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The price of dwelling just isn’t equal in all cities, neither is the standard of life. In Massachusetts, $100 is price $93.40, whereas in Missouri it’s price $108, based on a GOBankingRates analysis of knowledge from the U.S. Bureau of Financial Affairs.
In an earlier installment of our sequence on the price of dwelling, Quick Firm spoke with 4 ladies incomes greater than six figures in several components of the nation to learn the way they’re doing financially. For this newest installment, we spoke with 4 completely different individuals in several components of the nation who’re dwelling on lower than six figures at completely different levels of their life. We pulled cost-of-living numbers from GOBankingRates, circa June 2023.
Massachusetts
- Actual worth of $100: $93.40
- Median family earnings: $89,026
- Typical dwelling worth: $584,901
- Annual cost-of-living expenditures: $55,941
David
- Age/Race: 22, Black
- Metropolis: Boston
- Job: Graduate pupil
- Wage/Family earnings: $45,000
- Family measurement: One grownup
- Housing: 4-bedroom condominium, cut up with three roommates
After I was in highschool, I by no means pictured myself getting a PhD within the U.S. Nevertheless, there wasn’t a lot alternative in Ghana, so after school I got here right here. Funnily, despite the fact that I’m making much more cash right here, I’m dwelling the identical form of life I used to be dwelling in Ghana. I’m not in want, however I’m not wealthy. I dwell a snug life.
On common, I’m spending about $1,300 a month on hire and utilities, and $300 on meals. I principally cook dinner, and I save about $1,000 in disposable earnings per thirty days. If I’d make any modifications, perhaps it’d be to get a automobile, however I’m a transportation engineer and I imagine we needs to be decongesting cities.
Long run, I’m hoping to get a school place, the place perhaps I’ll earn $100,000 to $120,000, however earning money has by no means been my final aim. I would like to have the ability to go on trip, have a household, and retire once I’m 50 or 60, however principally I actually need to maximize my potential.
Colorado
- Actual worth of $100: $97.00
- Median family earnings: $80,184
- Typical dwelling worth: $558,684
- Annual cost-of-living expenditures: $36,759
Katherine
- Age/Race: 23, white
- Metropolis: Lakewood
- Job: Media relations
- Family earnings: $50,000
- Family measurement: One grownup, 48 houseplants
- Housing: Three-bedroom home, cut up with one roommate
I dwell with my sister. We make roughly about the identical amount of cash, however hire is the one factor we cut up. I spend about $750 on my automobile, together with insurance coverage, I’ve round $100 a month in pupil loans that I’m hoping to repay this yr, and I spend about $300 a month on meals together with going out to eat. I’m a vegetarian so my meals are low cost.
I additionally give myself about $300 in play cash a month—about $150 of that’s for going-out bills. (I’m within the [cast of] Rocky Horror Image Present.) I tend to overspend on foolish issues. I like assertion items. I additionally love treating my associates and getting them little presents. After I was a teen at my first job, I spotted I work finest if I don’t know I’ve cash, so anytime my checking account is above $1,500, I’ll transfer the additional to financial savings. I presently have $30,000 in financial savings. . . . I do know I would like to maneuver that to investing. I’m engaged on it.
I’m doing tremendous, however I’d prefer to be making extra. In highschool, I needed to enter STEM after which found I hated it. I might have favored a promotion by now, however the rocky media business has hit us exhausting and new hires and promotions are frozen. If I moved jobs, I may in all probability make extra, however I actually like my coworkers and my firm.
Missouri
- Actual worth of $100: $108.00
- Median family earnings: $61,043
- Typical dwelling worth: $230,265
- Annual cost-of-living expenditures: $30,762
Rachel
- Age/Race: 53, white
- Metropolis: St. Louis
- Job: Advertising advisor/copy author
- Wage/Family earnings: $65,000
- Family measurement: Two adults
- Housing: Owns a two-bedroom condominium
We used to dwell in L.A. and I wasn’t making it there. It was horrible. The ’08 recession wiped me out for 5 years—because the financial system was recovering, youthful individuals with digital coaching entered the market. There’s a guide to be written about how ladies in Gen X bought screwed through the recession.
Our liquidity improved lots once we moved right here. We purchased our home outright for $200,000. Nonetheless, I’d slightly be making nearer to $80,000-$90,000 so we will save for retirement, do a yearly journey, dwelling enhancements, and improve the automobile. My automobile is from 2011. If you’re youthful, you suppose I’ll all the time need to work, however as you become older your physique has completely different concepts. I don’t know what sort of stamina my physique could have once I’m older. My husband is recovering from a serious surgical procedure, so I’m the breadwinner.
I’ve gained again a lot time. My high quality of life has elevated 10 instances due to this. In L.A., you might be on the street for 1.5 to 2 hours to do errands like going to the dentist. You possibly can’t be spontaneous. I can work far fewer hours and have a a lot richer life right here than I ever may dwelling in a expensive Northeastern or Western coastal metropolis like L.A. I hope extra individuals contemplate shifting to locations like St. Louis—we’ve got nice meals, beautiful accommodations and museums; and whereas I don’t love the politics, the price of dwelling is great.
Michigan
- Actual worth of $100: $105.70
- Median family earnings: $63,202
- Typical dwelling worth: $218,690
- Annual cost-of-living expenditures: $31,631
Anna
- Age/Race: 52, white
- Metropolis: Jackson
- Job: Distant author
- Family earnings: $55,000
- Family measurement: Two adults
- Housing: Owns a three-bedroom home
My accomplice is presently searching for work. We personal our personal home and pay $1,490 in mortgage each month. Utilities are one other $525, together with web, and we spend $400 on groceries. He has an previous automobile we share as a result of I can’t afford my very own automobile cost plus the extra insurance coverage value.
We moved right here to be nearer to household. This space doesn’t provide a lot by way of profession alternatives, however distant jobs in my subject are simply as troublesome to land. The price of dwelling is consistently on the rise, however salaries appear to all the time be behind, irrespective of how exhausting we work. Alternatives for bonuses and raises are too few and much between.
I’d be completely satisfied to have the ability to repay debt, not fear about payments, and have cash in financial savings for retirement. As of proper now, I’ll should work till I die. I’d like to have the ability to sometimes deal with myself or go to lunch with a buddy, however cash is simply too tight. I need to keep close to my household for now, however we are going to seemingly transfer later to the same local weather with higher profession alternatives.
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