I am wondering. . . what is a good income?

[Marie in Oh]

I am wondering in light of all the dicussion lately about rising costs of gas, food, heating, etc. and I wonder, what does it take these days to make a decent income? What kind of income are our children, especially our sons, going to have to make in order to support a family. What do you all think is a good wage these days? Please don't disclose what your hubby makes, or you if you contribute. I am just asking in general what you all think it takes to live comfortably in this day and age. I know there are LOTS of factors-- area of the country, etc. So, lets just speak in averages. So, there you go-- a poll of sorts.

[Tracey in TX]

low six figures minimum ($100K)

 

I can't imagine that our children's generation will be able to live a life better than we have. This would be the first American generation to not do so.

[Karen sn]

Depends on family size.

But rent/mortgage is probably $15,000 a year.

Food - minimum of $5,000

Gas - probably $5,000

Electric/sewage/water - maybe $2,400

 

So - Basic living $27,400.

So - before taxes what would that be $37,000?

Health insurance, school materials, clothing, meds (herbs, vitamins), library over due fines, hmmm...

I would say that just to "make it" without anything extravagagent would be $50,00 a year before taxes.

 

I am amazed I have survived thus far!

[Karen sn]

low six figures minimum ($100K)

 

I can't imagine that our children's generation will be able to live a life better than we have. This would be the first American generation to not do so.

 

Agree on $100,000 minimum for really decent living.

Also agree on the generation bit.

[Diana in OR]

For an average family with 2 dc, I would say 85-100K would be comfortable. 50-60K for an extremely frugal family to live comfortably. (I *know* there are people on this board that do it for much less than that. I'm just thinking in generalities, as the OP requested.)

[Jane in NC]

A Tribune article related to this topic ran in my morning paper. You can read it here.

 

Part of this issue is indeed geographic, but I think perspection weighs into it. And choices, of course. Does a comfortable life require a 3000 square foot house? For some it does--not me. The definition of "comfort" varies not only from person to person but generation to generation.

 

Jane

[Pamela H in Texas]

I think it depends...generally, people spend what they have regardless. Many people actually live BETTER on less income than they do later when they have more income. We did that <sigh>

 

According to some information my mom sent (I can see if I can get the articles and post them), my teens will want to make about $60K or more after college and experience getting time. I personally don't think that is necessary, but probably would be nice.

 

Is that helpful?

[KS_]

I think it's got to vary widely based on what housing costs - if dh made anywhere near $100K, we'd feel like we were very rich! I don't even know what I'd do with the extra money. But we live in an area with very reasonable housing (our mortgage is under $850 a month).

[Sue G in PA]

We would be living in a cardboard box if we lived in say, CA, and dh still made what he makes each year. My BIL lives in CA, in a very modest sized home and probably pays 3x as much for it or more than what we pay for our home (close to same size if not a bit larger). We chose to move from MD to PA b/c of the lower housing prices. BUT, that means we commute almost anywhere (dh's job, church, shopping, etc.). As for a decent salary? I don't think my dh makes a decent salary to support a family of 9. My father made more than what my dh makes now and only had to support a family of 4 and that was 30 + years ago when the cost of living was actually bearable! We took vacations each year (Disney, OC, day trips, amusement parks, etc.), never worried about where the next dime was coming from, my folks invested, saved, etc. US? We're lucky to get by each month. However...I am NOT complaining. God provides! We have a roof over our heads, heat in the winter, A/C in the summer (albeit by window unit!), food in our pantry, clothes on our backs, are able to homeschool and I've almost always been able to be a SAHM. So, it's not the picture perfect situation...but I'm grateful.

[PariSarah]

I'm comfortable.

 

I'm in a locked carrell. I'm typing on the world's sexiest computer. I've got a thermos of coffee next to me. If I have pain from typing too much, I can go to the clinic ten yards away and get treatment. When I'm ready to leave, I'll get on another totally sexy machine and drive home. I'll see trees and flowers.

 

I'll go home to a dinner substantial enough that I have to worry about my weight. I might doodle in my garden for a bit. My irises are up. I'll have a glass of port while I'm grading papers tonight.

 

Is that comfortable? I think it is. I think it's d@mn comfortable.

 

We just missed the cut-off for the EIC this year. And with two kids, we may now qualify for state-assisted medical care (for the kids).

 

And I'm comfortable.

 

I'm looking forward to making more, of course. But when we get out of school and make a "real" income, I won't be comfortable any more. I'll be downright wealthy.

 

I don't mean to be a downer, but . . . landssake, do you realize how much gratuitous luxury we take for granted? Do you realize how unbelievably lucky you are if you went through your day not hearing gunshots? If you had effective medication for your ills? If, when you called a police officer, one came?

 

I'm not at all trying to be critical of people who make $100K, or people who would want to make $100K if they could. I'd love to make $100K. Seriously. I would.

 

But the idea that one needs $100K to be "comfortable" astounds me.

[PrairieAir]

Gee, I've always thought $50,000 to $60,000 would be pretty comfortable. We're frugal, but I wouldn't say we fit into the extremely frugal category. Not only does it depend upon the area you live in but also what you consider living "comfortably". It would help to define that term a little.

 

I suppose I'd be more comfortable if we could afford health insurance, but someone with the same income and same size family who works for a large company could probably do that much more "comfortably". I'd also be more comfortable if we had some savings to help dc with college and for retirement. So far a rental (our old house) which we are still paying on, but whose rental income pays the larger of the two house payments with just a tiny bit extra each month is as far as we've gotten in that direction.

 

So, when some of you say $100,000...well, some of that could be where you live, but it really does make me wonder about what "comfortable" means. I think I could be very comfortable living here with that income and be able to afford some things that I would consider more luxury or extravagance than just comfortable.

[PrairieAir]

I'm comfortable.

 

I'm in a locked carrell. I'm typing on the world's sexiest computer. I've got a thermos of coffee next to me. If I have pain from typing too much, I can go to the clinic ten yards away and get treatment. When I'm ready to leave, I'll get on another totally sexy machine and drive home. I'll see trees and flowers.

 

I'll go home to a dinner substantial enough that I have to worry about my weight. I might doodle in my garden for a bit. My irises are up. I'll have a glass of port while I'm grading papers tonight.

 

Is that comfortable? I think it is. I think it's d@mn comfortable.

 

We just missed the cut-off for the EIC this year. And with two kids, we may now qualify for state-assisted medical care (for the kids).

 

And I'm comfortable.

 

I'm looking forward to making more, of course. But when we get out of school and make a "real" income, I won't be comfortable any more. I'll be downright wealthy.

 

I don't mean to be a downer, but . . . landssake, do you realize how much gratuitous luxury we take for granted? Do you realize how unbelievably lucky you are if you went through your day not hearing gunshots? If you had effective medication for your ills? If, when you called a police officer, one came?

 

I'm not at all trying to be critical of people who make $100K, or people who would want to make $100K if they could. I'd love to make $100K. Seriously. I would.

 

But the idea that one needs $100K to be "comfortable" astounds me.

 

 

:iagree:Yes, this is what I was trying to say. We must have been typing at the same time:) I feel quite comfortable and blessed.

 

Sometimes I feel a bit stressed over how to pay for, oh, say, the property taxes or the freakin' state income taxes or medical bills or (in another year) college for dd. But then I do a little deep breathing. I take a walk in the woods. And I pray. Ya know what? We have always had all our needs met. God is truly our sufficiency. We do the best we can and then we trust God to meet our needs. 'Cause I'll tell ya, a lot of the time it looks from a sense-knowledge perspective that we will never make it. Yet somehow we always do. And then some. Yes, I feel quite comfortable and blessed:001_smile:

[Mom2legomaniacs]

To be comfortable where you are, I would say one might have all their true basic needs met. Meaning reasonable clothing, food, health and other care, housing, etc. Nothing fancy, just the true needs able to be met without extreme struggle to do so. The dollar amount would widely vary by all the factors listed above and then some. To me, that means comfortable. Being able to exist with your basic needs to live without extreme struggle.

 

Getting nitpicky with defining true needs would likely vary greatly with each person. I don't think a lot of what we have are true needs in this house and in many others that I know.

[Bess]

I have to say I feel a little shocked by some of these answers. We make in the low six figure salary and I feel kind of wealthy. Maybe it's all perspective?? To be "just comfortable" we could live on a lot less. I feel with our salary we are able to help other people in addition to our own expenses and savings.

[Colleen]

I think it's clear from the handful of replies thus far that this question ~ while a good one ~ is just too subjective. Not only is it dependent upon where one lives, it's *hugely* dependent one's interpretation of "comfortable". I'm amazed, for example, that some are saying "low six figures, minimum". That's beyond comfortable, folks. Yep, it really is. Diana in OR (which has a cost of living comparable to or slightly lower than my area) thinks an average family with only two children would have to live an extremely frugal life to be comfortable on $50-$60K a year.

 

Good grief! I'm mystified, truly.

[Colleen]

nt

[Mommieeeee]

Yes, you are all right as to what area you live in! We live in Northern CA and I would say that we are comfortable. Although, the surrounding areas would definately disagree. We live in a very small house (1000') in a fairly rough neighborhood (there was a mugging about 1/2 mile away). I would love to have a garden but the yard is way too small and the chickens that I smuggled in back there would eat it all up.

 

I work part-time outside the home and my husband works full time. We make over $100k a year and we are definately penny-pinchers.

 

It is what it costs to live in this area. But, I do have to say that we could have bought a newer and larger house about an hour away. Many are doing that now. But with the commute, it would be about 2 hours each way and my dh is not a good commuter. I would much rather him be a happy husband at the end of the day and we would get him for 4 hours more a day. So, I guess that I add that into "comfortable."

 

But all-in-all, I would say that we are comfortable. I think about what people in other countries have and I am grateful!

[Dayle in Guatemala]

I don't mean to be a downer, but . . . landssake, do you realize how much gratuitous luxury we take for granted? Do you realize how unbelievably lucky you are if you went through your day not hearing gunshots? If you had effective medication for your ills? If, when you called a police officer, one came?

 

I'm not at all trying to be critical of people who make $100K, or people who would want to make $100K if they could. I'd love to make $100K. Seriously. I would.

 

But the idea that one needs $100K to be "comfortable" astounds me.

 

 

:iagree: I can't even begin to imagine that type of income!

[Sunny]

I've never seen that much money, and so it sounds good to me.

However, fulfullment is not the money. When one bases their happiness on money, and they get it, they look around for more. So, I just wanted to be clear there. It goes with what some of the other posters were saying about "comfortable".

But, to be general, I think 50k is an amount that one could live very comfortably, if they chose to be grateful. That means a married couple, with an ave. house of 1500sf, 2.3 kids, not in a S. CA city or other more expensive area of the country..... You know, an average family in an average area.... does that exist?

[Sunny]

Me too Colleen. I think with 50k we could live *very* comfortably. Not *very* frugal like we do.

[Marie in Oh]

and I thought we would be all over the board. I knew that comfortable to one would not be to another. I know that our income would not suffice in CA, but is fine in OH. Yes, yes, there are so many factors, and Colleen is correct, it is subjective. That is why I am asking, becasue I want to see the gamut. I want to see what people think as "cofortable" to get myself thinking about the next generation.

 

And Pari Sarah-- you are sooooooo right. I am comfortable--- waaaaaay more comfortable ---- than many in the world, and so are most of us. We have so much even if it is less than our neighbor. I just think it is really interesting to consider.

[JFSinIL]

We would be living in a cardboard box if we lived in say, CA, and dh still made what he makes each year. My BIL lives in CA, in a very modest sized home and probably pays 3x as much for it or more than what we pay for our home (close to same size if not a bit larger). ... My father made more than what my dh makes now and only had to support a family of 4 and that was 30 + years ago when the cost of living was actually bearable! We took vacations each year (Disney, OC, day trips, amusement parks, etc.), never worried about where the next dime was coming from, my folks invested, saved, etc. US? We're lucky to get by each month. .

 

Hey - were we neighbors? I grew up in S. Calif (Orange County) and my dad made more than my hubby does now - although hubby is catching up - and we had two cars, pool, two vacations a year, ate out once a week or so...and my dad saved $$$ for retirement. We could not even afford to live there now! My folks first home in Orange cost $23,000 in 1963. It sells for almost a MILLION now!!!!!! aargh! I miss living in S. California... I fit in better there, too (well, in LA, not so much OC :lol: )

[Only me]

We live in the far western Chicago suburbs. When we bought our house 6 years ago we paid $225K for it (more than I ever dreamed we would have to pay). Up untill recently the same houses are going for over 300K. That is what a mid size (2000 or so square foot) home goes for in this area. My parents live about 30 miles east, live in a 1400 sq foot home and houses are easily going for 250 K in their area. I think our taxes are around 7 thousand this year. On the other hand we have friends who have a 3000 square foot house that paid well under that amount but they live in another state. In some states 300 K would buy a huge house in other states or cities it would probably buy a condo or small house.

 

I've also heard that our food prices, gas prices and everyday expenses are more expensive then some of our friends living in other parts of the midwest. Most people I know have two incomes and "need" to make 100-125 K a year to be comfortable. On the other hand I cut coupons, and try to shop sales. We eat inexpensively and rarely eat out. I don't wear fancy clothing and neither do my kids. I will occasionally buy some popular name brand clothing for my older dd as a treat but it isn't often. We struggle on one income. I'd prefer not to say how much my dh makes but we would not be able to afford our house if dh made 50 K a year.

[Scarlett]

It just all depends. I think $100K salary would be way beyond comfortable for anyone in my area , but my dh would not agree. In my mid size southern city, I could be happy in many many $100K houses. In fact, we sold one in a nice neighborhood inside the city 5 years ago for $76K that I would consider comfortable. It was 1100 sf, 2 bedroom one bath with an extra den/office/playroom at the back of the house. Nice stone patio. Nice attached garage with the washer dryer inside. Small yard, easy to maintain. Definitely not slummin'. :D However, dh insisted on upgrading an well, here we are with much more house.

 

Anyway, I have found the more one makes the more one spends. Bigger yard--bigger mower. Bigger salary--more going to 401K. Moving up the ladder--dressing nicer more important.

 

It is all relative. I dream of having no house payment--and if we downsized we could be payment free NOW. What I hope to instill in my ds is that the less you owe the less you have to make to be comfortable. I'd rather have $500 a month to take ds on trips than spend that on a nicer house.

[Emmy]

To me comfortable is about being able to make choices. Comfortable does not equal buying anything you could want, spending $200 a weekend on fluff trips to Target and Lowes and eating out 4 times a week. Comfortable is having enough to pay the bills and then some extra that you can choose - do I want to eat out or would I rather use that money to buy a couple books? Do I want to sign suzie q up for dance class or would we rather take an overnight trip as a family with that money? Etc. Having choices = comfortable to me.

 

As to what that number is....well I think it varies highly depending on where you live and what kind of house you feel is necessary.

[Unicorn.]

I would say that just to "make it" without anything extravagagent would be $50,00 a year before taxes.

 

I am amazed I have survived thus far!

 

 

Wow! You pretty much hit the nail on the head w/ that math. I would say that about sums it up for our family of 5- making it w/ out anything extravagent.

[Aubrey]

I am wondering in light of all the dicussion lately about rising costs of gas, food, heating, etc. and I wonder, what does it take these days to make a decent income?

 

$10-20,000 more than what you make. Unless you need more.

 

 

 

 

 

Sorry--couldn't resist!

[Liz CA]

I think it's clear from the handful of replies thus far that this question ~ while a good one ~ is just too subjective. Not only is it dependent upon where one lives, it's *hugely* dependent one's interpretation of "comfortable". I'm amazed, for example, that some are saying "low six figures, minimum". That's beyond comfortable, folks. Yep, it really is. Diana in OR (which has a cost of living comparable to or slightly lower than my area) thinks an average family with only two children would have to live an extremely frugal life to be comfortable on $50-$60K a year.

 

Good grief! I'm mystified, truly.

 

this goes back to the definition of "comfortable". Perhaps her comfortable is way more comfortable than yours or mine. In fact, the longer I think about comfortable the more things I can add into the equation to make me comfortable. I could almost come up with $200,000 annually and call that nice and comfortable - here in CA at least.

Reality is, I live very well on a lot less.

[Marie in Oh]

To me comfortable is about being able to make choices. Comfortable does not equal buying anything you could want, spending $200 a weekend on fluff trips to Target and Lowes and eating out 4 times a week. Comfortable is having enough to pay the bills and then some extra that you can choose - do I want to eat out or would I rather use that money to buy a couple books? Do I want to sign suzie q up for dance class or would we rather take an overnight trip as a family with that money? Etc. Having choices = comfortable to me.

 

As to what that number is....well I think it varies highly depending on where you live and what kind of house you feel is necessary.

 

I think comfortable is not having to worry about the next bills, not being able to just live hog wild. Now, depending on the choices one makes-- ie. debt to income ration, that worry can be self-induced. Not always, but sometimes. We live well below our income, give, save, etc. Those are our choices. We want to truly own our house someday, so we live differently even though dh makes what some would consider ALOT of money.

[Quiver0f10]

In our current situtation of high debt, we would be comfortable with @ 15-20K more than we make now, which is still alot less than 100K. If we didn't have the debt we do, we would be fine with DH's current salary.

[Mom2GirlsTX]

on where you live. I know a young couple, married for 5 years who just moved to DFW area from California. They were able to pay cash for a really nice home here (around $200,000) and she doesn't have to work now (she is an RN) and he works for a telephone company. He said the standard of living is so vastly different here, everything (except food at store) is so much cheaper than living in California that his income is so much more than adequate that they are saving alot, going on nice vacations...things they never could have done living in California on two incomes.

 

DH and I try and live very simply, we were both raised by depression era parents who taught us not to buy if we don't have the money. Someone on this board (can't remember who but they were nice!) recommended Dave Ramsey as good for keeping your finances in order. I believe that learning to keeping your finances in order greatly contributes to what income you need to survive. Bad decisions when you are young affect you for years financially.

We live very comfortably on dh's income, but our house and cars are paid for. Our cars are older but reliable, our house is nice but the neighborhood is older (well old) and not what many couples would consider "nice enough" for them. It works for us and I enjoy that we are okay.

 

I am teaching my daughters to be frugal, that credit cards can do much more harm than good in the wrong hands, etc. I would imagine that they would need to make about $60,000 to live frugally and well here, with debt kept to a minimum.

[Danestress]

For some people, it's never enough. Never. And I think that's true of most of us. I think it takes real emotional and spiritual work to not be someone who thinks "you know, if I just had 10K more, it would be some much easier because....."

 

It's never ever enough. Last year at this time DH and I were starting a Crown Ministry class and I spent so much time budgetting. I showed him the budget, the categories, and how hard it was going to be to live within that budget. And he was surprised because he makes a good living, and the way he wants to live is how all the other guys around him at work live. But they aren't tithing.

 

Anyway, the next month .... surprise .... DH got a really nice raise. It was such a sweet blessing. And now a year later? I found myself thinking last week "Gosh, was April the month we got that raise? Because right now a raise would really come in handy because...."

 

So I have to tell myself, "this is enough. It's enough."

[PhunandFonics]

Comfortable to me would be the ability to save money for retirement after paying for the basics of food, shelter, and clothing. My dh was laid off a job a couple years ago and luckily went straight into a new but lower paying job and we've managed to live on about 20K less a year. But it's not been easy and we haven't been able to save a penny in 2 years.

 

But counting our blessings, we've never fallen behind, we have basic health insurance, two old cars that run, and have found a way to pay for every emergency along the way.

 

I find the hardest part to be remaining content when I *really* want a new couch without holes, when the kids ask why we don't join the local pool like all the other families, and helping dh through his "I want a newer car" blues.

 

But yes, we are comfortable beyond measure! We have made sacrifices along the way to have the life we have and I wouldn't change a thing!

[Antonia]

We make in the low six figure salary and I feel kind of wealthy. Maybe it's all perspective?? To be "just comfortable" we could live on a lot less. I feel with our salary we are able to help other people in addition to our own expenses and savings.

 

I agree, Bess. Here in CT, dh's salary is seen as average, although he is in the top 5% of earners in the country. We have a nice house, but no mansion, and dd has an expensive habit we support - ballet! We save, but not a huge amount, and I am very frugal. We are able to support a child in Africa, fix two little ones' cleft palates, and buy a couple of goats for Heifer each year, and *that* is what makes me feel wealthy.

[Halftime Hope]

,.,.

[EarleneW]

I'd have to say a minimum of $100K.

[Diana in OR]

I think it's clear from the handful of replies thus far that this question ~ while a good one ~ is just too subjective. Not only is it dependent upon where one lives, it's *hugely* dependent one's interpretation of "comfortable". I'm amazed, for example, that some are saying "low six figures, minimum". That's beyond comfortable, folks. Yep, it really is. Diana in OR (which has a cost of living comparable to or slightly lower than my area) thinks an average family with only two children would have to live an extremely frugal life to be comfortable on $50-$60K a year.

 

Good grief! I'm mystified, truly.

 

"Extremely" may be been a little extreme :eek:. What I mean by "comfortable" is above meeting basic needs, there is enough room in the budget to adequately save for medical, retirement, emergencies, vacations, have extra for kids' activities, etc. It means ocassionally being able to eat out, go to a movie, go skiing or whatever it is that a family enjoys doing for fun, without worrying about paying the electric bill. It means being able to choose the kind of K-12 education that is best for one's dc, and have the money to pay for it. I know we had a time when we made a lot less than we do now, but dh and I both had surgery within 2 weeks of each other. We had insurance, but the co-pays were crippling to our family budget, we did not have adequate savings to cover it.

 

A year ago, that number would have been smaller. A year ago, we spent less than $200/mo. on gas for our cars. Now it is over $300. And we don't drive that much. A year ago, I could buy a dozen eggs for $.99. Now, they are $2.49/doz.

 

I hope that makes sense. I realize it is all subjective. I would say the average rent/mortgage here is conservatively around $1200. That's around 30% of take home pay on 50K, if I did my math right.

[melissel]

Here in central NJ, where the cost of living is rather high, in order to live what I would consider "comfortably" (i.e., paying the mortgage on our current 50-year-old, 1,700-sq-foot house, all bills paid, mostly organic/all natural foods bought frugally, a little room in the budget for emergencies or the occasional pizza in or meal out on special occasions, copays and birthday/holiday gifts covered, but no new cars or fancy electronics or big luxuries like those), my DH would have to make $75K before taxes. Unfortunately, this is not our reality. We're getting closer, but I don't really ever see that happening :( We don't have much debt anymore, but at one point we had a breathtaking amount :scared:, and that really set us back for life.

[Punkinelly]

Here in the midwest, we can live on 40K with a family of 6 and do OK as long as we are really frugal, but that would not fly in California or CT, I imagine.

 

Mary

[*anj*]

Again, there are so many other factors that make this question difficult to answer. About ten years ago I found out that my friend's dh earned about $10,000 less than my dh. Her dh is an attorney who was working at a medium sized firm at the time. My dh was working as a consultant for an accounting firm. It was shocking because a) I just assumed that lawyers always earn more money and b) their lifestyle was just so much more comfortable than ours was. We were constantly struggling to pay things off, we didn't have a house yet (they did), we couldn't afford the annual vacations that they could, etc. The difference was their relationship to their money. They budgeted and saved, while we just went around spending all of ours willy nilly :willy_nilly:.

 

So dollar-wise we should've been more comfortable, but because we abused our money, we were less comfortable.

 

And I might add that at that time both of our dh's were making about 40% less than they are now. At this point I'd say they are probably within a couple thousand dollars of each other.

 

Another thing that affects the minimum needed to be "comfortable" is geographic area. The Northeast is a very expensive place to live, and this part of our state is especially so. If we could take his present income and live in TN or GA or even FL we'd have a beautiful mansion instead of a 50 year old fixer upper. Of course it doesn't work that way, so we'll just opt to stay here now.

[*anj*]

Here in the midwest, we can live on 40K with a family of 6 and do OK as long as we are really frugal, but that would not fly in California or CT, I imagine.

 

Mary

 

That was exactly my point. You could not own a home in this part of NJ with that income. I think that this is one of the reasons that some people said "You can't live on less than xyz." I do believe that we could manage to live here on 40K, but it would be incredibly, incredibly difficult.

[melissel]

If we could take his present income and live in TN or GA or even FL we'd have a beautiful mansion instead of a 50 year old fixer upper. Of course it doesn't work that way, so we'll just opt to stay here now.

 

Sing it, sister! I love living here, I really do. NJ is such a nice, happy medium in so many ways. But it seems that much of my family is migrating to the Cary area of NC, and I'd be thrilled if we could go too. Unfortunately, DH won't go for that, since his mom and brother are here. (Also, we're a mixed race couple, so I'm a little paranoid about attitudes. I've been told it wouldn't be an issue by some, but some of the stories I hear still make me wonder :() The DFW area of TX would also be an option, but that's a lot further from DH's family, of course!

[Susan in TN]

I saw a govt. document once that listed net income in conjunction with family size to show what was considered low income. As a family of 7, we are pretty close to it. I consider our family to be middle class, although our newest vehicle is 11 years old w/ 205K miles on it. We have to diligently save and budget, and plan way ahead to make some basic home repairs (remodeling/redecorating is not in our budget.)

 

On the other hand, we don't spend all our income. 10% goes to our church, 3-5% goes to other various charities, and we save 10-12% for retirement/college. So, we do actually live on the level of a low income family since we live on 75%. We are fortunate to live in a modest economy.

[*anj*]

Sing it, sister! I love living here, I really do. NJ is such a nice, happy medium in so many ways. But it seems that much of my family is migrating to the Cary area of NC, and I'd be thrilled if we could go too. Unfortunately, DH won't go for that, since his mom and brother are here. (Also, we're a mixed race couple, so I'm a little paranoid about attitudes. I've been told it wouldn't be an issue by some, but some of the stories I hear still make me wonder :() The DFW area of TX would also be an option, but that's a lot further from DH's family, of course!

 

Well, right. And I bolded that sentence because you know that we are too. We were actually thinking about making a move like that a couple of years ago, but decided not to pursue it. I'm glad that we've stayed here.

And yes, I know it's overcrowded and expensive, but I really enjoy living in this area. You know better than most of the people on this board just how many great things there are in this part of our state. I'm sure that you'll agree that the cultural/ethnic diversity is a huge part of it. I don't especially like our town (the layout, the politics, etc.), but I love this part of NJ.

[Copswife]

*anj* said: "If we could take his present income and live in TN or GA or even FL"

 

I don't know about Florida anymore. It would depend on where you were in the state, but its getting back. Property taxes in some areas has tripled. Our power has doubled, insurance has either tripled in the past couple of years or people are getting DROPPED. My mom was just dropped. She had to get Citizen's, which is the state insurance. It's just nuts! Here are a few articles and the last one is showing the foreclosures all over the country. For the first time, (so they say) more people are leaving Florida than coming here.

 

http://www.city-data.com/forum/florida/37492-i-know-several-people-leaving-florida.html

http://www.news4jax.com/news/10731725/detail.html

http://www.floridahomeloan.com/2007/01/florida-housing-market-too-expensive.html

http://www.sptimes.com/2007/01/26/State/Do_stats_show_Florida.shtml

Foreclosures by state: http://www.cnn.com/2008/LIVING/personal/03/27/foodbank.family/index.html#cnnSTCOther1

 

Current Median price range $369,000 Middle management job pay scale not conducive to home pricing Triple homeowners insurance rate since 2002 Higher taxes based on median price home Double gas prices Severe traffic congestion due to highway construction ongoing for 10 years to keep up with growth Constant threat of looming hurricanes that had not existed for over 40 years

 

 

Again, there are so many other factors that make this question difficult to answer. About ten years ago I found out that my friend's dh earned about $10,000 less than my dh. Her dh is an attorney who was working at a medium sized firm at the time. My dh was working as a consultant for an accounting firm. It was shocking because a) I just assumed that lawyers always earn more money and b) their lifestyle was just so much more comfortable than ours was. We were constantly struggling to pay things off, we didn't have a house yet (they did), we couldn't afford the annual vacations that they could, etc. The difference was their relationship to their money. They budgeted and saved, while we just went around spending all of ours willy nilly :willy_nilly:.

 

So dollar-wise we should've been more comfortable, but because we abused our money, we were less comfortable.

 

And I might add that at that time both of our dh's were making about 40% less than they are now. At this point I'd say they are probably within a couple thousand dollars of each other.

 

Another thing that affects the minimum needed to be "comfortable" is geographic area. The Northeast is a very expensive place to live, and this part of our state is especially so. If we could take his present income and live in TN or GA or even FL we'd have a beautiful mansion instead of a 50 year old fixer upper. Of course it doesn't work that way, so we'll just opt to stay here now.

[6packofun]

It seems to me that a "good income" is dependent upon how many children you have, the area you live in AND your level of personal contentment with or without material things. Your willingness to be frugal plays into that, too, I think.

 

Our family of 8 can live on 45k nicely, but my "comfort level" is around 55-60k...we've been there and the feeling that I can run to the store for something not "On the List or In the Budget" is what makes me feel more comfortable, or really, more secure.

 

I have a higher need for financial security, or the perception of it, I think, BUT it's tempered by a lower need for material stuff, if that makes sense. I don't need a lot to be content, but the ability to veer off the strict path of budgeting every now and then, take a small vacation every other year or so, give my children a great birthday party at one of those less than frugal activity type places where I don't even have to bake the cake--not every year, though--and be a member at our wonderful art museum, while having a strong savings and emergency fund in place are what make life comfortable for ME.

 

And I'll work hard at a grocery budget, live with crummy old furniture, spend as little as I can on clothing and shoes as I can in order to MAKE that comfortable life possible for us. But I also won't ever be uber-frugal. LOL Btw, we are not yet at the level of comfort that I'd like with my dh's income, but we're slowly getting there after he was out of work for some time. And I'm OK with that. :)

[LisaKinVA]

I think about $100k could be comfortable our area -- that's not a huge home, but a modest one.