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What is you Mortgage Payment and Gross Salary?
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Anonymous
| I sometimes have the opposite thought. I see dual income families making good money who live below their means and drive around in a beat up car that's always in the shop. I wonder what they do with all their money that they can't get themselves a reliable car. I mean, for $500/month you can get yourself in a reliable car. |
Anonymous
| OP: All of your posts seem to indicate that you are one of "those people" as well -- except you happen to have one old car. While your house may be the smallest of those in your peer group -- it sounds like your peer group is doing pretty well (like your SAHM friend with the 3 car garage). It's all relative. Maybe you'd have a different perspective if your friends weren't doing as well as you are and if you were the one with the biggest house in your peer group. Not meant as a slam -- just an observation. We've traditionally had the smallest house and oldest cars in our peer group. We recently moved to a new home that is much larger and fancier than our old home, and we're getting the "must be nice to afford XYZ" comments. Never heard this stuff from our friends before -- and never thought about it when our friends were the ones with the nicest homes -- instead, we were just happy for them and content with our average-size home (grateful to have a roof over our heads). Life is so much easier and people are so much happier when they choose to have a positive attitude. Again, not a slam since I know your post was just listed out of curiosity -- just a gentle reminder to all of us (myself included). |
Anonymous
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$300K salary + about $25,000 bonus (bonus doesn't factor into month-to-month expenses, but we save some & use some for big item expenses like furniture or vacations that we wouldn't be able to afford otherwise)
$4800/mortgage + real estate taxes escrow $550 for 1 car for 9 more months, other car paid off $1800/month for pt nanny We max out retirement funds, but don't save much beyond that. We are fortunate to have inherited some money which we've designated for college and a little extra retirement funds, so we don't have to worry about college savings, which is a big help. We have a nice lifestyle, but by no means extravagent. Like PP, I don't watch what I buy at the grocery store, but I don't spend much on clothes, mani/pedis, or other personal items. We get a sitter and go out once or twice a month, but cook at home for the most part. We live in a great neighborhood, but our house is small. Private schools would be a huge stretch and we'll probably end up going public. Yes, I think there are many people who live beyond their means, however, I wouldn't assume that about everyone as there are tons of high-earners in this area. Most of the big law firms pay $150,000 to first year associates (and there are more lawyers in this town than any other profession), with salaries rising steeply after a couple of years. Many of lobbyists, doctors, consultants, investment bankers, people in real estate/construction, government contractors, etc. easily make more than that. Also, a lot of people bought their houses before the boom. Most people on our block have been there for at least 8 years and paid half (or less) for houses very similar to ours. Keep in mind that having one person making $200k ends up being a lot more than having two people who make $200k combined. My numbers are off a litte here, but social security, medicare and unemployment taxes take approximately 9% out of the first $100,000 for each worker. So if DH is making $200k & mom isn't working, the family would save about $9,000/yr in taxes, plus childcare expenses compared to both parents working making a combined $200k. That's a pretty significant difference. |
Anonymous
Some people have husbands who are petrified of debt. We don't buy something (other than our home) unless we can buy it. We redid our kitchen once we could pay for it outright. We bought a car once we could pay for it outright. He never held a student loan in his life, and it's KILLING him that I still have them (sorry... law school--even a state school--is expensive!!!). The funny thing is, my credit scores are actually BETTER than his because I have had some debt. |
Anonymous
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$1.8 MM home
$6000/month mortage $500K gross max on 401Ks no debt except for mortgage $2K/month childcaare |
Anonymous
| We haven't really seen real estate taking a dump where we live. We sold our house in 4 days this spring and inventory is still pretty low around Friendship Heights/Tenleytown/Chevy Chase. I figure if you're going to live in your house for a long time, reinvesting that money in real estate isn't such a bad way to go, especially since the stock market (and the economy) are also taking a dump. Let's just hope our next president doesn't embroil us into any more unwinnable overseas conflicts. Then we'll all be screwed. |
Anonymous
Hey, don't assume that it's always the husbands who are petrified of debt. I'M the cheap one in our family 
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Anonymous
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$144K gross
$1100 mortgage + condo payment No car payment or other consumer debt $8000 per year for preschool |
Anonymous
Most areas outside of DC and not close-in have taken a dump in real estate values. |
Anonymous
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180k gross
$1400 mortage (townhouse way out in the 'burbs) $2700 childcare (nanny for 2 kids) - this is what is killing us $780 car payments (1 will be paid off next spring, the other in 2 years.) $300 in student loans we are strapped but are committed to our nanny until the kids are in school (3 more years.) At that time, we hope to sell our house and move to a neighborhood that has a good school system so we'll up our mortgage and decrease child care costs. I am always saying that I don't understand how a couple who makes nearly 200k is struggling. We don't take any vacations other than to grandparents (both out of state) and a couple of weekend getaways (local) each year. Almost all of our clothes at from Kohls (on sale) and the biggest tv we own is 27"! 
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Anonymous
Yes, but it totally depends on where you live. PP is right, prices in the Friendship Heights/Tenleytown/Chevy Chase area have actually risen 6% in the last year. The Post recently ran an article stating that 20015 and 20815, which is the Chevy Chase, MD/Bethesda area ajoining DC, are the only two zip codes in the area in which prices have actually gone up. If you plan on staying in your house for several years, you should be safe. God only knows how much worse the stock market will get, especially if we end up going to war with Iran, which is looking entirely possible. |
Anonymous
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To the OP, whereabouts do you live and drive? These things can certainly skew perception. I happen to frequent a nursery in Potomac and when I'm driving there I always feel as if I woke up in East Hampton during social season. I believe even the children drive Mercedes SUVs there.
But then I come back home to my block and my brain readjusts. |
Anonymous
Exhibit 10053 that our family have no business living here. |
Anonymous
I think everywhere is taking a hit -- granted outlying suburbs more so that the ones close-in. However, I monitor the real estate market in CC, Bethesda and Potomac VERY closely as we are looking to buy. Homes that are asking 2005/6 prices are stagnating on the market. Houses that are reasonably priced (and adjusted for today's market) are selling quickly. Homes that used to fetch 1.5 million are going for closer to 1.25 or 1.3 The rise in jumbo loan interest rates is a killer. |
Anonymous
Potomac attracts conspicuous consumers. Don't assume that they actually are wealthy based on the cars that they drive. |