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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][quote=Anonymous]How much do you need to make for the following: - Single family home within a 45 minute commute of downtown DC - 2 cars - Save for retirement at age 65 - Pay for college, 2-3 kids - 1 week domestic family vacation every year - No financial stress about all the regular, and unplanned, maintenance, repairs, etc [/quote] I live a similar lifestyle except the house which is a townhouse about 1hr from DC. Current spending about 8-9k a month. If we were to move up to a $1M SFH our mortgage would jump by $4k a month so 12-13k spending. Now add few thousand a month for retirement and medium term savings and you need 15-16k after taxes. Bare minimum $250k and that doesn’t give you much room to save. Ideally $300k+ and probably $400k+ to really feel like you can be comfortable [/quote]
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