is 100k enough?

Anyone from the Maryland, Washington, Virginia area...

Is 100k per year enough to have a decent lifestyle with a small family?

I have no idea other than everything and everyone saying the cost of living is high?

I would like a house or townhouse with about 1800 to 2000 sq ft. Rent/Own either

It would be around the ft meade area...

Any advice would help, thanks!

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Comments

Cyberscum

As far as lifestyle, i want to have about 500 or more at the end of the month to play with....I have no debt

ArabianKnight

I just came from there earlier this year, its busy and rent is up there. The rent would be around $1300 and up depending on how nice you want it, that is for a cheap 2 bedroom. You are looking at about 75k net income after deductions if you are married. Depends on what else you spend your money on every month. I would say yes, 100k would suffice and would allow you to live comfortable.

Cyberscum

I wouldn't pay more than 2200 a month for rent. Are there any good areas for a family in that area?

ArabianKnight

I would live in Odenton, the SE side of Meade....especially if you work on base. Or, you can try Annapolis Junction on the NW side, I think it is more busy and pricey though.

Dakinggamer87

I would love to be making 100k/yr. I'm getting close!! I think at 100k you can live a comfortable lifestyle unless you live in an expensive area like NY.

Cyberscum

@arabian k
Annapolis is nice, good call. I think i might be able to find a decent place for about 2300 a month. Its about 20 miles away though, which according to google maps is 20 min away lol. Prob more like 45 min to meade from Annapolis

hurricane1091

If you can't live on $100k you need to hire a financial counselor.

Cyberscum

hurricane1091 wrote: »

If you can't live on $100k you need to hire a financial counselor.

I hear you, but with the average mortgage running anywhere from 500k-1million, 100k feels more like 50k in that area.

kiki162

The further North and away from baltimore the cheaper it gets. You can try White Marsh area in B-more Co. , or just over the border into Harford Co.

Cyberscum

kiki162 wrote: »

The further North and away from baltimore the cheaper it gets. You can try White Marsh area in B-more Co. , or just over the border into Harford Co.

Why are there so many people that say dont go near Baltimore? It cant be that bad

no!all!

I live in Baltimore City, it's not that bad. Anyway, Surrounding Baltimore $100k would tide you over just fine, but the further south closer to DC you get it will be more expensive. However, if your job is in DC/NoVa I would stick closer to the outskirts of DC rather than around Baltimore. That commute would eat you alive.

RomBUS

Dakinggamer87 wrote: »

I would love to be making 100k/yr. I'm getting close!! I think at 100k you can live a comfortable lifestyle unless you live in an expensive area like NY.

Which is why I question why I live in NY. I guess being born and raised here is just something I can't shake. I really do love NY but I do not think I will last here financially unless I get lucky at landing a great job

shodown

no!all! wrote: »

I live in Baltimore City, it's not that bad. Anyway, Surrounding Baltimore $100k would tide you over just fine, but the further south closer to DC you get it will be more expensive. However, if your job is in DC/NoVa I would stick closer to the outskirts of DC rather than around Baltimore. That commute would eat you alive.

I rep bmore city as well, not sure why people hate on baltimore. But I guess the wire kind set the tone for what the city should be.

hurricane1091

You're definitely choosing to live a certain lifestyle. I do want to live like that too but many people live in $150k-$300k houses. $1 million is quite the house.

dzzwhut

Town houses rentals range anywhere from $1800-2500 from a single to a two car garage. Home rentals range from anywhere from $2300-3K+ for a nice neighborhood.

If you have childern, you have better public schools systems in NOVA.

---
hurricane, depending on what part of DC and surrounding areas (Bethesda, Ashburn, Fairfax).... $500K-1M home may not be quite a house compared to what you can get in FL, midwest, etc... New Townhomes start around $400-500K.

Cyberscum

Yeah kids are not old enough yet. We will rent for a year and see if it is where we want to stay. We will also get a better feel for the area we like or don't. I have friends that visited Balti and they loved it, so maybe we might take a look there as well. Being that I will only be pulling in 3k a paycheck I might be looking for a place just over the 2k mark so we are not strectched money wise.

MCP2000

Baltimore is a great spot price wise compared to most places in Fairfax County, VA. I have been in Fairfax County all of my life and have watched the growth and plenty of small, overpriced places being built. To save your cash, stay in the surrounding Baltimore area or anything past Frederick, MD if you have a good close to VA but be prepared for bumper to bumper traffic in most areas.

Cyberscum

hurricane1091 wrote: »

You're definitely choosing to live a certain lifestyle. I do want to live like that too but many people live in $150k-$300k houses. $1 million is quite the house.

You are right on, but its not so much I want a 400k home as I want a safe place to live for my wife and kids...Which happen to be where the 400-800k homes are at from what I can see

hurricane1091

I'll be honest, I'm only familiar with NJ real estate. An average home in the southern part of the state is maybe $200k. A nice home, new or brand new, can run you $300-$500k though. I would imagine the upper portion of the state may cost more.

I didn't mean to come off a certain way, I'm just used to growing up in a family where we lived fine and didn't have nearly that much. Of course I want to live much more comfortable though which is why all of us are pretty much on here. If you're the sole income I would still say you would do fine but things like annual trips to Disney world and other luxuries like new cars would need to be planned. I just imagine what $100k would be like for me here in NJ and it would definitely be good (NJ is expensive to live in too) at least in the Philly metro area.

VAHokie56

Is you job close enough to allow you to commute from Richmond or Fredricksburg? cost of living is very reasonable in Richmond where I am at you would be fine with 100k

wastedtime

Severna park and Columbia are also nice places. How big of a family? You may want to try buying if that is a option. A general rule is avoid most the area between 295, 95, 495, 695 and it is spotty in the areas around them. It all goes on your definition of safe too. 100k is definitely workable though.

Priston

I'd look into housing around crofton, MD looks like you could get something between 400k and 600k

jvrlopez

Cyberscum wrote: »

Why are there so many people that say dont go near Baltimore? It cant be that bad

I thought this too until I went to the Inner Harbor, made a wrong turn, and ended up by the Hustler Club!

I lived in Laurel just down the road from Ft. Meade and it was a cheap area. People said it was bad and "ghetto" but I thought it was alright. There is better out there though.

ramrunner800

hurricane1091 wrote: »

I'll be honest, I'm only familiar with NJ real estate. An average home in the southern part of the state is maybe $200k. A nice home, new or brand new, can run you $300-$500k though. I would imagine the upper portion of the state may cost more.

I didn't mean to come off a certain way, I'm just used to growing up in a family where we lived fine and didn't have nearly that much. Of course I want to live much more comfortable though which is why all of us are pretty much on here. If you're the sole income I would still say you would do fine but things like annual trips to Disney world and other luxuries like new cars would need to be planned. I just imagine what $100k would be like for me here in NJ and it would definitely be good (NJ is expensive to live in too) at least in the Philly metro area.

In Northern Virginia $100k is average or below. While he can probably do fine, it's hardly straightforward, and definitely a legitimate question. I'd definitely be looking at MD, and fortunately it's a shorter commute to Ft. Meade from MD than from VA.

JustFred

100k i guess depends on where you live? In Europe, i have never come across an IT guy regardless of specialization making a 100k a year unless you were a CEO/CFO type of person and even that is reaching. I guess things are different in America or maybe i need to look deeper here to find someone like that who makes 100k Euros a year.

Cyberscum

ramrunner800 wrote: »

In Northern Virginia $100k is average or below. While he can probably do fine, it's hardly straightforward, and definitely a legitimate question. I'd definitely be looking at MD, and fortunately it's a shorter commute to Ft. Meade from MD than from VA.

You are spot on. Although the salary is a low offer for the field it is in, it is promotable to 150k/yr+ and it is in a job I would do for 30k given the chance lol

Cyberscum

jvrlopez wrote: »

I thought this too until I went to the Inner Harbor, made a wrong turn, and ended up by the Hustler Club!

I lived in Laurel just down the road from Ft. Meade and it was a cheap area. People said it was bad and "ghetto" but I thought it was alright. There is better out there though.

Yeah Balti seems like a hit or miss area from what I can gather. I know people like it there but I am not sure if it is the best for a family.

@Wasted time.
I looked at Columbia and the prices were nutz. I will cheack Sav...thx

@Priston
Will do, have you lived there?

yeah yeah

You can make do with 100K in the burbs around Meade. Like other people said, the further north, the better. Budget would be tight, depending your debt ratio. If your bills are paid down, you should be ok. If your spouse works (if it's worth it since you have children due to childcare services), could be even better.

Cyberscum

^
Wife no workie workie

It would not be cost effective for her to work and send the kids to DK. Also, I would rather her stay with them. We have no debt so all we will need to pay for is groceries, rent, utilities, etc...

nachodba

I know the feeling Cyberscum, day care would run us between 1600 and 2000 a month, in Alexandria, VA. Since you dont' have any debt, I think the biggest issue would be cost of rent. I am in a 1 bedroom, 1100 sq foot condo in a gated community and we pay around 1500.