Would $5K/month support a family of 3?

[JTsyo]

If there were no mortgage payments would $5K/month be enough for a family of 3? Trying to get an idea of living costs in the NJ area.

 

[SunnyD]

Renting? Eh... depending on how far from NYC you are, probably.

 

[AdamK47]

You would live like kings where I'm at.

 

[Red Dawn]

Should be more than enough unless you drive a Hummer.

 

[Capt Caveman]

Will you need to pay for child care? Depends on where in NJ you plan to rent, that could be $2k+ a month.

 

[Xavier434]

This will completely revolve around how much your monthly expenses are. We don't know how many credit cards you and your SO have racked up. We don't know how old your child is and whether or not day care expenses are a factor. We don't know how much you plan to put away for your kid's college. We don't know if your jobs cover things like healthcare. We don't know how much your car payments are. I'm sure I have made my point.

Anyways, your best bet is to pick an area in NJ and do some online apartment hunting. Gather some phone numbers and make some calls to get quotes. You should be able to determine the average cost for rent in a particular area within 30 min of research.

 

[Svnla]

Is that take home pay <after tax>?

 

[Tim]

If it's anywhere near northern bergen county... stay away. This place is a money black hole.

 

[jlee]

Depends on where you are and what your bills are. Looking at Craigslist, you can easily find apartments under $800/mo.

 

[JTsyo]

It would be 5K after taxes and rent. No other loan payments. Just usual stuff (gas, insurance, grociers, house expenses ect.). Parsippany, NJ area.

 

[ch33zw1z]

Originally posted by: AdamK47
You would live like kings where I'm at.

Ditto

 

[Joemonkey]

Originally posted by: ch33zw1z

Originally posted by: AdamK47
You would live like kings where I'm at.

Ditto

Same here, $60,000 after taxes and rent? What is that like $120k salary? In any event, I know the OP probably doesn't care about COL where we live. I would imagine $5k to throw around at gas, utilities, etc. should be fine. What kind of car payment(s) do you have?

 

[Capt Caveman]

Originally posted by: JTsyo
It would be 5K after taxes and rent. No other loan payments. Just usual stuff (gas, insurance, grociers, house expenses ect.). Parsippany, NJ area.

With that information, you should be fine.

 

[jlee]

Originally posted by: JTsyo
It would be 5K after taxes and rent. No other loan payments. Just usual stuff (gas, insurance, grociers, house expenses ect.). Parsippany, NJ area.

How could it not be? Even in California...is food/etc literally twice as expensive as the rest of the country? AFAIK, the biggest difference in cost of living around the country is housing. If that's not an issue..well, I don't see what could be a problem.

 

[Xavier434]

Originally posted by: Capt Caveman

Originally posted by: JTsyo
It would be 5K after taxes and rent. No other loan payments. Just usual stuff (gas, insurance, grociers, house expenses ect.). Parsippany, NJ area.

With that information, you should be fine.

Agreed. You are better off than the average middle class family if you have that much money left over and only have those kinds of expenses.

 

[Aharami]

Parsippany is a an expensive area. But 5K after taxes should let you live a decent life. Property taxes are the killer in NJ, but you dont have to worry about that.

Also call up insurance companies and find out how much car and rental insurance would be. Im 26, single, male - and Im paying about $1100/yr in car insurance (full coverage)

Gas is cheaper than most of the country, but I think gas is more expensive in the parsipanny area than where I live (Princeton area).

 

[Beattie]

Anywhere in NW Jersey you will be fine living on that. Are you renting or is the house paid for somehow?

 

[JTsyo]

Originally posted by: Beattie
Anywhere in NW Jersey you will be fine living on that. Are you renting or is the house paid for somehow?

It would be a house but we wouldn't have to worry about payments. I was just a bit worried since currently monthly expenses can vary from 1.5K-3.5K each month. Not sure what others expenses would add up on top of that with a house.

 

[sdifox]

Originally posted by: JTsyo
It would be 5K after taxes and rent. No other loan payments. Just usual stuff (gas, insurance, grociers, house expenses ect.). Parsippany, NJ area.

shit, 5k after tax and rent you are in 100+K territory. You should be more than fine.

edited for horrible typo.

 

[Juno]

why parsippany? do you work there? you may want to live in morristown instead.

 

[JTsyo]

Originally posted by: Juno
why parsippany? do you work there? you may want to live in morristown instead.

The school system.

 

[Aharami]

if you're concerned about school system, look into West Windsor/Plainsboro (WWPHS) or North Edison (JP Stevens)

 

[Juno]

how much do you make? you could live in boonton township and send kids to mountain lakes. if your kids play lacrosse then go there.

 

[Schfifty Five]

Methinks OP posted this as a way to brag about how much he makes...

I could be wrong though.

 

[manlymatt83]

Originally posted by: JTsyo
If there were no mortgage payments would $5K/month be enough for a family of 3? Trying to get an idea of living costs in the NJ area.

North West New jersey? Like near high point/sussex county? Cost of living in New Jersey varies GREATLY every 30 miles. Where I am right now (Absecon, NJ) an apartment costs $1000 that would cost $1500/mo 50 miles north.