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The greenback will not be equal in all cities. In Morristown, Tennessee, $100 is value $118. In San Francisco, it’s $83.
To grasp what life seems to be like for folks with the identical salaries who dwell in numerous components of the nation, Quick Firm spoke with 4 ladies in 4 very totally different areas to ask about how they’re doing financially. For context, we pulled cost-of-living numbers from GOBankingRates, circa June 2023.
Should you’d wish to take part in future editions of this sequence, please fill out this form. (We’re notably eager about folks with salaries beneath $100,000.)
Massachusetts
- Actual worth of $100: $93.40
- Median family revenue: $89,026
- Typical residence worth: $584,901
- Annual value of residing expenditures: $55,941
Megan
- Age/Race: 29, white
- Metropolis: Cambridge
- Job: Publicist
- Wage: $130,000
- Family revenue: $285,000
- Family dimension: Two adults, one cat
- Housing: One-bedroom house, 700 sq. ft
- Month-to-month lease: $2,600
I by no means thought I’d make this a lot cash. Once I met my husband, we had been bagging groceries as undergraduates. Should you’d informed me as a young person that my husband and I’d make this a lot, I’d have thought we’re wealthy.
However we’re not wealthy—we’re snug, and I’m beginning to understand there’s a distinction between the 2. We will’t afford to purchase a home right here—studio condos begin at $1 million. We’re at present saving for a home in Western Massachusetts. We additionally aren’t planning on having youngsters, which makes an enormous distinction.
Nonetheless, if we made this 10 years from now, I’d be actually comfortable. I really feel secure and fortunate to have the ability to go on trip every year, donate cash, and get manicures and purchase books. I not too long ago went freelance and by no means thought I’d make this a lot. I really turned down some purchasers final yr and realized it’s okay to succeed in some extent and say you may have sufficient. We tend to assume fixed development is necessary, however I’d quite have the time to benefit from the cash we’ve and go on trip.
Ohio
- Actual worth of $100: $107.50
- Median family revenue: $61,938
- Typical residence worth: $210,301
- Annual value of residing expenditures: $30,961
“Kathy”
- Age/Race: 34, white
- Metropolis: Cincinnati
- Job: Model advisor
- Family revenue: $200,000
- Family dimension: One grownup
- Housing: One-bedroom house/1,000 sq. ft
- Month-to-month lease: $1,495
I dwell within the city middle of Cincinnati, and I really like my house. I bought an incredible deal in lease—most residences downtown are about 500 to 600 sq. ft. I max out my 401(okay) yearly and make investments on prime of that. I am going out a good bit and spend about $500 a month on bars and eating places and $300 a month on groceries. I really like touring and I really like garments. I attempt to do one worldwide journey a yr and about eight home ones. I’m making an attempt to get higher about shopping for garments the place the damage depend can be definitely worth the value as a substitute of doing late-night scrolling. My greatest monetary aim is to retire early. I do love my job, however I’d quite select to work than need to work.
My first job I made $44,000 in 2011, so I’ve performed some important wage development and so have my mates—we’re all pretty open with our salaries. It’s fascinating to be able to have an incredible wage and solely assist myself and nonetheless really feel prefer it’s not sufficient if I need to purchase a home or have children. My mates who’ve children are spending $4,000 a month on childcare.
I don’t perceive how one can have a mortgage, save for school, pay medical payments, and save for retirement. It places you in a spiral. I begin occupied with everybody who has a lot much less and individuals who don’t have a secure revenue—and it feels privileged to even have these ideas.
Kansas
- Actual worth of $100: $108.80
- Median family revenue: $64,521
- Typical residence worth: $211,737
- Annual value of residing expenditures: $30,302
Rachel
- Age/Race: 34, white
- Metropolis: Overland Park
- Job: Public relations
- Wage: $103,000
- Family revenue: $200,000
- Family dimension: Two adults, one toddler
- Housing: 4-bedroom home/33,000 sq. ft
- Month-to-month mortgage: $1,300
I be ok with the place we’re financially. We attempt to hold our meals invoice to beneath $1,000 a month, we wish to prepare dinner, and we’ve sufficient left over for self-care. My husband has a bit little bit of a shoe interest, and I get periodic massages and attempt to get a pedicure as soon as a month.
Aside from our mortgage, the largest expense is daycare. It’s $1,400 a month, and we pay for holidays and we pay when it’s closed. I firmly imagine the employees deserves paid holidays and no less than $15 an hour, but it surely’s actually costly—and I do know I’m getting a deal. I’ve mates who’re paying $2,000 a month. We don’t have a elaborate daycare—ours is in a church basement. We don’t have an app updating us on how our daughter is doing, however she’s nicely taken care of and beloved. My employer gives a $4,000-a-year stipend for daycare. It helps.
I really feel extremely privileged—we don’t have pupil loans, and we’ve household close by who may help in a pinch. I’m on a soapbox about how daycare must be a part of the essential infrastructure of this nation. If my daycare closes, I’ve to take a sick day or my husband and I cobble collectively a schedule.
My husband and I are very fortunate, however I’ve an acquaintance with a three-year-old who unexpectedly had twins. They wished to maneuver to a much bigger home, however now they will’t due to the sudden daycare prices. You learn all these tales about how a lot it prices to have a child and it’s defeating.
California
- Actual worth of $100: $88.20
- Median family revenue: $84,097
- Typical residence worth: $747,628
- Annual value of residing expenditures: $51,463
Laura
- Age/Race: 50, white
- Metropolis: Berkeley
- Job: In-house lawyer
- Wage: $220,000 plus $70,000 bonus
- Family dimension: One grownup, One youngster
- Housing: 4-bedroom home/3,000 sq. ft
- Month-to-month mortgage: $2,400
The rationale I’ve a home is I inherited it from my father, but it surely’s 100 years outdated, and we dwell on an earthquake fault line. I’ve been ready for six months to repair the home windows. Except for the mortgage and property tax, my main bills are faculty for my youngster at $2,300 a month, remedy at $1,000, and childcare is $800. We spend about $800 a month on meals.
I’m not saving. I’m really having a gathering with somebody to see if we are able to promote the home so I can downsize, but it surely wants so many repairs, and a brand new place can be so costly that I’m undecided we’d save. I don’t know how I’ll pay for school. I’ll most likely need to promote the home to fund school and retirement, however I’m hoping possibly costs will decrease by the point my child has to go to school. I really feel like I want this deus ex machina to return in and assist—possibly my writing facet gig takes off, or I inherit some cash.
Typically, I take into consideration transferring to a spot the place the price of residing is decrease, however my son is trans. I don’t know if there’s a spot that’s cheaper the place he’d be secure.
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