State by State Chart of Income Needed for Living

[jxb]

I think what's truly sad is that a good share of that 50% would be broke and in debt even if they had three times their current income.

We've got a member of the family who frequently needs assistance to make the rent payment, or the power bill, or any one of several financial disasters.

It's odd that they never call for help with the cigarettes, Dutch Bros, or Door Dash which I know they get plenty of. jd

Hey now don't be down on them for their Dutch Bros spending, I own a slug of that stock and those people keep me in reloading supplies.

Seriously though, I get it.

 

[brokeasajoke]

I'm not even close to that in NC and we are doing ok for a family of 5 on a single income. Maybe it's not how you save but how you spend.

 

[Keith Glasscock]

I'd suggest going back to the article and looking at the assumptions. Rent is a huge part of the calculation, and they are probably pricing in something a little more pricey than is necessary for this "necessity".

I hate to say it, but renting near where I live costs 2-3x as much as making the house payment on a decently planned purchase.

 

[hoz53]

Hey Fellers, looking at the news this morning and saw this..... wondering how accurate it is. Arkansas is pretty close.....if you read the fine print and see that it is figured for a single adult...View attachment 1563654
John

No Wonder Im having trouble buying my 500 Bergers per month let alone the primers and powder. I m a single guy in IN and only make 1/2 ur chart income. Guess i better
”Get A Job”

 

[Bottom Fodder]

I see people everyday living above their means their just waiting on the prez to forgive them of their credit card debt.

 

[spike-55]

Welcome to OKLAHOMA!!!! You will love it!!!
stan

 

[SGK]

$93k isn't going to get you very far in Miami... (savings or no savings)

 

[6MMsteve]

Munchies Nabs have gone from $1.85 to $3.70 for a box of 8 packs x 6 crackers per pack in the last 2 yrs... I eat half as many and they are the best nabs imho

 

[jxb]

I'd suggest going back to the article and looking at the assumptions. Rent is a huge part of the calculation, and they are probably pricing in something a little more pricey than is necessary for this "necessity".

I hate to say it, but renting near where I live costs 2-3x as much as making the house payment on a decently planned purchase.

Similar here, astounding what we could rent our home for if we had a place to live.

 

[Leadfarmer]

I'm in upstate NY and I can get by with a mortgage that I got back when interest rates were around 4 percent, a car, gas, electric and a wife and kid off of about 40k a year. Not fun doing that way, but I had to have back to back shoulder surgeries and my wife had to pay for everything. If you need to make 112k to live in NY you're in Manhattan, or you are living way, way, way beyond your means.

 

[Fast14riot]

I'd suggest going back to the article and looking at the assumptions. Rent is a huge part of the calculation, and they are probably pricing in something a little more pricey than is necessary for this "necessity".

I hate to say it, but renting near where I live costs 2-3x as much as making the house payment on a decently planned purchase.

Same here. Rent is significantly more than a mortgage for the same house. Problem is, people using rentals as an active income and charging 2-3x the mortgage in monthly rent.

 

[SGK]

Add in cost of maintenance/depreciation, insurance and property taxes. Let alone a rerun on the equity invested. Mortgage payment (interest) is a minor piece of the puzzle.

 

[Outrider27]

I'm retired and live just fine on an income approximately two thirds of that shown for PA - of course it doesn't hurt that I own my house free and clear, so I don't have any mortgage payment. And I am able to save a nice amount each month.

 

[jxb]

I don't know any place where property or homes are depreciating, even with all the other factors in the picture. Certainly not here, ours has went up about 3x and even with maint, ins, taxes, and improvements we're only about half. Not that the bottom couldn't fall out and see it evaporate, but as after 2007/2008 we shouldn't go upside down.

 

[Evan]

Well, here in the Denver area, here’s a breakdown for a couple with a kid and two cars:

Mortgage with escrow (insurance and tax inc): $2500 per month
Cars paid off, but bought used and the cost divided over the years we usually keep a car for ends up to ~$300 per month per car, that’s $600 per month for two
Car Insurance: $150 per month total for both cars
Gas $100 per month
Groceries and household needs $300 per week, $1200 per month

That’s $4850 per month or $58200 after tax and healthcare.

Now that chart is saying 50% necessities, 30% wants, and 20% retirement contributions. So I will add $1000 per month for disposable income (not 30%, but most would say is a healthy disposable income) to come to $70,200 per year. Now a 20% retirement contribution based on that would be $17,750 per year or 1462.50 per month.

That all totals $87,950 per year after tax and healthcare. Definitely in the ballpark of what that chart says, if not higher. I don’t know a lot of people that actually put away 20% for retirement though.

EDIT: I didn’t include childcare/school supplies in this, which is incredibly expensive. Our childcare is $1100 per month.

 

[M-61]

I don’t believe the chart is even close to accurate.
I don’t care what other folks do, but how many ‘think’ an acquaintance is saving 20% of their income?

 

[brokeasajoke]

Geez. I don't see how my kids are going to do it. Homes and rentals are almost unattainable for the average Joe around here.

 

[boltfluter]

A very sad state of affairs for the younger generation. The "American Dream" of owning your own home is slipping away for many in today's world.
Paul

 

[M-61]

A very sad state of affairs for the younger generation

Yeah a real heartbreaker. The draft is gone for all practical purposes so I’ll start worrying why they can’t have a house.
Fat chance.

 

[JB10]

I wounder if this is based of someone starting fresh and buying a house at the prices they are now. Many of us can live on less, we are not starting out from scratch. The price of apartments in my area is down right way high. You get young kids that rent them and there goes chances of setting aside money for a house. They are building apartments on every inch of ground they can by me. My oldest daughter and boyfriend have a 900sqf appointment in an ok area and pay $1800 a month. There is cheeper in bad areas and close to $3k if you want a more modern place. My first mortgage was $1,400 and made lass than i do now. I see AZ stating$97k on that map. I think its high but not by much if you are just starting out and buying a house instead of renting an apartment.