Support a family of 4 on $55k/year

[Anonymous]

Anonymous wrote:Anything is possible depending on what you're willing to sacrifice. If they can move to Herndon, it's a bit cheaper (and the Herndon Park n Ride is right there to get you downtown).

$1600 for a 3br.

Food wise if you buy only what's on sale, you "should" be able to feed the family for around $100 a week. Yep you'll be eating a lot of pasta and rice dishes, but it's cheap. Start couponing and you'll bring that number down even more.

Utilities in an apartment are pretty cheap, and if you just do internet you can use the free streaming for TV. Get on freecycle.com, and scour craigslist for people giving away plants (farmers or individuals overplant and many don't just want to toss them. Free food).

Absolutely can be done, as long as you plan.

Have you seen the $1600 places in Herndon, I have, and you don't want to live there with your family. seriously.

[Anonymous]

The problem with asking a question like this here on DCUM is that this board is heavily skewed toward families with very high incomes. $55k is a perfectly good salary for most people, including in the DC area. However, most of the respondents here have combined salaries of $150, $200, $300k and more. Their expenses have grown to the extent that they think that it's tough to get by on anything less than what they earn. However, you don't have to send your kids to private schools, eat out multimple times a week, spend thousands on vacations, have two brand new SUVs, live in a million dollar home etc. Plenty of people get by on much less.

We'll soon become a family of four. I earn more than $55k but relative to others here, not much. (Sole earner). If we stopped contributing to savings and 401k and cut back on eating out and trips/vacations we could EASILY make do on $55k. It's all relative. If you'r eused to taking home so much more than that it would be tough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not without some type of govt assistance - reduced fee daycare, food stamps, housing assistance, disability income,etc

OP said a family of 4 with one breadwinner. Hence, one spouse is staying home with the children and no need for daycare.

It's very tight, but doable. With $55K, you are taking home about $3500/month net (I used the payroll calculator at http://www.surepayroll.com/calculator/calc_paycheck_netpay.asp, taking home $55K, 2 deductions for the children and monthly pay--it said $3484.79 for net pay). I looked at apartments and you can rent 3 BR apartments for $2000-2200 in the Fairfax area. That leaves $1300-1500 for everything else. Utilities would probably be about $200-250 (including phone). Several people on another thread said that they feed a family of 4 on about $600-800 per month. That leaves about $300 per month for everything else. If you are willing to have a 2-BR apartment, it's more like $1800-2000 and you end up with about $500 per month for everything else.

Yes, it's very tight, but doable.

Don't forget $5 each way for the metro, 20 days a month, or $200, and that's assuming they don't park at the metro. They will also need a car, which will, very conservatively, require at least $50 in gas and $50 insurance per month. So in the smaller apartment, maybe they have $200 per month. But god forbid they have a car repair, need to buy clothes, or go to the doctor. This is doable, but not sustainable. The family will wind up more and more in debt.

[Anonymous]

I think it would be tough but could be done. Growing up in NYC, we had a family of four and a HHI of $70K, and it was tight. Granted, NYC is more expensive than it is here.

[Anonymous]

Anonymous wrote:The problem with asking a question like this here on DCUM is that this board is heavily skewed toward families with very high incomes. $55k is a perfectly good salary for most people, including in the DC area. However, most of the respondents here have combined salaries of $150, $200, $300k and more. Their expenses have grown to the extent that they think that it's tough to get by on anything less than what they earn. However, you don't have to send your kids to private schools, eat out multimple times a week, spend thousands on vacations, have two brand new SUVs, live in a million dollar home etc. Plenty of people get by on much less.

We'll soon become a family of four. I earn more than $55k but relative to others here, not much. (Sole earner). If we stopped contributing to savings and 401k and cut back on eating out and trips/vacations we could EASILY make do on $55k. It's all relative. If you'r eused to taking home so much more than that it would be tough.

Yes.

Please re-read this post. Read it again. And then decide to comment.

Some of these responses are ridiculous.

"Oh you cannot do it without government assistance!"

Get a clue.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Anything is possible depending on what you're willing to sacrifice. If they can move to Herndon, it's a bit cheaper (and the Herndon Park n Ride is right there to get you downtown).

$1600 for a 3br.

Food wise if you buy only what's on sale, you "should" be able to feed the family for around $100 a week. Yep you'll be eating a lot of pasta and rice dishes, but it's cheap. Start couponing and you'll bring that number down even more.

Utilities in an apartment are pretty cheap, and if you just do internet you can use the free streaming for TV. Get on freecycle.com, and scour craigslist for people giving away plants (farmers or individuals overplant and many don't just want to toss them. Free food).

Absolutely can be done, as long as you plan.

Have you seen the $1600 places in Herndon, I have, and you don't want to live there with your family. seriously.

There are plenty of families living where *you* don't want to live.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not without some type of govt assistance - reduced fee daycare, food stamps, housing assistance, disability income,etc

OP said a family of 4 with one breadwinner. Hence, one spouse is staying home with the children and no need for daycare.

It's very tight, but doable. With $55K, you are taking home about $3500/month net (I used the payroll calculator at http://www.surepayroll.com/calculator/calc_paycheck_netpay.asp, taking home $55K, 2 deductions for the children and monthly pay--it said $3484.79 for net pay). I looked at apartments and you can rent 3 BR apartments for $2000-2200 in the Fairfax area. That leaves $1300-1500 for everything else. Utilities would probably be about $200-250 (including phone). Several people on another thread said that they feed a family of 4 on about $600-800 per month. That leaves about $300 per month for everything else. If you are willing to have a 2-BR apartment, it's more like $1800-2000 and you end up with about $500 per month for everything else.

Yes, it's very tight, but doable.

Don't forget $5 each way for the metro, 20 days a month, or $200, and that's assuming they don't park at the metro. They will also need a car, which will, very conservatively, require at least $50 in gas and $50 insurance per month. So in the smaller apartment, maybe they have $200 per month. But god forbid they have a car repair, need to buy clothes, or go to the doctor. This is doable, but not sustainable. The family will wind up more and more in debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not without some type of govt assistance - reduced fee daycare, food stamps, housing assistance, disability income,etc

OP said a family of 4 with one breadwinner. Hence, one spouse is staying home with the children and no need for daycare.

It's very tight, but doable. With $55K, you are taking home about $3500/month net (I used the payroll calculator at http://www.surepayroll.com/calculator/calc_paycheck_netpay.asp, taking home $55K, 2 deductions for the children and monthly pay--it said $3484.79 for net pay). I looked at apartments and you can rent 3 BR apartments for $2000-2200 in the Fairfax area. That leaves $1300-1500 for everything else. Utilities would probably be about $200-250 (including phone). Several people on another thread said that they feed a family of 4 on about $600-800 per month. That leaves about $300 per month for everything else. If you are willing to have a 2-BR apartment, it's more like $1800-2000 and you end up with about $500 per month for everything else.

Yes, it's very tight, but doable.

Don't forget $5 each way for the metro, 20 days a month, or $200, and that's assuming they don't park at the metro. They will also need a car, which will, very conservatively, require at least $50 in gas and $50 insurance per month. So in the smaller apartment, maybe they have $200 per month. But god forbid they have a car repair, need to buy clothes, or go to the doctor. This is doable, but not sustainable. The family will wind up more and more in debt.

Not necessarily - many DC area employers offer public transit benefits.

[Anonymous]

Anonymous wrote:The problem with asking a question like this here on DCUM is that this board is heavily skewed toward families with very high incomes. $55k is a perfectly good salary for most people, including in the DC area. However, most of the respondents here have combined salaries of $150, $200, $300k and more. Their expenses have grown to the extent that they think that it's tough to get by on anything less than what they earn. However, you don't have to send your kids to private schools, eat out multimple times a week, spend thousands on vacations, have two brand new SUVs, live in a million dollar home etc. Plenty of people get by on much less.

We'll soon become a family of four. I earn more than $55k but relative to others here, not much. (Sole earner). If we stopped contributing to savings and 401k and cut back on eating out and trips/vacations we could EASILY make do on $55k. It's all relative. If you'r eused to taking home so much more than that it would be tough.

PP, I agree with you. However, we don't have a very high HHI either and housing kicks our butt. Where do you live?

[Anonymous]

We live in NW DC, in a, er, "transitional" area. We have a small rowhouse that we bought in 2003 for a little over $200k. In that sense we were lucky, but there are places to rent that are comparable to our mortgage payment that aren't that far away from where we are (though more likely over in NE). Kids can always share a bedroom. Ours will once #2 arrives.

Sure it's not Georgetown or McLean and many here woudl turn their nose up, but I wouldn't want to live in those areas anyway.

[Anonymous]

you are all nuts who think you can do this in Metro DC for $55k. We do $225k as a couple and have 2 kids and I think it's not enough for where we are (childcare is a mortgage in itself)! The problem here is HOUSING. You are so screwed with the money you shell out on housing here. Have you seen prices in Arlington? Anything that is metro accessible is going to cost you. That is the biggest problem. And the metro is crazy expensive and 1/2 the time tracks are closed on the weekends - WTF! I'm from Chicago and do business in NYC - public transportation should not work that way esp. for how expensive metro is!

On $55k at about $3500/month net - you are looking at min 1/2 of that on a place to live. My husband has a rental property in Reston we rent at $1800/month - for the sake of keeping the same tennants month/month - we have not raised rent in like 2 years and won't - we barely break even on the investment but at least don't worry about it. Let me tell you I will not let us live there. It's a 3BR with a finished basement - actually very nice house but terrible neighborhood with in Reston as we all know, there is no metro. But it's pretty safe and centrally located.

So we're down to $1800/mo. I don't know I suppose you can say $600/mo in groceries for a family of 4 (assuming you aren't eating all starch/fast food every meal and sneaking some nutrition in). Probably at least $200 on utilities and $200 on bus transportation when possible or say you have to have a car/gas - that hikes it up to at least $400/month. Some money for clothing, insurance, etc. You know in life you have to bank a little for emergencies - so um, isn't that all your money? It's the housing here that does you in I'm convinced of it. Anywhere else in the US you can afford something ok for not as much - but not here!

[Anonymous]

Anonymous wrote:

Anonymous wrote:The problem with asking a question like this here on DCUM is that this board is heavily skewed toward families with very high incomes. $55k is a perfectly good salary for most people, including in the DC area. However, most of the respondents here have combined salaries of $150, $200, $300k and more. Their expenses have grown to the extent that they think that it's tough to get by on anything less than what they earn. However, you don't have to send your kids to private schools, eat out multimple times a week, spend thousands on vacations, have two brand new SUVs, live in a million dollar home etc. Plenty of people get by on much less.

We'll soon become a family of four. I earn more than $55k but relative to others here, not much. (Sole earner). If we stopped contributing to savings and 401k and cut back on eating out and trips/vacations we could EASILY make do on $55k. It's all relative. If you'r eused to taking home so much more than that it would be tough.

Yes.

Please re-read this post. Read it again. And then decide to comment.

Some of these responses are ridiculous.

"Oh you cannot do it without government assistance!"

Get a clue.

I agree. It is doable. Does it mean you can live in a prime location with a nanny and a housekeeper and a lawn service while owning 2 or more vehicles and going on multiple vacations and buying name brands and organic food? No. But that wasn't the question.

[Anonymous]

Does it have to be a 3 BR place? Can't the kids share a room? I realize it's not perfect but it will bring down the cost of housing. And Silver Spring, Wheaton, Glenmont, Takoma Park all have metro access AND affordable housing. Take a look. Yes, it will be tight but you can do it. And we are a family of four and eat very well (meat, fresh produce, cheeses, etc) for $700 a month and often less depending on coupons and sales.

[Anonymous]

Anonymous wrote:you are all nuts who think you can do this in Metro DC for $55k. We do $225k as a couple and have 2 kids and I think it's not enough for where we are (childcare is a mortgage in itself)! The problem here is HOUSING. You are so screwed with the money you shell out on housing here. Have you seen prices in Arlington? Anything that is metro accessible is going to cost you. That is the biggest problem. And the metro is crazy expensive and 1/2 the time tracks are closed on the weekends - WTF! I'm from Chicago and do business in NYC - public transportation should not work that way esp. for how expensive metro is!

On $55k at about $3500/month net - you are looking at min 1/2 of that on a place to live. My husband has a rental property in Reston we rent at $1800/month - for the sake of keeping the same tennants month/month - we have not raised rent in like 2 years and won't - we barely break even on the investment but at least don't worry about it. Let me tell you I will not let us live there. It's a 3BR with a finished basement - actually very nice house but terrible neighborhood with in Reston as we all know, there is no metro. But it's pretty safe and centrally located.

So we're down to $1800/mo. I don't know I suppose you can say $600/mo in groceries for a family of 4 (assuming you aren't eating all starch/fast food every meal and sneaking some nutrition in). Probably at least $200 on utilities and $200 on bus transportation when possible or say you have to have a car/gas - that hikes it up to at least $400/month. Some money for clothing, insurance, etc. You know in life you have to bank a little for emergencies - so um, isn't that all your money? It's the housing here that does you in I'm convinced of it. Anywhere else in the US you can afford something ok for not as much - but not here!

WELCOME TO REAL LIFE....ladies (and gentleman as to not offend anyone).

Are you in such a bubble that you don't realize that many people actually NEED ALL of their salary for basic life expenses? Yes, there are many people who don't have tons of money to save for emergencies, no money to save for retirement, college, plastic surgery, or whatever else you feel is necessary.

Food, shelter, clothing, utilities, transportation, and health insurance if your company has good rates. That's life.

Stop being so ignorant and for heavens sakes, stop complaining about your six figure salaries. Enjoy it, live your life, but stop whining about how you "need" more to survive.

[Anonymous]

14:15 here - of course I would not do a 3BR - I'd do a 2 BR for sure - it's just that since we had a place we were renting in a not great area in Reston I wanted to throw out rent as a comparison. You're still shelling out $1600 min for a 2 BR any place that you don't have to have a car - and that's going to be a scary place. My point is that HOUSING here sucks. My illustration is to point out that housing will take 50% of your income in DC.

For $55k/yr I'm going to say you can barely get by and I would move to Omaha, Indy or something. Seriously, I'd move to some place that is a mid size city for example. The industries here that make you a ton of money are law, politics, IT borderline maybe - and professional jobs like DR, CPA, non-profit jobs. But if you are let's say a recruiter in DC, you are going to make about the same money in Chicago for example. So say you work for the government - depending on what you do - get into the private sector or if you move to a different city and do similiar - you are likely going to make the same amount. I mean I don't know exactly what that person is doing but what I'm saying is that the value of being in DC making a $55k salary/year is not worth that amount from a living standard perspective. And that big reason is housing. That's what I'm suggesting.