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Reply to "What income is needed to live the american dream - close in DC area?"
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[quote=Anonymous]Monthly Budget: House: $3600 ($600k house in Gaithersburg at current mortgage rates, including tax and insurance and assuming 20% down) Cars: $1000 (assumes you buy for about $35k and keep for 7 years, including gas and maintenance) College: $1500 (assumes MD in state for 2 kids fully funded) Groceries and eating out:$1500 Utilities: $300 Clothing/miscellaneous: $750 Retirement: $500 (assume 40 years saving and a matching to 401k, and SS) Vacation:$750 (assume one $9k vacation) That’s a little over $100k. Plus that up for taxes by 20% and call is $120k. [/quote]
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