What’s your family income?

[beanmaestro]

Me: 32 yo PhD Engineer ~100k
Wife: 25 yo Materials grad student ~25k
Colleges: Cornell, UCSB
Rent: $1650 for 2-1 half-duplex
Total Expenses (inc rent): ~50k

We can afford to buy, but it would take most of our assets and most of our future income (especially when my wife takes 5 years off to have kids), and would demolish any hope we have of retiring young. And though I can see that some people can afford to buy at current prices, I seriously doubt that anyone would be able to buy from US in a decade such that we could escape with a reasonable profit. Until that changes, the opportunity cost (in money and flexibility) of buying a house is just too bloody high.

[cyphire]

Good for you beanmaestro… DON’T make the mistake of sinking all your green and your potential green into a house at the top of a falling market. We still are close to the top in my opinion, and I’m sure that someone with your academic credentials can do a little trend analysis with imperfect data!

[cyphire]

Good for you beanmaestro… DON’T make the mistake of sinking all your green and your potential green into a house at the top of a falling market. We still are close to the top in my opinion, and I’m sure that someone with your academic credentials can do a little trend analysis with imperfect data!

[avidsaver]

StudentEconomist, how tied are you to San Diego? Could be something for you in the L.A. area. Not sure what the protocol would be to get contact together though. With the little that you shared though, sounds like it could be a good fit.

[avidsaver]

StudentEconomist, how tied are you to San Diego? Could be something for you in the L.A. area. Not sure what the protocol would be to get contact together though. With the little that you shared though, sounds like it could be a good fit.

[one_muggle]

beanmaestro,

You already killed your dream of retiring young when you got a PhD in engineering… ;^)
Trust me, I know… 8^{

Seriously, an article in Money states that guys earn less than their Dads (Happy Father’s Day), adjusted for inflation: http://money.cnn.com/2007/05/25/pf/mobility_study/index.htm

I believe it. My parents raised 6 kids on Long Island, NY with a civil servant job–no degree (Dad) and an adminstrative job (Mom). They owned their 5 bedroom home, a few miles from the beach, and had money for modest vacations.
Now, gainfully employeed with a PhD in engineering and a wife in medicine, affording a three bedroom house in the LA area is painful. Sure I contribute fully to retirement and have some other investments etc., which my father never did. But, then again, he didn’t really need to do his own retirement since his pension is around 70% his old income, and adjusts for inflation!
I think you really need about $400-500k per year, family income even to live the expected, but non-rich “LA” lifestyle.
Maybe it is more. Friends of ours, whose income is well into the 7 figures, said that they didn’t like going to a certain vacation spot because of all the rich people. dude, that hurts.

-one muggle

[one_muggle]

beanmaestro,

You already killed your dream of retiring young when you got a PhD in engineering… ;^)
Trust me, I know… 8^{

Seriously, an article in Money states that guys earn less than their Dads (Happy Father’s Day), adjusted for inflation: http://money.cnn.com/2007/05/25/pf/mobility_study/index.htm

I believe it. My parents raised 6 kids on Long Island, NY with a civil servant job–no degree (Dad) and an adminstrative job (Mom). They owned their 5 bedroom home, a few miles from the beach, and had money for modest vacations.
Now, gainfully employeed with a PhD in engineering and a wife in medicine, affording a three bedroom house in the LA area is painful. Sure I contribute fully to retirement and have some other investments etc., which my father never did. But, then again, he didn’t really need to do his own retirement since his pension is around 70% his old income, and adjusts for inflation!
I think you really need about $400-500k per year, family income even to live the expected, but non-rich “LA” lifestyle.
Maybe it is more. Friends of ours, whose income is well into the 7 figures, said that they didn’t like going to a certain vacation spot because of all the rich people. dude, that hurts.

-one muggle

[kewp]

33, single, 70k. No degree, but great resume and very smart (cough, cough). Looking to tack on a few certs and maybe hit the 100K+ range.

Being financially responsible finally, should be debt-free by end of 2009. Not sure if thats something to be proud of! :/

As I’ve pointed out elsewhere, what really matters is to check out the median income. I thought I was a pauper until I realized many of the folks I had assumed were doing much better than I was were just racking up mountains of debt.

[kewp]

33, single, 70k. No degree, but great resume and very smart (cough, cough). Looking to tack on a few certs and maybe hit the 100K+ range.

Being financially responsible finally, should be debt-free by end of 2009. Not sure if thats something to be proud of! :/

As I’ve pointed out elsewhere, what really matters is to check out the median income. I thought I was a pauper until I realized many of the folks I had assumed were doing much better than I was were just racking up mountains of debt.

[JC]

Just another lurker who is above the median. Single. 1 normal weight dog and one normal weight cat. Can afford to buy, but just can’t rationalize it right now….

[JC]

Just another lurker who is above the median. Single. 1 normal weight dog and one normal weight cat. Can afford to buy, but just can’t rationalize it right now….

[beanmaestro]

Muggle, in hindsight you might be right, but that’s because if I’d taken a BS and a job, I would’ve bought a house in 1998, and be probably be making about what I am now (if my job survived the tech crash). On the other hand, I wouldn’t have met my wife, and I probably would’ve ended up in the Bay Area or Boston-ish instead of Santa Barbara. Life could be a lot worse 🙂

[beanmaestro]

Muggle, in hindsight you might be right, but that’s because if I’d taken a BS and a job, I would’ve bought a house in 1998, and be probably be making about what I am now (if my job survived the tech crash). On the other hand, I wouldn’t have met my wife, and I probably would’ve ended up in the Bay Area or Boston-ish instead of Santa Barbara. Life could be a lot worse 🙂

[CMcG]

I’m stunned at how much some of you make. Me? Divorced mom, putting a kid through college. I have a bachelor’s degree. Make about $80K through a job and a side business. Varies every year; am expecting to make more this year.

[CMcG]

I’m stunned at how much some of you make. Me? Divorced mom, putting a kid through college. I have a bachelor’s degree. Make about $80K through a job and a side business. Varies every year; am expecting to make more this year.

[Author]

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