Anonymous
Post 03/10/2022 08:34     Subject: What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:There was thread recently on Reddit where they mocked DCUM for its cluelessness. This is why. If you need 600k to be comfortable, you are doing something wrong or your head is up your arse.


If you read the budgets of all these "need $600k to be comfortable" posters, the fine print is that they are saving $8-15K/month IN ADDITION TO RETIREMENT.
So yes, if a line item in your budget is to save vast sums of money each month, you are going to "just be making it" on a 1% income.
Anonymous
Post 03/10/2022 08:22     Subject: What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
There was thread recently on Reddit where they mocked DCUM for its cluelessness. This is why. If you need 600k to be comfortable, you are doing something wrong or your head is up your arse.
Anonymous
Post 03/09/2022 22:04     Subject: Re:What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:
Anonymous wrote:What do people spend their money on? I have a HHI of $250k, just finished paying off student loans, three kids (2 in public, 1 in daycare) and live comfortably. Vacation a few times a year, max out retirement and put money in 529s. We don’t have a ton left over after all that, but feel comfortable.

Our mortgage is $3500/month.


This is me, too, with one kid in private. Live in a 4br townhouse in very close-in Nova, bought for about $900k in 2018. Refinanced last year to 2.6%.

I honestly don't know what people are spending their money on who make twice as much!


$3500 is my mortgage on 550K. So either you had a huge down-payment or something is amiss with these numbers.
Anonymous
Post 03/09/2022 22:03     Subject: Re:What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Don't you need $1.5-2 million to buy a close in house or townhouse? I mena that's way more than 250K. Maybe 15 years ago, but not today. Based on my fuzzy math 500K minimum to float the mortgage and multiple in daycare.
Anonymous
Post 03/09/2022 21:59     Subject: What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I’m coming to the sad realization that the basics of a good middle class lifestyle cost a fortune around here. A house with Bedrooms for all the kids, college, annual family vacation, saving for retirement. Is 600k the point where all this becomes doable without financial strain?


600k will be ample.

A house is gonna run 6k/mo
College savings 6k/mo
Vacations 2k/mo
2 60k cars every 5 years over 20 years is going to be 1,666/mo
Food/dining out 2500/mo
Utilities/lawn 1,000/mo

Assuming 2 workers 40k 401k annual deductions, 12k annual health and then 25% taxes, you're left with 411k or 34k net/mo.

Minus out the above UMC "essentials" at 20k/mo, you are left with 14k to do ad you wish. Home repairs, investing, luxuries, private school, household help...ect

This is a very very nice lifestyle. You'll be hurting if you don't do hand me down cars for your teens otnifbyounoptnfor private. That does of thing will make you feel "broke"


Your net calculation feels high. I'm getting closer to $360K net of all that so $30k/month. Your point sti


ll stands and I don't disagree that this a very nice lifestyle anywhere including DC. The car estimation doesn't include gas/insurance which can really add to that number. You're also not accounting for kids activities/camps but the college savings contributions shouldn't last more than 10yrs. After that, it's almost an additional $6k/month. If it were me, I'd like to invest at least $10K/month (after 401K) on that salary


I was only roughly calculating bare UMC necessities. I calculated taxes based on my effective tax rate. YMMV.
Anonymous
Post 03/09/2022 21:54     Subject: What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I’m coming to the sad realization that the basics of a good middle class lifestyle cost a fortune around here. A house with Bedrooms for all the kids, college, annual family vacation, saving for retirement. Is 600k the point where all this becomes doable without financial strain?


600k will be ample.

A house is gonna run 6k/mo
College savings 6k/mo
Vacations 2k/mo
2 60k cars every 5 years over 20 years is going to be 1,666/mo
Food/dining out 2500/mo
Utilities/lawn 1,000/mo

Assuming 2 workers 40k 401k annual deductions, 12k annual health and then 25% taxes, you're left with 411k or 34k net/mo.

Minus out the above UMC "essentials" at 20k/mo, you are left with 14k to do ad you wish. Home repairs, investing, luxuries, private school, household help...ect

This is a very very nice lifestyle. You'll be hurting if you don't do hand me down cars for your teens otnifbyounoptnfor private. That does of thing will make you feel "broke"


You are way underestimating taxes. I just got done with our taxes at a tad over $600k, and with federal (including FICA (two earners), medicare and additional medicare) and state (MD), our taxes were $206k.


I'm basing it on what we owe, minus investment income. I pay about 25% in taxes once I back out 2 401ks and health insurance (obviously this takes into account other deductions).
Anonymous
Post 03/09/2022 21:22     Subject: Re:What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:What do people spend their money on? I have a HHI of $250k, just finished paying off student loans, three kids (2 in public, 1 in daycare) and live comfortably. Vacation a few times a year, max out retirement and put money in 529s. We don’t have a ton left over after all that, but feel comfortable.

Our mortgage is $3500/month.


This is me, too, with one kid in private. Live in a 4br townhouse in very close-in Nova, bought for about $900k in 2018. Refinanced last year to 2.6%.

I honestly don't know what people are spending their money on who make twice as much!
Anonymous
Post 03/09/2022 11:02     Subject: What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:
Anonymous wrote:I’m coming to the sad realization that the basics of a good middle class lifestyle cost a fortune around here. A house with Bedrooms for all the kids, college, annual family vacation, saving for retirement. Is 600k the point where all this becomes doable without financial strain?


600k will be ample.

A house is gonna run 6k/mo
College savings 6k/mo
Vacations 2k/mo
2 60k cars every 5 years over 20 years is going to be 1,666/mo
Food/dining out 2500/mo
Utilities/lawn 1,000/mo

Assuming 2 workers 40k 401k annual deductions, 12k annual health and then 25% taxes, you're left with 411k or 34k net/mo.

Minus out the above UMC "essentials" at 20k/mo, you are left with 14k to do ad you wish. Home repairs, investing, luxuries, private school, household help...ect

This is a very very nice lifestyle. You'll be hurting if you don't do hand me down cars for your teens otnifbyounoptnfor private. That does of thing will make you feel "broke"


You are way underestimating taxes. I just got done with our taxes at a tad over $600k, and with federal (including FICA (two earners), medicare and additional medicare) and state (MD), our taxes were $206k.
Anonymous
Post 03/09/2022 10:09     Subject: What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:
Anonymous wrote:I’m coming to the sad realization that the basics of a good middle class lifestyle cost a fortune around here. A house with Bedrooms for all the kids, college, annual family vacation, saving for retirement. Is 600k the point where all this becomes doable without financial strain?


600k will be ample.

A house is gonna run 6k/mo
College savings 6k/mo
Vacations 2k/mo
2 60k cars every 5 years over 20 years is going to be 1,666/mo
Food/dining out 2500/mo
Utilities/lawn 1,000/mo

Assuming 2 workers 40k 401k annual deductions, 12k annual health and then 25% taxes, you're left with 411k or 34k net/mo.

Minus out the above UMC "essentials" at 20k/mo, you are left with 14k to do ad you wish. Home repairs, investing, luxuries, private school, household help...ect

This is a very very nice lifestyle. You'll be hurting if you don't do hand me down cars for your teens otnifbyounoptnfor private. That does of thing will make you feel "broke"


Your net calculation feels high. I'm getting closer to $360K net of all that so $30k/month. Your point still stands and I don't disagree that this a very nice lifestyle anywhere including DC. The car estimation doesn't include gas/insurance which can really add to that number. You're also not accounting for kids activities/camps but the college savings contributions shouldn't last more than 10yrs. After that, it's almost an additional $6k/month. If it were me, I'd like to invest at least $10K/month (after 401K) on that salary
Anonymous
Post 03/09/2022 06:05     Subject: What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:I’m coming to the sad realization that the basics of a good middle class lifestyle cost a fortune around here. A house with Bedrooms for all the kids, college, annual family vacation, saving for retirement. Is 600k the point where all this becomes doable without financial strain?


600k will be ample.

A house is gonna run 6k/mo
College savings 6k/mo
Vacations 2k/mo
2 60k cars every 5 years over 20 years is going to be 1,666/mo
Food/dining out 2500/mo
Utilities/lawn 1,000/mo

Assuming 2 workers 40k 401k annual deductions, 12k annual health and then 25% taxes, you're left with 411k or 34k net/mo.

Minus out the above UMC "essentials" at 20k/mo, you are left with 14k to do ad you wish. Home repairs, investing, luxuries, private school, household help...ect

This is a very very nice lifestyle. You'll be hurting if you don't do hand me down cars for your teens otnifbyounoptnfor private. That does of thing will make you feel "broke"
Anonymous
Post 03/09/2022 05:43     Subject: What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:
Anonymous wrote:Why does everyone need to live near DC when there are good public schools out in Loudoun and more affordable houses? Don’t you guys have remote work options? And not everyone is buying a house in 2022 lots of us have owned for 5-10 years so we aren’t paying these inflated prices. Additionally not everyone cares about muh culture or social scene which is the only reason I can think to want to live in DC besides your career. I have a remote tech job that pays 400k and live out here in Loudoun with a 2k mortgage payment on a SFH. Life is very comfortable


Not everyone wants to live in Loudoun. I do not live in DC or close in. We live in Fairfax. I like it here. It has a calm sense of suburbia and we're happy with our housing and schools. We have family in Loudoun so we looked out there but it was just too far. No trees. Didn't have a neighborhood feeling. For some, feeling of a neighborhood > new construction.

Imagine dissing Loudoun when you live in Fairfax lol it’s the same exact thing. Fairfax and Ashburn are both cookie-cutter suburbia in the exurbs, yet you’re over here bragging about Fairfax. Too funny. People are so insecure on this site.
Anonymous
Post 02/17/2022 17:18     Subject: Re:What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What do people spend their money on? I have a HHI of $250k, just finished paying off student loans, three kids (2 in public, 1 in daycare) and live comfortably. Vacation a few times a year, max out retirement and put money in 529s. We don’t have a ton left over after all that, but feel comfortable.

Our mortgage is $3500/month.


If you bought in the last 5 years, that total mortgage cost is cleary not for a home in NWDC or Bethesda, close-in

That's prob a mortgage on a 750k home...which works great on a 250k income

A close in crack shack in Bethesda is now closer to 1-1.2M, which you couldn't COMFORTABLY afford


My house cost $800k in NWDC. Is that really shocking?


Yes. When did you buy a SFH in NWDC that was $800k? Did you put a ton of money into it?


You do know that NWDC includes (gasp!) neighborhoods east of the park, right?
Anonymous
Post 02/17/2022 08:15     Subject: Re:What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What do people spend their money on? I have a HHI of $250k, just finished paying off student loans, three kids (2 in public, 1 in daycare) and live comfortably. Vacation a few times a year, max out retirement and put money in 529s. We don’t have a ton left over after all that, but feel comfortable.

Our mortgage is $3500/month.


If you bought in the last 5 years, that total mortgage cost is cleary not for a home in NWDC or Bethesda, close-in

That's prob a mortgage on a 750k home...which works great on a 250k income

A close in crack shack in Bethesda is now closer to 1-1.2M, which you couldn't COMFORTABLY afford


My house cost $800k in NWDC. Is that really shocking?


Yes. When did you buy a SFH in NWDC that was $800k? Did you put a ton of money into it?
Anonymous
Post 02/16/2022 21:21     Subject: Re:What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:
Anonymous wrote:What do people spend their money on? I have a HHI of $250k, just finished paying off student loans, three kids (2 in public, 1 in daycare) and live comfortably. Vacation a few times a year, max out retirement and put money in 529s. We don’t have a ton left over after all that, but feel comfortable.

Our mortgage is $3500/month.


If you bought in the last 5 years, that total mortgage cost is cleary not for a home in NWDC or Bethesda, close-in

That's prob a mortgage on a 750k home...which works great on a 250k income

A close in crack shack in Bethesda is now closer to 1-1.2M, which you couldn't COMFORTABLY afford


My house cost $800k in NWDC. Is that really shocking?
Anonymous
Post 02/15/2022 18:45     Subject: What HHI does a family of 5 need to feel comfortable: NW DC or close-in Bethesda/Nova
Anonymous wrote:The average home price-to-income ratio is 5.4 nationally and 7.6 in the DC metro.

This is how Americans live, some people on this board are super conservative. Which is fine, but they should realize that.


Please realize this isn't mortgage-to-income but price-to-income. About 30% of the houses in the DC metro area are bought All Cash - and those folks likely have little income (because they don't need to work). Or families like mine, that first bought into the real estate market 30 years ago and have traded up. My house value is 10x my income. But my mortgage is 12% of my income.

To answer OP - it depends on your expenses, your needs, your desires. My comfort isn't your comfort. My comfort is about $250k for family of 4 in close-in suburb with good public schools. But I'd love to have more.