Bob Sacamano wrote: ↑
Tue Jan 07, 2020 4:18 pm
wife and i live in a very expensive suburb of NYC (Westchester for those familiar). at 33-years old we make "decent" but not excellent salaries (her ~$100K and me ~$115K). all in we're at ~$230K gross.
we're starting a family and starting to look at homes in the area. even in the less prestigious towns, $600K gets you a fixer upper in a decent school district. anything under $500K, forget about it. not even worth it. and the taxes? yikes. 2%-4% of home value seems to be average.
moving is the logical first thought but that is quickly done away with as my wife is a tenured teacher in a good school district and her entire support system is here.
this is as much a vent as a place to discuss. have any other folks made it in a HCOLA on a middle class salary? could use some positive, but realistic insight from you folks. thanks!
I am entirely understanding of people that live in HCOL places due to family and job. I get it. It is often worth it. Because the pay more than makes up for COL. Helps you retire soon, afford more things, have a network to fall back on etc.
Does it make sense in this case though? I merely ask without intending to be snarky at all.
Regarding family- would family provide daycare? Also, if you moved out of NYC to a different city or neighbouring state, visiting family is still possible on a regular basis. No?
Tenured salary - if your wife moves and her salary is cut in half, is that all bad? Your expenses would reduce anyway.
I agree with some others that you could make this all work even in your situation. However, if you feel pinched, this will be the ball and chain for a long time. Retirement, holidays, travel, toys, charity.....everything suffers as you try to make ends meet. Only you can decide.
I understand completely about having a network. I am partial to it as well. Personally, I see the value in it as we get older. When young, networks can be created.
"I think it's much more interesting to live not knowing than to have answers which might be wrong." - Richard Feynman