I and my wife would like to move to the bay area because the geo I am in doesn’t support careers for both of us. Now that we have GC, my wife wants to restart her career which I fully support. We are trying to understand what is the min family TC we should be making in order to be able to afford a middle class lifestyle? We have a 3 yr old. just to put some contours around what we consider middle class: 1. afford a 1500 sqft home or condo in a good school district 2. ok with kid going to public school. see above. 3. max out 401k and kids college fund without thinking about household expenses. 4. afford couple of family vacations a year, maybe 4-5 k each. 5. drive non luxury cars( we have a crv and and accord, totally happy w it) 6. save a little( say 50k per year) poll attached. comments welcome ! current TC 200 in AZ
1500 sq ft house in a good school district is easily $1.5million at the least. If you’ve cash saved up to buy that, then rest is easy.
Dude, that isn’t middle class 1. afford a 1500 sqft home or condo in a good school district <— 50k a year in mortgage and taxes at least 2. ok with kid going to public school. see above. <— ok fine 3. max out 401k and kids college fund without thinking about household - expenses. <—- 50k for the 401k each not sure about college 6. save a little( say 50k per year) 10k IN vacations and 12k in car payments etc 222k in expenses not counting food, utilities, etc
No.
If that's middleclass then I'm still poor... Family TC=330k
270k you shoul b ok in east bay with that comes avg 60 min commute
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Downsize your square footage. No need for 1500 with only one kid, and you can't afford to buy that with <$350k family TC anyway
Looks like that from the poll. I already thought that 1500 is a downsize, but maybe we will have to do more. Thanks for the comment .