Anonymous
08/11/2020 14:58
Subject: HHI is around $120k -- are we the only ones on here?
Anonymous wrote:Anonymous wrote:Anonymous wrote:This thread has made me feel so much better about a potential move to northern VA.
Thanks for sharing, everyone.
You decided not to move? Remember that many of these people bought their housing many years ago. I bought a townhouse in courthouse for $400k in 2002. Payment was $1800/month. I made $80k base and $120k with bonus. It was tight, but doable. That same house now is probably $650-$700k, maybe more.
Without knowing what down payment was, a 400k house on &120k would indeed be tight.
When I bought my first home for 400k, it was easy on that salary because I had zero debt and zero other obligations--no kids in childcare, no student loans, no consumer debt, no car loan, etc.
Anonymous
08/11/2020 14:55
Subject: Re:HHI is around $120k -- are we the only ones on here?
It isnt necessarily you're income level, but your debt level.
We pull in 130k together but my DH has 70k in student loans and I have 40k. We will be paying these until 2030 and 2033 respectively- some private will be paid in full a prior to that and public loans we rely on forgiveness after 20 years. We have one kid, 2.5 and just bought a house. We also take care of my MIL who provides no assistance/help with the household or childcare.
Its tight. Its always been tight. Less so compared to when I was unemployed or working tables and DH only made 55k but we also didnt have a mortgage and kid.
We have no family help and will have no windfalls of cash from family when they pass.
Reciprocally, I know people who are making 200-300K combined with no student loans, family help, and they've never had anything bad or unexpected happen to them. We've experienced unemployment, diagnosis of health condition that will likely limit life expectancy to >50, and are taking care of family members in our 30s.
We pull in 130k together but my DH has 70k in student loans and I have 40k. We will be paying these until 2030 and 2033 respectively- some private will be paid in full a prior to that and public loans we rely on forgiveness after 20 years. We have one kid, 2.5 and just bought a house. We also take care of my MIL who provides no assistance/help with the household or childcare.
Its tight. Its always been tight. Less so compared to when I was unemployed or working tables and DH only made 55k but we also didnt have a mortgage and kid.
We have no family help and will have no windfalls of cash from family when they pass.
Reciprocally, I know people who are making 200-300K combined with no student loans, family help, and they've never had anything bad or unexpected happen to them. We've experienced unemployment, diagnosis of health condition that will likely limit life expectancy to >50, and are taking care of family members in our 30s.
Anonymous
08/11/2020 14:55
Subject: HHI is around $120k -- are we the only ones on here?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:This thread has made me feel so much better about a potential move to northern VA.
Thanks for sharing, everyone.
You decided not to move? Remember that many of these people bought their housing many years ago. I bought a townhouse in courthouse for $400k in 2002. Payment was $1800/month. I made $80k base and $120k with bonus. It was tight, but doable. That same house now is probably $650-$700k, maybe more.
I could be moving to northern Virginia, but it's not a done deal. I am anxious about the cost of living and a potential ~$130k salary.
I realize I can't own a nice home in a convenient area. My options are probably renting or buying pretty far out.
DP: There are some townhouses/SFH in Burke, Fairfax, Reston--all nice areas that aren't too far out-- that are under 500k--some in the 300s. Public schools are consistently good despite the complaining you'll read--don't pay attention to Great Schools ratings as long as they are over 5 because their formulas are wonky--just look at the school profiles. Insurance and property taxes are relatively low compared to other places so I think you're okay. We bought a SFH in 2015 on a 130k salary for 380 and it's been fine. Mortgage rates are low.
Burke is the land of families with a SAHP and a working parent who is government or mililtary.
Anonymous
08/11/2020 14:52
Subject: HHI is around $120k -- are we the only ones on here?
Anonymous wrote:Anonymous wrote:Anonymous wrote:This thread has made me feel so much better about a potential move to northern VA.
Thanks for sharing, everyone.
You decided not to move? Remember that many of these people bought their housing many years ago. I bought a townhouse in courthouse for $400k in 2002. Payment was $1800/month. I made $80k base and $120k with bonus. It was tight, but doable. That same house now is probably $650-$700k, maybe more.
I could be moving to northern Virginia, but it's not a done deal. I am anxious about the cost of living and a potential ~$130k salary.
I realize I can't own a nice home in a convenient area. My options are probably renting or buying pretty far out.
DP: There are some townhouses/SFH in Burke, Fairfax, Reston--all nice areas that aren't too far out-- that are under 500k--some in the 300s. Public schools are consistently good despite the complaining you'll read--don't pay attention to Great Schools ratings as long as they are over 5 because their formulas are wonky--just look at the school profiles. Insurance and property taxes are relatively low compared to other places so I think you're okay. We bought a SFH in 2015 on a 130k salary for 380 and it's been fine. Mortgage rates are low.
Anonymous
08/11/2020 14:45
Subject: HHI is around $120k -- are we the only ones on here?
Yes!
Anonymous
08/11/2020 14:43
Subject: HHI is around $120k -- are we the only ones on here?
I don't think it's unusual, OP. I imagine there are some high-income people who like talking finances on this board, but also some liars. Of my close friend group, we have a big range of incomes and debt.
Anonymous
08/11/2020 14:27
Subject: Re:HHI is around $120k -- are we the only ones on here?
Anonymous wrote:Anonymous wrote:Our HHI is 167k on one salary (I SAH) and to me, we have an amazing life. I can't understand people complaining and claiming "poor" (not really poor, but complaining of money woes on 250K + or even 400K as I saw the other day).
We live in a good house in a nice suburb - very middle class: no one here is going on international vacations every year or even every other year. The kids are all in ps, cars are normal japanese/some other asian brand and the like. Yard service and cleaning service is common, as in one or 2 weeks at the beach per year.
I guess that the more people have, the more they spend so it kind of always feels like you "are middle class" as you can't have the next big thing.
I guess I'm one of those people you can't understand. Honestly I can't really understand it either, but my HHI is $180K, we're DINKS and I still feel like we're a paycheck or two away from disaster. I couldn't even imagine being able to afford a kid.
We've got a modest house (bought for $440K) in a marginal area. (EOTR) I come close to maxing out my TSP but I'm not fully maxing, so I feel like I'm not even on track there. After taxes and paying the mortgage, bills, FERS, union dues, TSP, insurance, and modest cash savings of $200 a pay period, I net about $740 a paycheck. It's certainly enough to live on and even splurge on a night out but anything that's left over at the end of the pay period inevitably gets wiped out by a vet bill, or car repair, or medical bill, or something before it can accumulate to a comfortable level. I see posts like yours and I literally don't know how you do it with less money and kids.
Exactly. People aren’t being honest. A medical bill, vet bill, car repair, plumbing bill sap any extras. Budgets are tight for everyone.
Anonymous
08/11/2020 14:05
Subject: HHI is around $120k -- are we the only ones on here?
I'm considering a monthly cleaning service on my single parent income of 105K. Whether I do so or not, I'm still middle class. That's a foolish barometer.
I have a low mortgage because I purchased as a low income resident (thanks to HPAP and 5 years without any property taxes). I made less than half of what I do now when I bought. I have no student loans or car debt. My kid attends a private school, no FA. I had a few years of free housing (think corporate housing) that I used to save a ton and that's covered tuition for the most part. Rented my place out during that time. We often vacations using my miles and points from work travel, internationally and domestic. I'm all about the hookup. We spent a week in Disney for 1K which covered hotel, airfare, Disney passes for 4 days, plus meals and incidentals.
I have other millennial friends who have found creative opportunities for side income or to travel on a minimal budget. Assuming the kiddo gets into Walls for HS, my monthly expenses will be considerably lower and my income should continue to climb. We have all of our needs and some of our wants.
I have a low mortgage because I purchased as a low income resident (thanks to HPAP and 5 years without any property taxes). I made less than half of what I do now when I bought. I have no student loans or car debt. My kid attends a private school, no FA. I had a few years of free housing (think corporate housing) that I used to save a ton and that's covered tuition for the most part. Rented my place out during that time. We often vacations using my miles and points from work travel, internationally and domestic. I'm all about the hookup. We spent a week in Disney for 1K which covered hotel, airfare, Disney passes for 4 days, plus meals and incidentals.
I have other millennial friends who have found creative opportunities for side income or to travel on a minimal budget. Assuming the kiddo gets into Walls for HS, my monthly expenses will be considerably lower and my income should continue to climb. We have all of our needs and some of our wants.
Anonymous
08/11/2020 13:16
Subject: HHI is around $120k -- are we the only ones on here?
Anonymous wrote:I’m a single parent with basically no child support and I make 110k. Saving to own a house has been tough but I’m thankful.
Pretty much the same scenario, but I own a condo on 105K. OP, we are the norm for DC. DCUM is another story.
Anonymous
08/11/2020 13:11
Subject: HHI is around $120k -- are we the only ones on here?
Anonymous wrote:I'm at 70k, but I'm single. I think on an anonymous board you're going to see a lot of BS numbers.
Just check out the thread about income/college where a ton of people who didn't finish school are claiming they make 200k+ because they're "in sales".
I am making 200k+, I am in sales and I don’t have a college degree. What is your issue with”sales”?
Anonymous
08/11/2020 13:10
Subject: Re:HHI is around $120k -- are we the only ones on here?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Our HHI is 167k on one salary (I SAH) and to me, we have an amazing life. I can't understand people complaining and claiming "poor" (not really poor, but complaining of money woes on 250K + or even 400K as I saw the other day).
We live in a good house in a nice suburb - very middle class: no one here is going on international vacations every year or even every other year. The kids are all in ps, cars are normal japanese/some other asian brand and the like. Yard service and cleaning service is common, as in one or 2 weeks at the beach per year.
I guess that the more people have, the more they spend so it kind of always feels like you "are middle class" as you can't have the next big thing.
Very middle class don't have yard service and cleaning service and 2 weeks at the beach.
In this area that is it of course. I feel MS with a 167k salary. Our house cost 700K - seems Mc for me in this area. Two kids, in ps - small saving for them for college (10k/year combined), maxed IRA for both plus and maxed retirement for husband.
But the devil is in the details pp - our yard service costs us $70 per month so $840/year. Cleaning around here is about 80-120 for each visit bi-weekly (we pay more because our cl has been with us for 10 years and has gotten raises and I pay her a "bonus" for x-mas of around 2 weeks of service, but I round it up a bit).
Our rental for the beach costs us around $1400.00 per week and we drive there 9 long hours.
If you make more money, you probably would have a cleaning service every week at the very least, top notch yard work (not just a hispanic guy and his crew to cut your grasses - but fertilizers, aeration, seeding, etc. We have none of that because we don't care about it. I would rather spend my money on my cleaning lady).
Also, we do not eat out and rarely order take out (less than once/month). Husband doesn't eat out during work (well, I guess now no one does).
We eat very well and don't check prices before putting on cart, but I generally don't even go looking for filet mignon unless it is an special occasion. Kids have nice birthday parties every year but nothing over the top.
Car are paid for currently. Student loan will be payed off next year thank god!
From what I read here, I think most people feel MC is because the more money they have, the more they spend on their house/mortgage. So in the end, unless they have real wealth, they end up having to making the same kind of choices we do with some variations.
It is all about the house you buy and how much of your budget the monthly payment and maintenance of the house costs you.
Here we go with how we “feel” again.
No, real middle class folks do their own cleaning and yard work. I still have not admitted to my parents that now have a cleaner come every other week.
Anonymous
08/11/2020 12:01
Subject: HHI is around $120k -- are we the only ones on here?
That sounds like us. HHI $140k - one income and a SAHM of 2 little kids. We bought our house (standard 3 bedroom, 3 level TH in a decent school pyramid) back in 2013 for $350k. Same income then because I worked too and we didn’t have any kids. Now our home would likely sell for $450k. It helps a lot that we don’t have any student loan debt.
The “high HHI because both partners have good jobs” is the most common scenario in this area by far. Two higher level fed GS employees can pull in $250k easily.
The “high HHI because both partners have good jobs” is the most common scenario in this area by far. Two higher level fed GS employees can pull in $250k easily.
Anonymous
08/11/2020 11:42
Subject: HHI is around $120k -- are we the only ones on here?
Anonymous wrote:Anonymous wrote:This thread has made me feel so much better about a potential move to northern VA.
Thanks for sharing, everyone.
You decided not to move? Remember that many of these people bought their housing many years ago. I bought a townhouse in courthouse for $400k in 2002. Payment was $1800/month. I made $80k base and $120k with bonus. It was tight, but doable. That same house now is probably $650-$700k, maybe more.
I could be moving to northern Virginia, but it's not a done deal. I am anxious about the cost of living and a potential ~$130k salary.
I realize I can't own a nice home in a convenient area. My options are probably renting or buying pretty far out.
Anonymous
08/11/2020 11:01
Subject: Re:HHI is around $120k -- are we the only ones on here?
Anonymous wrote:Our HHI is 167k on one salary (I SAH) and to me, we have an amazing life. I can't understand people complaining and claiming "poor" (not really poor, but complaining of money woes on 250K + or even 400K as I saw the other day).
We live in a good house in a nice suburb - very middle class: no one here is going on international vacations every year or even every other year. The kids are all in ps, cars are normal japanese/some other asian brand and the like. Yard service and cleaning service is common, as in one or 2 weeks at the beach per year.
I guess that the more people have, the more they spend so it kind of always feels like you "are middle class" as you can't have the next big thing.
I guess I'm one of those people you can't understand. Honestly I can't really understand it either, but my HHI is $180K, we're DINKS and I still feel like we're a paycheck or two away from disaster. I couldn't even imagine being able to afford a kid.
We've got a modest house (bought for $440K) in a marginal area. (EOTR) I come close to maxing out my TSP but I'm not fully maxing, so I feel like I'm not even on track there. After taxes and paying the mortgage, bills, FERS, union dues, TSP, insurance, and modest cash savings of $200 a pay period, I net about $740 a paycheck. It's certainly enough to live on and even splurge on a night out but anything that's left over at the end of the pay period inevitably gets wiped out by a vet bill, or car repair, or medical bill, or something before it can accumulate to a comfortable level. I see posts like yours and I literally don't know how you do it with less money and kids.
Anonymous
08/11/2020 10:50
Subject: HHI is around $120k -- are we the only ones on here?
Anonymous wrote:Anonymous wrote:This thread has made me feel so much better about a potential move to northern VA.
Thanks for sharing, everyone.
You decided not to move? Remember that many of these people bought their housing many years ago. I bought a townhouse in courthouse for $400k in 2002. Payment was $1800/month. I made $80k base and $120k with bonus. It was tight, but doable. That same house now is probably $650-$700k, maybe more.
Without knowing what down payment was, a 400k house on &120k would indeed be tight.