What It Costs to Live Well - Northeast

Forbes ^

[Selkie]

It's a question that plagues the successful and the aspiring: How much does a family need to net each year to lead a comfortable affluent life?

We are not talking about great riches; there are millions of Americans who work hard to be able to afford the best for their families--and themselves--but who don't entertain notions of owning private jets, sprawling country estates or closets full of the latest fashions. Their goals are more grounded: a good education for their children, a nice house, a weekend place, the occasional trip, a night out once a week and a little money in the bank.

We attempted to tally what it would take for a family of four to live well in different parts of the country, starting with every state in the Northeast. We looked at one city in each state and factored in a range of costs, including housing, cars, education, dining and health care.

So what does it cost to live well? We have the answer--or at least some ballpark figures. And it isn't cheap.

Our totals ranged from about $215,000 (for Portland, Me.) to a whopping half-a-million dollars (for, not surprisingly, New York City). And that's the net of local, state and federal taxes, and includes very little savings. Less-urban upper New England tended to be the least expensive place to live well, while medium-sized cities such as Baltimore and Philadelphia ranked in the middle, and the big metropolises and surrounding areas, such as New York, Boston and Greenwich, Conn., were tops when it came to costs.

[photodawg]

Even 120,000 is arbitrary. It isn't material possessions and lavish lifestyle that determines how well you live. Its finding your priorities, your values, your core, and following your heart. How can we put a dollar value on family friends, doing a job you love, being physically active and healthy?
I never saved a dime for my children's college education, even though I worked two professions, and many years made between 100,000 and 150,000. I felt that if they wanted an education we would find a way. One never liked school and enlisted in the army and is doing quite well since his discharge after a three year hitch. My second is in her 4th year at state U and we both have some loans to pay back. Between her working and living at home instead of at school, her total costs have been less than 30 thousand dollars. Some people spend that in one year. I'm not saying either way is correct, just different paths to same thing. Your choices and priorities determine how much money you need to live. One rule for all however, spend less than you make :-)

[neutrino]

I see plenty of very expensive cars parked outside of the Walmart.

But does old, smart money spend it on expensive cars?

[ItsOurTimeNow]

Amen brother:

Now there is great gain in godliness with contentment, for we brought nothing into the world, and we cannot take anything out of the world. Bt if we have food and clothing, with these we will be content. But those who desire to be rich fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction. For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs. ~1 Timothy 6:6-11

[lowbridge]

How the hell is it the greatest city on earth?

Best chinese food and pizza.

[jveritas]

Well you live in filthy rich liberal area, what do you expect. Not all the Northeeast live in Manhattan, New York city, or Boston.

[Capriole]

It has been my observation that many people who have wealth aren't the ones who walk around with Tommy Hilfiger/Ralph Lauren emblems prominently emblazoned on every article of clothing.

Absolutely right. The largest consumers of Ralph Lauren clothes are Japanese tourists, who are by definition middle-class; the largest consumers of Tommy Hilfiger clothes are, I believe, inner-city teenagers. These are the people who want to be identified as having "prestigious" possessions.

That said, I do own a couple of Ralph hacking jackets and an ankle-length white linen skirt, because frankly they look terrific, are cut to suit my body, and I got them reduced to a few bucks. They're just well made. But I don't let anybody see the labels!--I'd be embarrassed.

[Calpernia]

AND Italian bread.

[CharlieOK1]

you just described my wife's parents! Lived in a average size house until her and her siblings moved out, then bought a 6000 sq ft house (for the grandkids!)

[hiredhand]

Yep...it's a fact! I just took a 40k/yr pay cut, and it's sufficient. I "sort of" miss it, but we're not going to miss any meals. I think the trick is to NOT live above our means.

[ChicagoHebrew]

You could afford a mortgage, maintanance and taxes on a Chelsea condo worth $1.25 million. At current rates, the total would be 4,200 per month, or $50k, most of which is deductible, so the IRS pays you to live there for the first several years.

You are very wrong. First of all, I don't have the $100-200k I'd need for a downpayment. Secondly, the AMT would eliminate most or all of the home mortgage deduction. Thirdly, $4200 a month would mean I'm spending about 75% of my take home on rent. There's no way I could afford that.

[ChicagoHebrew]

In my job, I pretty much have to live in a big liberal city.

[Calpernia]

No one is saying to throw money down a hole. The point of this article, albeit poorly shown, is the cost of living differences between areas of the US. This is part 1 of a series.

I lived in various places up and down the East Coast. We lived very well in N.C. But the cost of living in NJ (along with various places in the NE) is outragious.

It is very hard to save money with the cost of living. And we don't have the luxury expenses listed for this fictional family. I substituted our necessary expenses.

[little jeremiah]

Wonderful quote. What I need to do is spend less time on FR and more time studying scripture.

I have had the great good fortune to be near death more than a few times - other peoples, and to be very ill myself. I already theoretically knew about the necessity of non-attachment to the temporary things of the world, but the experiences I had further brought home this reality:

The only thing we can take with us when we leave this world (which could be any time) is whatever love for God and real love for others we have in our hearts. And we can't act like a selfish animal during our lives and expect not to die like an animal.

We will leave the world as we have lived. Meaning our mind and heart will be attached to the world if we live that way, and attached to God if we have live *that* way.

Doesn't mean only poor people can love God, at all. Everyone's destiny and responsibilities are unique. But most of us can re-assess our lives, making a distinction between "needs" and "desires".

[hiredhand]

I understand. :-) I can relate to what you are saying. I live in NC now. :-)

[Calpernia]

And I'm very jealous!

We lived in the Albemarle for 5 years.

[Calpernia]

Smokey backroom? Did you post this to the Smokey Backroom?

[hiredhand]

Where's Albemarle? We live a little east of Burlington. Actually between Mebane and Haw River. It's nice. :-)

[TheSpottedOwl]

I was stating a fact and you were being "noxious", by being "cutesy"; if that's actually what you were being, instead of uninformed/attempting to self aggrandize..

Don't feed the troll, sweetie! Amazing how she can turn the most innocent discussion thread into a personal attack : -( Rose

[Calpernia]

The Albemarle is the Northeast region of North Carolina. Our home was actually in Elizabeth City.

[hiredhand]

I just looked at a map to find out where that is. We drove through that area the other day. It's pretty down that way. :-)