all those can easily be managed even with less than 100k income....you have to put aside money for maintenance of your home. All luxury spendings need to be in control...Average household in the US has Netflix, Hulu, Crave, Disney on top of cable and internet....that alone is about $50 a month. Then y ou add, starbucks, going out at night, concerts shows and entertainment...those eat up a lot.
Nearly half of Americans making $100K are living paycheck to paycheck, survey finds
- Thread starter Charlemagne
- Start date
But who can mortgage a house at 200k?
Past 40-50 year old people are looking at mortgage free or very low 50-60k mortgage (difference from previous house sale they did).
And first time buyer do not have enough equity to put 2-300k down to have just 200k mortgage.
Sell your old place buy a new place whatever... a 200k mortgage over 30 years is about $1500 a month when you include property tax and hazard insurance. If you don't have the 20% equity you have to Pay an additional amount called PMI. I think that would be about an additional $100 to $200 a month. I have not paid PMI on any property in years. Condos are cheaper but if you have a condo you have to include condo fees into the monthly cost as well.
I am putting the $1500 a month into context of total mortgage value to get to $1500 a month mortgage payment. I don't see it as realistic for most people and not really realistic for people who live in cities. I expect most people have a higher monthly mortgage payment.
I don't see earning a $100k as a lot of money anymore. But it depends on where you live.
I live in Moncton, New Brunswick, and houses can be had for under $200,000 easy. In fact I moved there for that reason.
Someone I know moved there for that same reason in August I think, sight unseen she told me only by Google.
Not for everyone, or there would be one to many of your field. I met people who started a business but couldn't stay afloat after a year or two. Just some badass karma.
I said a decent house.
That is a very nice house. New Brunswick is pretty poor, so very few people can afford to live in a house that modern and nice. I think in Toronto that would be over $1 million
Which one? It was a list. Any of the houses under 200k were very clear money traps, requiring extensive upgrading to meet health standards.
And I am in no way insulting or putting down Moncton people or houses, I am saying it is extremely unrealistic to pretend you can get a decent house for under 200k in Canada in this market. THIS should be an insult to every Canadian.
And I am in no way insulting or putting down Moncton people or houses, I am saying it is extremely unrealistic to pretend you can get a decent house for under 200k in Canada in this market. THIS should be an insult to every Canadian.
A few family members left Ontario for the East Coast... Maybe this is a good thing as people will migrate for better opportunities and take some pressure off of the GTA, etc.
An hour west of Yorkton on the Trans-Canada.
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My guess would be that $100,000 goes a lot farther in Nashville TN than it does in Sacramento CA. And sure enough when I plug in a tax calculator this is what I get
Tax burden (federal, state & local taxes) on a single person making $100,000 per year
Sacramento ,CA: $33,073
Nashville,TN: $27,804
Difference: $5,269
Then look at median housing prices in both cities. As at Dec 31, 2021 In Sacramento its $499,500 vs. $394,905 in Nashville. That's a 26.5% difference.
Its no wonder people are fleeing CA for places like TN.
Tax burden (federal, state & local taxes) on a single person making $100,000 per year
Sacramento ,CA: $33,073
Nashville,TN: $27,804
Difference: $5,269
Then look at median housing prices in both cities. As at Dec 31, 2021 In Sacramento its $499,500 vs. $394,905 in Nashville. That's a 26.5% difference.
Its no wonder people are fleeing CA for places like TN.
I don't go to Starbucks, eat out maybe twice a week, I still use an iphone7...I question some when they tell me about the purse or shoes they bought for $1500 and ask what makes them worth it, and they don't have an answer.
I have a couple really fine cars, it's not a Tesla but it's way better than a 2007 Civic...I have a 4000 sq foot home, didn't have to pay a million dollars for it but Its worth that now and then some.
I had a guy making a million a year explain to me why he couldn’t pay his cell phone bill on time each month.
Half went to taxes…yes they do pay their “fair” share…and he’s left with 500k
Bought both him and his wife Porsches, he’s left with 200k
Put a down payment on a condo for his girlfriend, now he’s left with 100k
How’s the guy supposed to live on 100k after tax?
Half went to taxes…yes they do pay their “fair” share…and he’s left with 500k
Bought both him and his wife Porsches, he’s left with 200k
Put a down payment on a condo for his girlfriend, now he’s left with 100k
How’s the guy supposed to live on 100k after tax?
