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Our $350k HHI doesn't exactly have us living in the lap of luxury, the mortgage and grocery bill being the primary reason. Our needs are met, and we vacation twice a year, but drive old vehicles, and our house is modest by most standards.
We do live in a beautiful low-crime suburb, and I am by no means complaining. It's just that $350k isn't as rich as I once thought it would be.
Literally none of those things are possible on a $200k USD HHI in 2024, except for a few first class flights perhaps
Philadelphia, 160k income, wife makes 80k, after bonuses were around 250k~. I feel extremely well off (own two homes; first one was purchased in 2015 which is currently rented out, second one purchased in 2022, both at 3% mortgage. No car payments; no credit card debt; no student loans.
He makes decent money in a VHCOL. I feel like this story doesn’t add anything new at all.
Yes— 130k HHI pre-tax in LA is not going to let you buy a home and spend 20k or whatever it is on a surrogate (just adopt?)
Some are happy with a hot dog while others complain of being hungry even after having caviar. So, unless you don't clearly define your priorities, there is no fixed number!
That’s bc the economy tanked in the last 5 years and making $100k now gives you the same life as $50k 5 years ago
MCOL city and I feel like I’ve *just* hit “comfortable” with our current $230k HHI - we are saving for retirement, going to be able to buy a house in a year or two, childcare for our one kid is comfortable, and can be pretty cavalier about our grocery shopping.
However doing that without going into debt means mainly shopping at Old Navy or second hand for clothes, saving up for major purchases, family vacations only every couple of years, etc. ie it’s just hit the threshold of middle class
250k HCOL pp
I feel like in my VHCOL, a “comfortable” living, if this includes a decent place to own in centre of town, mix of nights out and nights in but with wine, and a couple of long holidays and a few shorter ones with a family of 4-5, it would be closer to a dual income household with 400-500k total comp each.
Amongst my friends, ppl who are on less tend to talk about limits made due to their budget a lot more, and ppl who are on this or more don’t tend to talk about their budget as much. So that’s probably another gauge, is if “comfortable” is tied to not having to closely budget.
In VHCOL, specifically the Bay Area this sounds about right. If you have two mid-late career professionals in tech, Pharma, medicine, prof services etc…there’s actually quite a few households that meet this comfortable definition. Much of the money just goes to housing as the decent place in center of town (eg Palo Alto) hovers sound $3M.
Toronto, around 300 HHI.
Unfortunately our taxes and real estate is way too high for our net income. Most of the nation is living much worse than 10 years ago.
I can resonate with this , in Toronto with a HHI of 275, I am house poor and wouldn’t call myself comfortable. And I don’t even live in a fancy house, just a regular row house.
You have two choices when it comes to your pay check. Either sign the front or sign the back.
BCG1 you totally missed the point of this comment
$500k HHI is good and not too difficult to achieve after 7-10 years of experience.
London figures?