Income a family of four need to live comfortably by state in the U.S.
- Thread starter GON
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I don't think for most people Jeff luck is going to buy them a house in the Bay Area. Again-for most people. Didn't you have parents that had land that is/was worth millions?
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My folk's estate was worth over $2M; much of it in their home. And his Schwab account blossomed when I was given control and made some changes. Let's just say, as executor, I made sure my sister and a few others made out. My estate was and is far bigger than my folks. My father was the son of very poor immigrants from Ukraine. He was very tight with his money. Not a particularly nice man either. He was not one to help me with college, house down money, etc. I was on my own, and for many years my choices took me down some pretty dark roads.
As far as luck, my personal belief is, there is no fair. Why is one person handsome? Why is one person born into money? Why is one person smart? Why is one person disciplined? Why is someone born into a war stricken area? Why did my brother die of cancer at 44? Why am I sober when others have struggled to keep the plug in the jug?
I cannot answer those questions. I am one of the lucky ones.
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My wife’s went down 3%. She works for the school district and we have a $0 deductible PPO. Both the HMO and PPO have $0 deductibles and the school district pays 88% of the premium.
I’ve had this insurance since 1/1/23 and was able to drop my really expensive employer plan thankfully. I was paying almost $700/mo and then a FSA to cover the deductible.
Honestly through about 2011 healthcare was not a concern and was always reasonable…
You have PLENTY OF EQUITY-if you choose to access it. That's my point. I grew up and lived my life in So Cal before I retired. So yea-I know.
JHZR2
Staff member
RJ Talks, a YouTuber, cited this article, which cited another, but had other family of four type metrics:
4WD
$50 site donor 2025
This was going good until you brought my looks into it Jeff …
That may be beneficial to a few, but looking at it in macro context, am I really better off paying higher taxes and insurance for 20 years so I can get a HELOC at some future time.
Is our nation better off financially by having single family homes growing much faster than inflation so Grandma can have a reverse mortgage while family formation is delayed because young people cannot buy homes.
Looking at it more granularly - Is a retired person with an ocean view Condo in California worth $4M really better off than a retired person in Charleston with a $1M ocean view condo?
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Maybe because those older than you have been through rough, tough times as well. Those of us that have more than you today didn't get it by cruising and hanging out at the breweries. Most of us WORKED our butts off, many working 2-3 jobs for years. We also endured 8-10% mortgage rates, 8%+ car loans, while not making near what you are at your point in your career.
We didn't have a new smart watch every 14 months, we didn't have the latest and greatest of everything. We didn't need a car with Carplay and Nav.... We KNEW how to drive to the grocery store without GPS. We also knew how to drive to our grandparent's house without it.
We cooked at home much more, we didn't attend a concert every weekend.
Your generation is living a LOT BETTER than those ahead of you ever thought about doing.
I have not kept up with the conversation but figured I'd add my own statistical data.
| Work Year | Taxed Social Security Earnings | Taxed Medicare Earnings | |
2023 | $122,386 | $122,386 | Current Job |
2022 | $99,405 | $99,405 | Current Job |
2021 | $93,091 | $93,091 | Current Job |
2020 | $86,322 | $86,322 | Current Job/first year I made equivalent to wife's salary |
2019 | $78,882 | $78,882 | Current Job |
2018 | $69,072 | $69,072 | Current Job |
2017 | $60,884 | $60,884 | Current Job |
2016 | $58,470 | $58,470 | Current Job |
2015 | $40,209 | $40,209 | Current Job/Wife shift changed so I stayed home certain days |
2014 | $44,356 | $44,356 | Current Job |
2013 | $30,600 | $30,600 | Current Job |
2012 | $27,097 | $27,097 | Current Job |
2011 | $27,289 | $27,289 | Current Job |
2010 | $26,227 | $26,227 | Current Job |
2009 | $27,080 | $27,080 | Current Job |
2008 | $25,709 | $25,709 | Current Job/Home purchased Dec. |
2007 | $23,185 | $23,185 | Current Job |
2006 | $20,637 | $20,637 | Current Job/Married Wife started RN job |
2005 | $20,157 | $20,157 | Current Job |
2004 | $18,350 | $18,350 | Current Job |
2003 | $16,063 | $16,063 | Current Job |
2002 | $7,160 | $7,160 | Staples |
2001 | $3,662 | $3,662 | Staples |
2000 | $200 | $200 | Pet Store |
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I would agree up until this year, more expenses pretty much negated my promotion. I guess that isn't the worst thing.
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You seem to be responding to an imaginary person in your mind, not to what I actually said. I never said earlier generations had it good. I am saying the property market is worse than it ever has been, and I have given the numbers in this thread.
Responding to a post about home prices, inflation, and investing with this about GPS… right.
You know this is a meme right? The boomer saying just stop getting coffee and you can buy a $700,000 house. Wrong tree.
Just as yours lived better than your parents. This notion that your generation is the last that should expect to benefit from the natural progression of technology is odd.
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What I can’t figure out is, well, life
I think my Aunt practiced what many here suggest. Use equity that has built up and enjoy (sold 1980s San Ramon house and moved to Tracy—not much equity maybe 400k as borrowed against its value). She’s had sports cars since the late 70’s including a brand new E36 M3 Lightweight. That was 28 years ago that she got it. She stopped with a E46 M3 they she still drives today.
If the object is to use it all up and leave nothing to heirs, charity, and a taxing authority, then imho a highly leveraged position where values climb is all out WINNING.
If there is a desire to leave something to charity, heirs, and the taxing authority, then I am very unsure and going with the flow and avoiding debt, and saving up by being frugal.
This is very wrong.
You dont go where the money is, you go where there is a balance of income and cost of living.
Im not impressed at all with 2M homes the size of a shoebox when someone can live in a home like this for 75% less. But if they follow the masses into a life of servitude living like that well, then...
You who like me advocates financial education in high school, it's about education not blanket statements of where to make the money. It's about thinking out of the box and calculating a best place to live.
To me, many people in the NY Metro area live miserable lives (though they dont know it until they get out) with high incomes, can have much less stress and higher standard of living by getting out of the Northeast and making less money. I was there and I made some of that income. No I didnt live in one of the houses in the link. It's actually why many of the uber rich are leaving NY. IN fact its so bad that NY is trying to discourage the wealthy from leaving but creating an "exit tax"
At the same time they bribe the young to stay by offering college if they sign a contract that they will not leave NY for 5 years after graduation. Desperate times.
Two of my Doctors, specialists here in North Carolina are both from up north. One from an upper income area of Great Neck NY (part of the link below). The other did his residency at the Cleveland Clinic, one of the most leading heart hospitals in the world. Both of them were thrilled to get out of there. It's great to make money and have the governments up there take it from you or the mentality of settling for tiny homes at inflated prices.
Im just posting this as outside of your box, Silicon Valley is not the only place in the country who makes money. Here is a slice metro area of NY
https://www.zillow.com/homes/for_sa...l},"ah":{"value":true}},"isListVisible":true}
and 500k to 2m same area
https://www.zillow.com/homes/for_sa...:true}},"isListVisible":true,"pagination":{}}
and these are the average "Joe" who with some imagination can cash out and live a good lifestyle in the more southern states with a fraction of the tax burden.
https://www.zillow.com/homes/for_sa...0},"ah":{"value":true}},"isListVisible":true}
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I agree with you and to illustrate…
My wife’s cousin built a garage in North Jersey as he now restores BMW. It probably would have cost at the time $40k to have someone build it. He did it for < 1/3 actually maybe just under 1/2, and overbuilt it, and took 2 years.
I saw a house that looked just like it, for sale in Fife, WA. It was high $400’s. Just under 600 sq ft.
Are we to be impressed?
Again I’ve said 1 mil + in Boston and you have window AC, is that “impressive?”
Might be more impressive to use the word “millions” when describing savings lol
The odd thing about that very table, handy, but mine didn't show the years I paid SE SS tax. When I paid both halves. Only showed my employee for a co. side. Odd that! Mistake??
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