is listed since we moved here in 2005. Those medical costs are ridiculously low, since we pay 12x that. The food costs assume about $65 per month, and we pay more than that per week now shopping at the discount grocery store. Those numbers are way, way off even for a low standard of living here.

 

The amounts in the table are *monthly* not annual. So, food is $780 a month, not year.

[Renee in NC]

That was interesting! Ours says we need $49,300, and we make significantly less than half of that and are tolerably comfortable. Our housing and vehicle expenses are much lower than their estimates, though, and we don't need childcare. Of course, they forgot to include homeschool curricula, which is a big item in our budget!

 

 

I bolded above - you make significantly less than $25K per year and are tolerably comfortable? How do you do it?:bigear:

[Renee in NC]

Good grief, do people really spend that kind of money on child care?!? I thought it was a luxury being at home with the kids! No job could pay me enough to miss the time with them, and I feel so blessed, and thankful that dh provides for us so well.

 

Daycare here for wrap around care for the 3yo (free half day Pre-K) and the baby is just over $1000 per month.

[Mejane]

Those of you who have said this, why do you think that is? Why do we need so much more here? Is it because everyone is paying their own health expenses? Few public transportation options? Laws dictating what kind of houses we can live in? Fears of CPS taking our children if we don't provide what American society says they need? Other issues?

 

Yes, this. I don't think the comparison between living in other countries and the US is relevant. You can't really live any old way you want in this country without some agency paying a visit. There are certain standards here. Could we live more simply? Absolutely! Can we live as they do in Africa where my sponsored child, who doesn't go to school, lives in a hut with a dirt floor and no sanitation? Not without answering to DFS.

[Dana]

Those of you who have said this, why do you think that is? Why do we need so much more here? Is it because everyone is paying their own health expenses? Few public transportation options? Laws dictating what kind of houses we can live in? Fears of CPS taking our children if we don't provide what American society says they need? Other issues?

 

One book I found eye-opening was Material World. The author took photos around the world with a family and their possessions. Our library has it. He later did a book where he took similar pictures with a family and their food for a week.

 

I think so very many people here get so confused as to what needs are instead of wants. I'm constantly amazed at how many televisions people have. I also teach at a cc and I see students who complain that they don't have money to buy their textbooks (yes, they're ridiculously expensive) but I see them texting on their cell phones. We have a cell but we're aware that it's a want, not a need. We also have texting turned off and we're very careful not to go over our minutes.

 

I hear my sil sometimes say that she "needs" something to make her feel better or that she "deserves" something.

 

I don't think we "need" so much more here than in other parts of the world. I think many many people aren't aware of how materialistic we are here. Needs are food, water, clothing, shelter, and health care. The type of food we choose (way too much meat here, eating out) gets into the wants.

Edited June 6, 2010 by Dana

[Melora in NC]

I bolded above - you make significantly less than $25K per year and are tolerably comfortable? How do you do it?:bigear:

 

Our house is paid for, so our housing expenses are only property taxes, insurance, & maintenance, and our vehicle is also paid for (it's old, and we are trying to set aside money for the next one, but not Having to make payments gives us flexibility). Also, though I wish we had more, we only have two children. And my parents give us new jeans, shirts, and books for Christmas and birthdays (not school supplies, but that certainly leaves Us more for buying the school books!). And by "significantly" I really meant about $3,000, so maybe I should have said slightly (but $3,000 just doesn't look slight to me!).

 

***And now, having written this, I realize I should not have commented on this thread at all. Our current income would Not provide for a tolerably comfortable life except for our fortunate situation regarding the house, which only happened because we we were able to sell our house in Florida before the market collapsed. I would delete my posts, but that leads to a strange looking thread, so I will just apologize for posting unhelpful information.

Edited June 8, 2010 by Melora in NC
realized that my post was irrelevant.

[Mynyel]

Holy Cow....according to the calculator that Cricket listed a family of 4 needs $755 in food??? But only $695 for mortgage/rent? Whoever did that calc obviously didn't research our area. We pay $735 in rent and we are on the low end of rent. We don't buy $755 in food either.

 

And over 1000 for child care? Really?

 

Over $900 for transportation? Where the heck are we going? You mean to tell me people spend almost 24k a year on child care and transportation alone???

 

So we have to make about 59k a year to live here (that is after taking off the child care).

 

I think the calc is off...no offense Cricket!!

 

Good gravy I can tell you we make less than 25k a year and we make it. Barely. But we make it.

[Carrie12345]

Holy Cow....according to the calculator that Cricket listed a family of 4 needs $755 in food??? But only $695 for mortgage/rent? Whoever did that calc obviously didn't research our area. We pay $735 in rent and we are on the low end of rent. We don't buy $755 in food either.

 

And over 1000 for child care? Really?

 

Over $900 for transportation? Where the heck are we going? You mean to tell me people spend almost 24k a year on child care and transportation alone???

 

So we have to make about 59k a year to live here (that is after taking off the child care).

 

I think the calc is off...no offense Cricket!!

 

Good gravy I can tell you we make less than 25k a year and we make it. Barely. But we make it.

 

We make a little more than what I estimate the calculator would quote for 2 adults/4 kids (based on their quote for 2 adults/2 kids), don't use child care, and spend even less than the 2/2 amount for food, and it feels tight for us.

 

I know why it feels tight though. It's a combination of past poor choices and adopting certain "wants" as needs. Which is EXACTLY why we're trying to change all of that and raise our children with a different mindset. I want them to look at those numbers one day and think "OMG, I can do so much more than that with so much less," whether they need to or not.

 

It's an uphill battle, but we're fighting it!

[Mergath]

I don't think we "need" so much more here than in other parts of the world. I think many many people aren't aware of how materialistic we are here. Needs are food, water, clothing, shelter, and health care. The type of food we choose (way too much meat here, eating out) gets into the wants.

 

Exactly. In much of the US, I don't consider a car a "need," though many would disagree. People in many parts of the world walk miles every day to get food and water. Obviously, it's more convenient to drive, and if you live extremely far from your job or in a dangerous climate a car becomes more of a need, but really, many of us could do without the majority of what we have. I know people who honestly don't think they could live without two cars, cable, internet, computers, new clothing, and vacations every other month. I would LOVE to send them to a developing nation for a week so they could see how most of the world lives.

 

Sorry. Rant over. America's materialism is kind of a sore spot for me.

[cathmom]

Over $900 for transportation? Where the heck are we going? You mean to tell me people spend almost 24k a year on child care and transportation alone???

 

 

 

At the high point of the gas prices 2 years ago, we paid about $450 in gas alone one month. Add in maintenance and repairs and you could get close. But probably that is so high because it's factoring in 2 car payments plus gas and maintenance.

[Jumping In Puddles]

Sorry. Rant over. America's materialism is kind of a sore spot for me.

 

I think Americans need to be more mindful of where we choose to spend our money. I think we spend without thinking and that is such a shame but who am I to tell someone what has value? I would like an iPhone, and to some that would be a terrible waste of money and resources. Someone else could buy 100 plastic pink flamingos and I might say that is kind of a waste, but it is their money. ;)

 

Living like Mother Theresa will appeal to almost no one but it doesn't have to be all or nothing. We could, for starters, stop referring to ourselves as "consumers" and instead as citizens. I saw a TED presentation a few years ago that bit really stuck with me.

Edited June 8, 2010 by Jumping In Puddles

[cathmom]

Exactly. In much of the US, I don't consider a car a "need," though many would disagree.

 

 

I would say the opposite - in much of the US, a car is a need.

[mommycheryl]

I calculated ours and for the 6 of us, dh would need to be making almost $80K for a living wage (according to the random chart who knows decided). This helps me to understand why I feel like we can't keep up and why our retirement savings is not further than it really should be. Right now, having dh back to his old salary (before they cut it due to the economy) seems like a windfall and that's only $200 a month or so.

Beth

 

I'm with you on the cut back salary. I compared Dh's income from about 5 years ago (before his company was bought out, before they started to cut incentives, before he took the management position that was supposed to may more and therefore balance out the lose of OT, before the president started railing against his industry on a daily basis) to what he makes now and it has been a huge cut! About 30%.

 

I made the msitake of looking at the living wage calculator. We are below the standard for our area, which didn't surprise me, but the really sad part of it is the living wage is higher here than where we used to live. And one of the reasons DH had to why we should move was lower cost of living! I wish I had seen that calculator.

[LisaKinVA]

Hmmm... $115,000 in DC. That would pretty much cover it -- as long as we continue to live an hour outside of DC city limits. $95k is a bit of a stretch, but that extra $10k a year would "do" it for us.

 

Personally, I am really looking forward to a time 6 years or so away -- when all of our major curriculum purchases are done, and I'm simply "re-using."

[Mergath]

I would say the opposite - in much of the US, a car is a need.

 

How so? If we refer to places where it doesn't get hot or cold to the point that it's life-threatening, how is a car a need? Does not having a car keep you from having food? Shelter? Yes, having a car is convenient, but if a woman in a developing country can walk fifteen miles to get food and water with three or four kids and carry it home, so can we. It might not be fun, but you don't generally die without a car.

 

I'm not saying that we should all live in huts and sell all of our possessions, but I do think it's valuable to understand what truly constitutes a need and what just makes life a little easier.

[TravelingChris]

This thread was originally about a good income, not a barebones income. As someone else said, the talk about stuff is almost meaningless in terms of how wealthy or poor you are here in the US. We bought one of our tvs in the house for 5 dollars and the vcr for another 5. We don't have it hooked up to cable and it is solely used for school tapes. Now we aren't poor but a poor person could have saved up their money and gotten it too. It is the cable that costs money.

 

Another thing that skews how people can view living costs is that the poverty rate doesn't count non wage payments. So that is how those people survive- food stamps, Section 8, tax checks, etc. They don't survive on less than the poverty rate unless they have other help like no rent or mortgage or government aid or some other type of assistance.

[cathmom]

How so? If we refer to places where it doesn't get hot or cold to the point that it's life-threatening, how is a car a need? Does not having a car keep you from having food? Shelter? Yes, having a car is convenient, but if a woman in a developing country can walk fifteen miles to get food and water with three or four kids and carry it home, so can we. It might not be fun, but you don't generally die without a car.

 

I'm not saying that we should all live in huts and sell all of our possessions, but I do think it's valuable to understand what truly constitutes a need and what just makes life a little easier.

 

Well, this goes back to my point about CPS dictating standards. I'm supposed to be educating my children. If I have to walk to the closest grocery store and back every day (it's 15 miles away), that is the equivalent of a full time job. When will I homeschool my children? How will I walk with all of them on rural two lane roads with no sidewalks where logging trucks speed by at 65 mph? How long could we live this way before CPS took my dc? Is my dh supposed to walk over 25 miles to work in the morning and then back in the evening? When will he sleep or see his dc? There is no public transportation where we live. We cannot afford a house near where my dh works, and we could not rent there because of the number of dc.

[NoPlaceLikeHome]

Exactly. In much of the US, I don't consider a car a "need," though many would disagree. People in many parts of the world walk miles every day to get food and water. Obviously, it's more convenient to drive, and if you live extremely far from your job or in a dangerous climate a car becomes more of a need, but really, many of us could do without the majority of what we have. I know people who honestly don't think they could live without two cars, cable, internet, computers, new clothing, and vacations every other month. I would LOVE to send them to a developing nation for a week so they could see how most of the world lives.

 

Sorry. Rant over. America's materialism is kind of a sore spot for me.

I agree that cars are not always needed and I do wish for better public transportation. However, many areas of the country are pedestrian unfriendly and do not provide safe sidewalks for pedestrians to walk on. Walking is a dangerous business in many parts of the country from I understand so really cars are needed in many instances. I hope to see more sidewalks and pedestrian friendly areas.

[Desert Rat]

Twice as much as we're making now. ;)

[StartingOver]

Enough is taking care of our needs, and some wants. In South Texas that can be a little, or a ton depending on where you live. Hubby makes $40,000 and we are comfortable, but enjoy a frugal life style.

 

The more you make the more you spend.

[Scarlett]

Our house is paid for, so our housing expenses are only property taxes, insurance, & maintenance, and our vehicle is also paid for (it's old, and we are trying to set aside money for the next one, but not Having to make payments gives us flexibility). Also, though I wish we had more, we only have two children. And my parents give us new jeans, shirts, and books for Christmas and birthdays (not school supplies, but that certainly leaves Us more for buying the school books!). And by "significantly" I really meant about $3,000, so maybe I should have said slightly (but $3,000 just doesn't look slight to me!).

 

***And now, having written this, I realize I should not have commented on this thread at all. Our current income would Not provide for a tolerably comfortable life except for our fortunate situation regarding the house, which only happened because we we were able to sell our house in Florida before the market collapsed. I would delete my posts, but that leads to a strange looking thread, so I will just apologize for posting unhelpful information.

 

Oh it is most Definitely helpful! I find it fascinating that you and your dh made the decision to buy a home you could afford with cash. So many would have used that as a downpayment on a BIGGER house they really couldn't afford. So kudos to you! I'm very impressed....and I love see how other's handle their finances.

[Carrie12345]

How so? If we refer to places where it doesn't get hot or cold to the point that it's life-threatening, how is a car a need? Does not having a car keep you from having food? Shelter? Yes, having a car is convenient, but if a woman in a developing country can walk fifteen miles to get food and water with three or four kids and carry it home, so can we. It might not be fun, but you don't generally die without a car.

 

I'm not saying that we should all live in huts and sell all of our possessions, but I do think it's valuable to understand what truly constitutes a need and what just makes life a little easier.

 

Well, my 4 kids would have a pretty good chance of being killed by someone else's automobile while walking to the grocery store. It is a shorter walk to the fruit and vegetable farm, but it's still on the same main road. Or we could live off of deli sandwiches at the gas station mini-mart, which would be a much safer, shorter walk.

 

I have no problem declaring cars a need out here. I put them in the same category as my well, septic, and refrigeration. Just because I technically *could* survive without them doesn't mean it's a good idea (or even legal in some cases).

[Melora in NC]

Oh it is most Definitely helpful! I find it fascinating that you and your dh made the decision to buy a home you could afford with cash. So many would have used that as a downpayment on a BIGGER house they really couldn't afford. So kudos to you! I'm very impressed....and I love see how other's handle their finances.

 

Thanks, Scarlett! You made me feel better about my silly post.

When we were house hunting, limiting ourselves to the cash we had did make finding a house much harder, and several people suggested we take a "small" mortgage. The truth is, though, part of why we moved was to dramatically reduce our expenses so that I could stop working (I was working from home so many hours that continuing homeschooling was becoming unworkable). Being without debt is wonderful, but we were very fortunate to be able to take advantage of the housing bubble!

Edited June 8, 2010 by Melora in NC

[Blessedfamily]

If you have a smaller family in NoVa, $100,000 should do it. The other metro areas of the state ..maybe $75K? In rural areas you can live well on half what it takes up here, but there's less "stuff" to do and see and more limited careers. But then, they don't have the traffic stresses......

Edited June 8, 2010 by Blessedfamily

[Night Elf]

There have been many posts commenting on "good" incomes.

 

Having enough money to afford the basic needs of life, transportation, food, medical bills, insurance, and fun extras within reason in whatever area you live in. One family calls $50,000 a good income while that would barely pay for housing in another area. I think my DH makes a good salary because we have all the things we need and want and don't live paycheck to paycheck. BTDT and it's not a lifestyle I would voluntarily choose though I know for some it's totally fine. I can't stand the stress!