Fri 20 May, 2005 10:14 am
this may be a hard question to answer and some may not answer it. to live a life owning a home, car, having a social life, kids? how much income should a family strive for. Obviously you can say higher is better, and you live on what you have, but what would you say the income would be to live an average life, paying bills, owning a home and car, maybe 1 or 2 vacations, nothing extavagant just living.....any thoughts
Depends on the debt you owe and how you want to live. I have some friends that make nearly the same amount as my wife and I but can afford a lot more because neither has student loans or car payments. They could probably afford kids right now... we couldn't.
Of course they have more expensive habits then us so if the debt was even we would be farther ahead then them because we are more conservative spenders.
It all depends on what you're looking for.
It mostly depends on WHERE you want to live.
We have low home prices here. An average home in an average location goes for $125,000 or less. That wouldn't buy you a shack in L.A. or Boston.
An annual combined salary of $50-60,000 would be enough here for the modest life you describe including one or two kids (no private schools or foreign vacations) and including saving for retirement. Perhaps not enough for elsewhere, though.
yes in i live south of chicago and home are around 220 to 400, condos and townhomes too its sickening!
45 to 60 would work here - maybe. The vacation would be modest, and retirement savings would be darn tough.