Reasonable income for family of 4

[Anonymous]

“Reasonable lifestyle?” $250k. It would include penny pinching & thrift, though.

[Anonymous]

Depends entirely on the definition of
"Reasonable Income"
and
"around here."

Also, are there student loans involved.
Is there an existing mortgage and what is it?
Etc.

[Anonymous]

My family feels perfectly comfortable at $160K.
With 2 kids.
2K Mortgage payment.

[Anonymous]

Anonymous wrote:My family feels perfectly comfortable at $160K.
With 2 kids.
2K Mortgage payment.

Unfortunately you can’t get a 2k mortgage in a good neighborhood anymore (Good neighborhood is essential for this question since "good public school" falls in line with reasonable, we’re assuming we don’t have enough money for private). You’d have to try 3-5k mortgage payment for a SFH in a decent school district with the current rates and house prices.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My family feels perfectly comfortable at $160K.
With 2 kids.
2K Mortgage payment.

Unfortunately you can’t get a 2k mortgage in a good neighborhood anymore (Good neighborhood is essential for this question since "good public school" falls in line with reasonable, we’re assuming we don’t have enough money for private). You’d have to try 3-5k mortgage payment for a SFH in a decent school district with the current rates and house prices.

Good is subjective but you absolutely can. We also live very comfortably and had a $2K mortgage. We worked hard to pay it off and now very comfortable with no mortgage.

[Anonymous]

Anonymous wrote:100k/child

I think it's more like 100k per person, including adults.

[Anonymous]

$200k feels very middle class to me. In DC, public schools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I feel like 125k is a lot for a family of 4

your feelings may not align with reality.

This entirely depends on whether you already own a home and/or need to pay for childcare.

+1. I think it really depends whether you are standing in the batters box or if you are starting on 2nd or 3rd base on your wedding day.

It's easier for a family of four with a HHI of $125k if they already have a couple hundred thousand of home equity and six figures of other savings and have local family to provide childcare, like some folks I know (sometimes the money is from family, sometimes from lucrative jobs in their 20s).

It will be harder doing on the same family income for when you've been renting (no equity), have retirement savings of in the low five figures, might still be working off some student/car loans and will have to pay for childcare.

That said, most families aren't making the big bucks and manage anyway.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My family feels perfectly comfortable at $160K.
With 2 kids.
2K Mortgage payment.

Unfortunately you can’t get a 2k mortgage in a good neighborhood anymore (Good neighborhood is essential for this question since "good public school" falls in line with reasonable, we’re assuming we don’t have enough money for private). You’d have to try 3-5k mortgage payment for a SFH in a decent school district with the current rates and house prices.

Good is subjective but you absolutely can. We also live very comfortably and had a $2K mortgage. We worked hard to pay it off and now very comfortable with no mortgage.

Did you buy that house in 2002 or 2022?

[Anonymous]

Anonymous wrote:

Anonymous wrote:100k/child

I think it's more like 100k per person, including adults.

+1. For family of four you need 400k gross the minimum.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My family feels perfectly comfortable at $160K.
With 2 kids.
2K Mortgage payment.

Unfortunately you can’t get a 2k mortgage in a good neighborhood anymore (Good neighborhood is essential for this question since "good public school" falls in line with reasonable, we’re assuming we don’t have enough money for private). You’d have to try 3-5k mortgage payment for a SFH in a decent school district with the current rates and house prices.

Good is subjective but you absolutely can. We also live very comfortably and had a $2K mortgage. We worked hard to pay it off and now very comfortable with no mortgage.

You seemed to have missed the point- considering you already paid off your $2k mortgage, I'm guessing you bought a long time ago, no? When $2k per month would have been considered expensive....but what is the mortgage in your neighborhood for someone who has purchased a home recently?

[Anonymous]

Anonymous wrote:“Reasonable lifestyle?” $250k. It would include penny pinching & thrift, though.

Our combined HHI is close to this and its fine. It doesn't mean we can spend willy nilly but I feel fortunate not to sweat the small stuff like my parents did (and still do).

[Anonymous]

Anonymous wrote:I feel like 125k is a lot for a family of 4

Agree, it's comfortable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:100k/child

I think it's more like 100k per person, including adults.

+1. For family of four you need 400k gross the minimum.

You need a freaking budget, and perspective.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I feel like 125k is a lot for a family of 4

Agree, it's comfortable.

Well, $125k where that income is from a single earner would be a whole lot more comfortable than a $125k HHI where both parents work and need to pay for childcare for those two kids....30k (minimum) of childcare expenses on 125k HHI would be stressful for me, but YMMV.

I have a couple Fed colleagues with a setup like the former- GS13s, they live far out in the exurbs and their spouse is a SAHP. They seem fine and happy with their choices.