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Just posting this or do you have an opinion?
Just posting this or do you have an opinion?
The cost of living varies drastically depending upon what part of the country you live. 58k is like upperclass in rural WV. But good luck feeding a family of four on 58k/year in NYC.
Outside of Manhattan proper, you'll make it. Rent can vary from 1k-2k a month depending if you're on the Jersey side/Queens/Brooklyn. Food is sales tax exempt. You can probably forget about sending your kids to college, but you'll make ends meet.
Obviously, that's if the 58k are post-tax... otherwise you need to nibble another 10%-15% from that, and then it gets more complicated.
Yeah, I was thinking in terms of gross income before taxes. I was born in PA and lived there for a few years. My parents used to tell me how costly the taxes were in PA compared to TN and TX. Same is true in NYC, with the major difference being the cost of real estate.
With 58k/year and a family of four, you'd be in a tight spot after taxes.
Which states out there have a low cost of living while still having a good economy/jobs?
I'm making close to 50k(after factoring bonuses+overtime) but I live in SF - my money gets me very little.
Texas easily. They've won the corporate welfare bidding war in this country so they have the best economy. There's also no state income tax thus it's one of the lowest costs of living in the country.
$58k is more than enough for a family of 4 to make it.
Last edited by 2centsworth; 05-18-2013 at 08:55 PM.
the answer isn't by state, but by city/metro area
http://www.infoplease.com/business/e...us-cities.html
As long as you don't own a house. The money you save by not paying state income tax is more than sucked up by property taxes if you're in the middle class.
That's good to know.
I'll be in Dallas in a few weeks to look for apartments. Any other suggestions
What's the culture like, tbh? in my mind Texas is the home of the GNSF/fat be@ner.......
I'm moving there in a month or so so I don't know much yetWhat's the culture like, tbh? in my mind Texas is the home of the GNSF/fat be@ner.......
I agree. That's still more than $2k/month after federal taxes a SS/Medicare deductions. Now depending on State taxation...
Your kids are going to go to inferior schools and your going to have to rely on CHIPs and not private health-care for the kids...but yeah, you can make it...
Really?
I know plenty of people making less than that who have health care insurance.
I never asked. What planet are you from Dan?
Nope....the typical family of four pays anywhere from $600 to $1200 per month for private insurance
I got you.
I don't know what taxes are like in NY these days, but in NJ they're not that bad (income, property taxes is a different story)... but that's why a lot of peeps that work in the city live in NJ and commute daily despite the nearly $20/pop for crossing the bridge into Manhattan, plus gas (which is actually less expensive than in Texas). Sure, houses mostly don't come below $250K in NJ, but if you're making $58K/year, the only way you can't land a mortgage is if your credit record is in shambles.
I'm talking about employer paid insurance, where the employee part is a small percentage of the cost.
So...
The sixtyfourmilliondollar question.
Are you guys saying a couple is en led to support a family of four?
Assuming I'm reading your question right, no. It's something I agree with you on, a couple that's making 50k a year has no business having kids they can't afford.
a single man can sustain a frugal life with 1/10 that money though. es are used to a wasteful way of using money so if you're a smart guy you'll never financially bind yourself with a tbh
Wow...
It's a surprise you agree with me...
Just common sense imo, having a kid is a huge financial commitment you shouldn't take on if you're already stretched financially.
national average is over $15K/year for family of 4.
Insurance companies a talking about 50% jump in the next couple years, even 40M new victims under subsidized ACA.
http://money.cnn.com/2011/05/11/news...mily/index.htm
USA's for-exorbitant-profit health care is a major confiscatory, extractive, wealth-redistribution corporate strategy.
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