What income is needed to live the american dream - close in DC area?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh and I’ll add- this is still a generous budget because sometimes you just don’t do all of the above, all at once. Some years it’s staycations or day trips. Maybe you do a little less in the kids 529s sometimes. Maybe you drive a paid off beater for awhile. Lots of ways to flex on this. Housing and childcare are tough. Big line item that can be hard to compromise on. Contrary to DCUMs most prolific posters, it is possible to find a house for 700k within a 45 minute drive. Just not a 6k square foot new build in Arlington.

45 minute drive in rush hour with good schools?

Yep- try 20902 (close to Wheaton), or 20910 or parts of PG County, like another poster mentioned. Of course, you will be attending schools with Black and brown children. It will be ok though, I promise.

0% chance those are 45 min or less in rush hour to downtown. You’re looking at 55 minutes each way.

I live <10 miles to downtown DC, and it usually takes me an hour if I leave at 8. Sometimes more, usually less on Fridays.

I'm not familiar with MD, but in VA there are several commuter busses that go straight into DC. I am in Chantilly and can be downtown in 35-45 min. There are other busses that come from Loudoun Co and Manassas.

You are not getting from Chantilly to downtown DC on a bus in under 45 minutes at rush hour. Zero percent chance. I live near Old Town, and it regularly takes me an hour at rush hour to get to downtown by car. Less than 25 minutes no traffic, though.

Agree! In rush hour it takes forever to get anywhere when you live in DC suburbs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$250k

So PG county?

Life in PG is pretty great.

This thread is so funny to me. I live in pg county with a lower hhi and seem to be much happier and better quality of life than most of the pp on this thread. That includes saving for retirement, kids in private schools, funded 529, yearly vacations, summer camps etc. I’m not sure why dcum thinks you need to live in moco or nova to live the American dream. Oh.. we can also be in downtown dc in 35 minutes.

IYKYK. And we know why ✊🏾

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$250k

So PG county?

Life in PG is pretty great.

This thread is so funny to me. I live in pg county with a lower hhi and seem to be much happier and better quality of life than most of the pp on this thread. That includes saving for retirement, kids in private schools, funded 529, yearly vacations, summer camps etc. I’m not sure why dcum thinks you need to live in moco or nova to live the American dream. Oh.. we can also be in downtown dc in 35 minutes.

Yes, I feel sad for the people in this thread who so narrowly define their "dream" which is not even actually their dream but a dream that was dictated and handed to them. There are so many ways to live a good life.

We live in DC, have one kid we love to pieces and are happy with our school options. We live in a condo. It's nice, the only reason I'd want more is so we could have a larger garden. But since buying a SFH right now would necessitate working more hours and moving further away with a longer commute, we wouldn't have time to garden. So I'm happy with our little patio garden. We take a couple vacations a year, including foreign travel. We have healthy retirement funds (I stocked mine up early, before becoming a mom, and now work part time so I can enjoy being a mom -- all worth it to me). Our condo will be paid off in 5 years, we'll either stay here mortgage free (socking away more income towards college/retirement) or use the proceeds to buy a small house with maybe a 300-400k mortgage, we haven't decided yet. Will likely depend on school stuff with our kid.

Life is good. I feel lucky -- I have more than most people on earth expect to ever have. I don't feel envy over big houses or big jobs -- both seem stressful to me.

I truly do not get this thread at all.

[Anonymous]

Anonymous wrote:The people on this thread giving location recommendations must not commute.

LOL. DH and I joke that nobody in the DMV has a commute longer than 45 minutes. We live in CCDC and our commute downtown is usually 35-45 minutes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$250k

So PG county?

Life in PG is pretty great.

This thread is so funny to me. I live in pg county with a lower hhi and seem to be much happier and better quality of life than most of the pp on this thread. That includes saving for retirement, kids in private schools, funded 529, yearly vacations, summer camps etc. I’m not sure why dcum thinks you need to live in moco or nova to live the American dream. Oh.. we can also be in downtown dc in 35 minutes.

Tell me your secrets. Not to happiness, to a budget breakdown that supports all this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh and I’ll add- this is still a generous budget because sometimes you just don’t do all of the above, all at once. Some years it’s staycations or day trips. Maybe you do a little less in the kids 529s sometimes. Maybe you drive a paid off beater for awhile. Lots of ways to flex on this. Housing and childcare are tough. Big line item that can be hard to compromise on. Contrary to DCUMs most prolific posters, it is possible to find a house for 700k within a 45 minute drive. Just not a 6k square foot new build in Arlington.

45 minute drive in rush hour with good schools?

Yep- try 20902 (close to Wheaton), or 20910 or parts of PG County, like another poster mentioned. Of course, you will be attending schools with Black and brown children. It will be ok though, I promise.

0% chance those are 45 min or less in rush hour to downtown. You’re looking at 55 minutes each way.

I live <10 miles to downtown DC, and it usually takes me an hour if I leave at 8. Sometimes more, usually less on Fridays.

I'm not familiar with MD, but in VA there are several commuter busses that go straight into DC. I am in Chantilly and can be downtown in 35-45 min. There are other busses that come from Loudoun Co and Manassas.

You are not getting from Chantilly to downtown DC on a bus in under 45 minutes at rush hour. Zero percent chance. I live near Old Town, and it regularly takes me an hour at rush hour to get to downtown by car. Less than 25 minutes no traffic, though.

Agree! In rush hour it takes forever to get anywhere when you live in DC suburbs.

Why do I feel like the people who claim this have never lived in the suburbs? Because I've lived all over, including in the District in Georgetown, and it is not my experience that the suburbs are like this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$250k

So PG county?

Life in PG is pretty great.

This thread is so funny to me. I live in pg county with a lower hhi and seem to be much happier and better quality of life than most of the pp on this thread. That includes saving for retirement, kids in private schools, funded 529, yearly vacations, summer camps etc. I’m not sure why dcum thinks you need to live in moco or nova to live the American dream. Oh.. we can also be in downtown dc in 35 minutes.

Yes, I feel sad for the people in this thread who so narrowly define their "dream" which is not even actually their dream but a dream that was dictated and handed to them. There are so many ways to live a good life.

We live in DC, have one kid we love to pieces and are happy with our school options. We live in a condo. It's nice, the only reason I'd want more is so we could have a larger garden. But since buying a SFH right now would necessitate working more hours and moving further away with a longer commute, we wouldn't have time to garden. So I'm happy with our little patio garden. We take a couple vacations a year, including foreign travel. We have healthy retirement funds (I stocked mine up early, before becoming a mom, and now work part time so I can enjoy being a mom -- all worth it to me). Our condo will be paid off in 5 years, we'll either stay here mortgage free (socking away more income towards college/retirement) or use the proceeds to buy a small house with maybe a 300-400k mortgage, we haven't decided yet. Will likely depend on school stuff with our kid.

Life is good. I feel lucky -- I have more than most people on earth expect to ever have. I don't feel envy over big houses or big jobs -- both seem stressful to me.

I truly do not get this thread at all.

I feel the same, though we have two kids and a small row house. We did buy 18 years ago, which obviously makes a difference! But our house still isn’t worth a million. We sent our kids to public schools all the way up, we kept the same little house, we’ve saved for retirement, and we just recently started making $250k, split evenly between DH and me. When we bought, we made less than half of that! I love our neighborhood and we’re super close to our H.S./college-age kids, which I like to blame on the tight quarters of our row house. I’ve never thought of it as the American dream, but it’s a happy life.

[Anonymous]

Do you have student loans or daycare expenses?

[Anonymous]

Anonymous wrote:

Anonymous wrote:The people on this thread giving location recommendations must not commute.

LOL. DH and I joke that nobody in the DMV has a commute longer than 45 minutes. We live in CCDC and our commute downtown is usually 35-45 minutes.

That is definitely quite the joke.

[Anonymous]

My morning commute is 47 minutes on average with a 2 min confidence interval. My afternoon commute is 55 minutes with a 8 min confidence interval on the right tail.

Rockville to downtown DC: Driving to station and then metro.

[Anonymous]

You can have a high household income and not really feel like you're living the dream if you and your spouse both work 50+ hour workweeks. Sure, you may drive a luxury SUV and belong to a private golf club, but if you're a working mom working those house and managing household help, you have zero time for yourself. It's not a dream.

[Anonymous]

What makes your American dream unrealistic is your expectation of a large 4 bedroom family home.
There are not that many in the kind of areas you would want.
Look into 3 bedroom condo or townhome. Kids can share a bedroom, that is the norm in city living.

[Anonymous]

We are doing fine in Bethesda on an annual income of about $385-400k and three kids. I do think it helps we bought an older home 12 years ago and have no mortgage anymore. Plus no childcare expenses. I do think $300k is doable if you are willing to live in a smaller home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$250k

So PG county?

Life in PG is pretty great.

This thread is so funny to me. I live in pg county with a lower hhi and seem to be much happier and better quality of life than most of the pp on this thread. That includes saving for retirement, kids in private schools, funded 529, yearly vacations, summer camps etc. I’m not sure why dcum thinks you need to live in moco or nova to live the American dream. Oh.. we can also be in downtown dc in 35 minutes.

Tell me your secrets. Not to happiness, to a budget breakdown that supports all this.

The above wasn’t me but we bought our house in pg county for 300k in 2017 with a 4 percent interest rate at the time. Our initial piti was like $1500 a month. The house is probably worth 450 now and with higher interest rates/property taxes sometime today would probably be paying $2500 or so.

Housing: $2500
Catholic schools plus after care: 1750 for two elementary kids (if Catholic, $2050 if not).
Food: $1500
Clothing: $150
529s: $1000
401ks: $2000
Vacations: $500

That’s all about $112k/year. As another 25k for camps and other stuff, taxes and you’re at $150-175. That’s plenty doable for a two family earner. Includes solid retirement savings and saving for college. You’re not on easy street but you’re living a pretty good life.

[Anonymous]

I live in 20902, a 10-minute walk to Forest Glen metro. I commute to Farragut North daily. Admittedly my office is just two blocks from the metro but my commute consistently clocks in at 45 minutes - approximately 30 min on the metro/moving through metro stations and approximately 15 min walking. Even at today’s prices house would be around $700K and I think it’s quite nice. Happy with the schools.