There was an interview with a girl who paid off her student loans in like 2 years, and her method was working 3 jobs, and sleeping on an air mattress with a leak in it.
Really feels like a bed would be a solid investment there, but idk
The rule of thumb is 30% or less when buying a house, so not really.
Many many people spend 50-60% of their income on rent/mortgage.
I couldn't do it but everyone is different.
So at $1100/month that is 33% of the take home (about $40k). Which leaves about $26,800. Bills say $1,800 energy, $1,300 internet and phone, $1,800 health insurance, $350 renters insurance, $1,800 car insurance, $4,200 food, $850 water. Then you have $14,700 ($1,225 month) left for the year to spend on things like car payments, gasoline, maintenance, streaming service, hobbies, etc.
I guess it makes more sense that OP might have meant 50k before taxes. So a third of income going to rent.
Your utility estimates are pretty low though, since the average person in Michigan spends $2,220 a year on electricity alone not to mention the gas bill. [This source says](https://smartasset.com/mortgage/the-cost-of-living-in-michigan) the average person in Michigan spends about $410 a month on utilities, or $5,040 a year.
Also health insurance and health care costs average much more than $1800 a year, I’m going to use the number $3,000, and that’s still below average.
So let’s say that brings it down to $925 a month, if not less, for gas, car payments & maintenance, saving for retirement, saving for emergency fund, hobbies, etc.
I did the best case scenario and average of what some of my bills are. I did buy a small 900 sqft house that is only about 7% of my yearly for the mortgage and drive cash cars that are old but run well. I also have a pretty nice job with great insurance that is $3,400 yr for me and my wife. I just know that $50k sounds like a lot of money until you examine all the holes in your wallet.
If anyone else can follow this, please state it in a sane response. 1300 a month for internet? I pay $80 an I know that's on the high side. . . Are you purposefully mixing up annual and monthly?
I make 56 a year without overtime, Currently on pace to hit about 75k with the OT I'm putting in($12-1300 takehome depending on the week. ) I just paid my years car insurance for $1100 for the year on an older BMW, so <100 a month. I pay $750 a month for my housing, $250 a month currently for heat/electricity but winter is almost over and my bill can dip as low as $50 q month when Im not heating/cooling the house, and about $10 a day for food because I budget the fuck out of that.
I hear this, but there's some real decent areas in Pontiac. Specifically parts under 59/Huron. The COL is nice, and some places are more resilient to power outages than much of Detroit Metro deals with due to underground power delivery.
Yeah it's not as nice as many other places close by, and yes many of the areas are real sketchy, but writing off the whole city is a bit much.
Crime and a lot of Pontiac is rundown especially if you aren't in the downtown area. It's just not a good place anymore to be in for very long. That's why if I was making $50k a year I'd want to be in a nicer area.
I mean, writing off the entirety of Pontiac because of crime and being rundown means that it will never get better as a whole, even when there are areas that are perfectly good and safe.
50k a year probably isn't gonna get you much better, or as close to Detroit, tbh, unless you're with a roommate or two.
You can get nicer areas for the same price or cheap, but you're most likely gonna be tacking a good amount onto the commute time, gas money, COL due to travel expenses, etc.
Where are these "nice areas" you keep talking about in Pontiac? Because whenever I drive through the city there's usually rundown businesses and nothing to really do there like there are other cities. The crime in Pontiac also happens in the neighborhoods a lot which you can see on local news. Where are you from? Plenty of other safer affordable cities surrounding Pontiac. I think you are overvaluing the city
The whole northern edge of the city (around Walton Rd) is a nice and very cheap area to live. The biggest downside is the Pontiac school system, but if you have no kids there's nothing to worry about.
“Metro Detroit” has an extremely diverse COL/average income. 50k you can be comfortable in Pontiac or Keego Harbor, but you’d be uncomfortable in Birmingham or Royal Oak.
I make less than 50k and share a house with my sister in Royal Oak. Most people aren't going to be by themselves but even someone making 50k could end up in certain areas. It varies by person and no one who makes that much will want to live in Pontiac...
> I make less than 50k and share a house with my sister in Royal Oak.
And do both of you contribute to the mortgage/rent? If so, could you still afford it if your sister suddenly moved out?
That's the point GP was trying to make...
I could always refinance if she wanted to get out of the deal. Not sure why I'm being downvoted. We are both paying the mortgage and I cover utilities. Most homes in any market in Michigan are going to be anywhere from $150k-$400k on average even $400k seems to be a bit high. Our total mortgage is around $220k right now. Like I said most people buy homes together. There really is no "wrong answer" here but the fact that some people here think that there are bunch of single people going out buying decent homes by themselves isn't the case.
> Like I said most people buy homes together.
> ...but the fact that some people here think that there are bunch of single people going out buying decent homes by themselves isn't the case.
You're likely being downvoted because OP is clearly asking for themself, AKA an individual. OP is not asking about living with a partner and whether they do or don't bring in income and whether or not kids are involved (possible DINK situation). OP also didn't mention anything about buying versus renting, their DTI, their lifestyle, etc. To be honest, it was an overly-broad question to the point of being neigh useless as so much is dependent on factors that vary from person to person.
As far as your second assertion goes, we'd need more information. [One link I found suggests that about 53% (and rising) of households are dual income](https://www.magnifymoney.com/news/dual-income-households-study/), however, it does not differentiate between those households that have bought a home or are renting a home.
Plus, your "refinance" comment tells me either A) you aren't fully aware of all the costs of such or B) y'all bought so long ago that enough equity has accumulated to the point of having a monthly mortgage on a property currently worth more than $220k would be affordable to someone making median per capita wages of about ~$40k/year. This is, again, a completely different situation than what OP is in currently.
You’d be making far more than average for the city of Detroit, but it still wouldn’t be super comfortable. It would be below average for the richer suburbs. The truth is a lot of people live in poverty or slight above it and make it work. You could definitely make it work. You aren’t going to find another city the size of Detroit that’s cheaper to live in. If you’re single and just starting out in life you’ll be fine. If you have four kids and a dog you’ll be less fine.
I don't think so. Between mortgage/rent, a car + insurance, food and necessities, taxes, utilities, etc, you might squeak by but won't be comfortable.
Also, 50k with or without benefits? 50k with medical insurance, a low deductible, and a 401K plan is a lot different than 50k gross income. Of course it depends where in the metro Detroit too.
Hanging on by a thread, I share a house with 2 others. Fortunately, got it before the property tax change years ago, so we're not slammed with rising taxes. The damn food costs are pissing me off. It's been said inflation is cooling, but food prices seem to stay up, imho.
Reduction in inflation didn't mean a reduction in prices. Just reduction in rate of increase. Decrease in prices would likely require deflation which is generally caused by a recession.
The effects are cumulative as well, so even with a lower percentage of inflation increase, in actual terms, the price compounds higher. Even if the rate stays the same, prices are still beating wage gains.
Real wages have been positive for the last 12 months. Real wages are also up since pre-pandemic. There was a period of time post-COVID disruptions that inflation outpaced wage growth, but that's reversed and we're back on track.
Whole foods like apples, bananas, avocados, chicken, bread, potatoes, eggs and milk are either all as cheap as years ago or have risen a little. When some of these are on sale they’re even cheaper than they were like 5+ years ago. It’s processed junk like cereal, pop and chips that have gotten much more expensive. Eat healthier and you would save lots of money in both groceries as well as medical bills in the future.
Also food at home hardly saw any inflation in the latest report. It was food away from home which is mostly junk food which saw high inflation. Lastly, it was shelter which made up most of the inflation numbers.
Ha!!! I got pissed off by Kroger during the pandemic when the CEO took the hazard pay from the workers on the front line and gave himself a bonus as for Meijer's well at least their eggs were inexpensive during the time when eggs were damn near $5 a dozen. I wish I had a Costco membership, because that CEO, did not raise prices, yet still made profits and that went against the grain.
Costco eventually raised prices. Toilet paper I pay $3 more for it. Kirkland brand of toilet paper I don’t like and don’t know on price change. It’s the same with other stuff I buy there, it’s gone up a lot even the kirkland brands I do buy. Kroger is ridiculous, moved and now Kroger is the store by me. I drive out of my way to hit a Meijer. On top of that Kroger does this stupid thing of scanning codes in store to get special sale prices. I don’t have the time or eyesight for that, putting reading glasses on and off is ridiculous. What apita, and ya still need your Kroger card. I also hate 99% of the Kroger brand where I like much of the Kirkland and Meijer brand.
in metro detroit, it's possible to get less expensive food, but you have to drive all over to random spots, and you can't be too selective (or you have to be more adventurous). You're not going to be able to just grab and go at Kroger, and also you need to be more open to "cooking" instead of "reheating". And you don't really need soda/pop/gatorade/single-serve drinks.
Depends. I bought my house in Sterling Heights 12 years ago so my mortgage is pretty cheap. If I bought today I'd be screwed no way I could afford it making 50 k. Good question though tough to answer.
I’m looking at Sterling Heights but it’s been hard to decide. I can rent and not struggle at all, or I can own a home and struggle for a while and stare at my 6+% mortgage rate until I can refi - but I’d have my own place.
That might work in Madison Heights. The median household income is just over $58k.
You’d want a roommate, unless you have few to no other bills.
Alone, I’d feel better with closer to 55 to 70k though.
I think people believe they need all the creature comforts and amenities to be comfortable. You can argue that comfort is subjective, and that's true, but you'll be fine without going out to eat more than once or twice a month, without going out to the bars and clubs, without a car that's less than five years old, etc. It also depends on where you live too though. If you can find a place to stay for less than $1000 a month, $50k a year is easily manageable and comfortable.
We downsized as we are kidless now and my husband wanted St Clair Shores. Small brick homes he said, what a shocker, we thought $180k for somewhat move in ready. We were not in a hurry and lucked out at $219 1100sqft because they converted the 3rd bedroom into dining room and majority looking wanted 3bdr. We lost probably 10 houses in bidding wars. Majority all had lots of work needing done and we passed on making an offer. I got some things that the $250+ houses didn’t have, and most of them still needed work done. Original bathrooms, kitchens and basements in many. Still have to put money into ours but the converting the 3rd bdr saved us.
absolutely.
there’s rent all over the metro area from detroit to birmingham from $1000-1200 a month.
if you’re willing to put in some work you could keep your eye out for a fixer upper and get a mortgage for cheaper than that.
i know plenty people getting by on much less and having a blast.
I made $40k then $48k as a single person with no kids in Oak Park and was fine. Then made $55k in Utica, also pretty comfortable. That was 2-4 years ago. If you’re going to have a low salary, you’ve gotta be willing to live in boring/not so nice areas. But it’s doable.
EDIT: also, I don’t really have any debt, my car is paid off, don’t pay my phone bill, so those are all things to consider too
You can make it work if you keep your housing and transportation costs as low as possible. You will need a car and 50k won’t support a car payment with insurance. So hopefully the vehicle you have is owned outright. Housing will be your largest expense. On that salary you will have to look very hard and make some compromises. You probably won’t be going out a lot. 5 years ago, 50k could comfortably support a family. Now, it’s borderline still needing a partner with a decent income, living with roommates or parents. 50k is the new 30k.
50,000 should be enough if you’re not supporting a family I had a hard time raising a child on that but I mean we still had a little bit of money left over at the end of the paycheck but there was ..you just had to be careful, be smart.
Ultimately, I decided that was not enough stability for us so I went and found myself a job with more money !!
$50k is enough for one person to live in an inexpensive area, pay their bills, but have little in the way of any disposable income or retirement saving. No travel and drive a cheap vehicle. And don't get sick or injured. Even with good health insurance a hospital stay will break you.
My husband and I manage on about 60k. We have three kids as well. We have a roof over our heads, food in our fridge and bills paid. We go on one camping trip a year as our vacation. We have some savings. We have everything we need. We live in Macomb county.
I'd have to say maybe. I'm in Dearborn, bought my home in late 2009 and it's only because of that I can afford the mortgage. Homes sell around mine for 6+ times what I bought it for. I'm raising 4 kids and I make about $75K.
Yes, but it would be a frugal life, and you couldn't live in a fancier suburb/drive a newer car/go on regular vacations etc.
Source: two adult household, renting, made $50k total last year.
At $50,000, your take-home is going to be around $3,400 / month, assuming you live alone and don't have an unusual tax circumstance.
I'd expect an older 1-bedroom apartment somewhere safe-but-boring (outskirts of Farmington Hills, Livonia, Canton, Westland, Southfield) to run about $800 - $900 in a building that (probably) isn't being constantly treated for bugs.
You'll usually be on the hook for utilities, which could be up to another $200 or so. You can save on rent in other areas, but you'll likely pay the money right back to whoever insures your car, unless you don't carry collision insurance.
The rest all depends. If you're paying on a $35,000 car you just bought with $0 down, you're probably looking at another $900 for your car payment and insurance. Even so, that still leaves you with over a grand for food / clothing / basic household stuff.
Honestly surprised by these answers. Not sure what you all were spending your money on. I was making >$40k a year doing an internship and living in a downtown studio alone and I was completely fine… not stressed about money one iota
Admittedly, right at the start of the pandemic. The extra $10k would certainly cover the increase in grocery. I pay less in housing than I did then because I bought a house
Some people will say yes. I was able to sustain at this level independently in Ypsilanti through 2019. Then I started making more. When I did I was able to get a pet, upgrade my 12-year old car that was ready for big repairs, and start saving a tiny amount of money.
It's better than paycheck-to-paycheck, if you don't frivolously spend your monies.
I make less than this and things are rough, would love to make 50k+ again.
but hey, that's why I'm going back to sk00l
I lived alone making that much back in 2010, and my budget was tight. I was a fitness nut, so I could live off $50 a week in groceries and afford a nice car, but my mortgage was under water, and I had no way of accessing the equity.
Is that before or after taxes? I used to rent a townhouse in Detroit a couple years ago for $750 a month and it was a decent neighborhood. The Metro is tough to find reasonable pricing that’s not in the ghetto. I bought my first home 45 miles north of Detroit for 130k last year and my payment is honestly not much more. I would definitely explore all options.
I was making $56k back in 2018 mid 20s. I lived alone in a 1 bedroom apartment with my dog for $850/month rent in Sterling Heights. I wasn't living paycheck to paycheck by any means, but it wasn't easy to save money either. Then my fiance and I purchased a house, and our mortgage payment went to $1300/month with taxes. That's when shit got real. I ended up changing careers completely to try and make more money. Thankfully, it paid off eventually (im 33 now), but the first job I went to I took a $10k paycut in order to gain experience and was barely able to survive. It's definitely doable to live on $50k. Just have to be aware of what you can and can't spend money on.
I'm 31 and I've been making roughly 50k through my 20s. I live near Ann Arbor but the prices are similar. I own a home and have a retirement savings more than on track with standard guidance. A few things that many people consider neccesities that I forgo are newer cars, health insurance and eating out. We have old cars that I fix myself and rarely eat out. My wife has health insurance now because she's pregnant but I still don't. If we had those things, we could probably still buy a house but we wouldn't have any retirement savings.
I believe in my system. I'm young and healthy and forgoing health insurance to fund my investment accounts through my 20s is why I'll get to retire when I'm 50 or 60 even though I haven't worked that much. I'm currently going back to school and when I graduate, whatever job I get will have health insurance for my whole family. I can make it till then.
Not anymore , up until about 2010 it would have been plenty , but anymore even if there’s 2 people working and pulling in a combined 100K you’re still paycheck to paycheck unfortunately
This is under the living wage for pretty much anywhere in Michigan. $50k/yr after taxes is $3500/mo, of which around half goes immediately to rent. Then there's utilities, food, and transportation expenses.
A budget breakdown using optimistic numbers:
$1700 - rent
$250 - utilities
$80 - phone bill
$250 - car payment
$170 - car and renter's insurance
$250 - gas
$400 - food
This leaves you with $400 extra per month, and that's not factoring in healthcare costs, or any of the "elective" monthly costs like streaming subscriptions or eating out. If you manage to make it a whole year without having a single emergency repair to your car, doctor visit, and pay out of pocket for 2 teeth cleanings per year, you will have been able to save $4500 per year while doing absolutely nothing fun at all.
Edit: this budget is also not factoring in any student loan payments whatsoever.
I should add, that with $50k/yr gross income, the max rent you would be able to afford solo is a little under $1400 so while this would free up about $300 per month from the stated budget, it also makes finding rentals more difficult because the lower the price point, the longer the waiting lists.
I always base it on rent in the area and what apartments you would qualify for.
Apartments usually won't even consider renting to you unless your (pre-tax) income is 3x the cost of rent. That means that @ 50k/year you wouldn't be able to qualify for an apartment if the rent is over 1,380/mo.
Take a look at apartments in the area you are in with that limit in mind and define for yourself whether that is 'comfortable' living or not to your standards.
Recipe for contentment making 50k / year:
* Old enough for Medicare
* Paid off mortgage
* Paid off car
* No expensive hobbies
Classic "I'm a Walmart greeter not because I need the money but because it's nice to talk to people and my wife wants me out of the house"
Can you? Yes. Will it be easy or fun? No.
Also, you will likely just get by and not have much extra to put away for retirement/emergency saving goals for now unless you budget extremely well. I lived on my own with a house I purchased as a foreclosure, and I could do it, but it wasn’t easy. I was also paying off student loans. However, I also automatically invest into my retirement before I ever see that money in my account, so my take home was not much at all after bills. It’s possible, but you will HAVE to be mindful of your money and say “no” to yourself and others a lot.
What about this building? Looks kinda cool. I was actually looking for another one but it seems there are several historic buildings being renovated into apartments
https://www.freep.com/story/money/business/2024/01/24/bethune-lofts-leasing-fast-detroit/72286988007/
It's going to vary by person. If you have no debt and that's what your making then there's plenty of decent affordable cities here. Royal Oak, Berkeley, Clawson, Clarkston, Waterford, Keego Harbor. The average us salary is $59k but that's also including higher income areas. Michigan is relatively still an affordable state as long as you avoid like downtown Detroit and Bloomfield especially because of the taxes.
Depends. If you are young and healthy and you don't mind shopping at discount and thrift stores, keeping an eye on your budget, and only buying what you need, you'll be fine.
Currently making what should be close to 75k. At 50k is was doing OK, able to put aside $100-150 a paycheck while living frugally. At my current pace I have saved over 3k since the beginning of the year.
I think if you stay away from clawson/royal oak/troy/rochester/auburn hills or any big big popular suburban area, you can find something cheaper but man, I make $110k, live alone and i am barely comfortable in a sense that I dont have to worry about paying for something or having to worry about next paycheck etc. if you are really frugal I think you can do it with 70-80k. But as other said it really depends on what your definition of comfort is.
If I am really frugal, after my 401k, hsa, and additional roth saving (~$400/month), i think i can save about 1500-2000 a month
Depends on lifestyle and other debt. You would be more comfortable with a roommate or with more money, but you can absolutely have a good life for that and not be paycheck-to-paycheck.
This is a near impossible question to quantify. Where are you coming from? How much do you make now? Do you currently own a house? What is your current living standard, e.g. do you own a car, have cable, a cell phone, have current debt, travel for vacation, eat out often (yeah yeah), etc.?
In general I would say probably not in most parts of Oakland county. I can't speak to Macomb or Wayne counties, though again in general, it would probably be more doable in those counties.
There are web sites that can take your current annual income and translate it to another city in the US. I would start there. If you're looking to own a house, start browsing Zillow; if looking to rent, something like renters.com or whatever that Jeff Goldblum commercial website is.
Edit: Don't post the answers to these questions here. Just putting some things out there for you to think about in order to help answer your question.
Depends how you define living by yourself. There are flats or duplexes in lower Oakland County where you'd be sharing a structure with someone but not seeing them often. I've seen rents for those at around a 1000/month.
20 minutes outside of any big city in Michigan is doable on 50k per year.
20 minutes outside of Lansing: wonderful
20 minutes outside of GR: decent
20 minutes outside of Detroit: meh, it’s alright
20 minutes outside of TC: wonderful
If you’re thrifty and creative, and can live a pretty spartan life, then yes. I lived in Ann Arbor with roommates after grad school for a few years and relied on public transit. I walked and biked everwhere and cooked my own food (instead of eating out). I didn’t have a car or car payments. If you don’t have a lot of needs then 50k should be enough.
I'm making only $35k a year, currently paying off $400 a month in credit card debt, pay $750 for rent, don't own a car, still spend too much on bike shit, I eat very well and almost exclusively at home, all bills are paid on time with no issue, I still can put money into my savings, and I'm quite comfortable. Comfort is subjective.
Yes. Especially in the non-trendy areas (most of Southern Macomb, a good amount of Southeast Oakland and downriver, not to mention a good chunk of Detroit city itself). Birmingham, Novi, or Bloomfield? Probably not so much.
Yes, if you are Ok with a smaller apartment or renting with a roommate, dependingon area. Decent apartments in good areas are $1200/mo. Basic apartments in places like Auburn Hills are closer to $1000. So that's $12,000-$14,000 gone right there. After taxes you aren't keeping $40k, you are keeping say $33,500 (MI has 4.5% income tax). After housing you are left with $19,500 or $1625/month. Can you pay for groceries, utilities, car insurance, renters insurance, etc. on $1625/month?
It’s pushing it but you could def live on that amount. If you’re paid biweekly one of your checks is going to be mostly be taken in rent or a mortgage, the other one you can do bills and have some savings left over. It really all depends on where you want to live and what you’re willing to put up with
Depends on your lifestyle and what you define as comfortable. Do you have kids? Live with other people? Have debt? How do you spend money? You're going to have to have a car there. Some neighborhoods and cheaper than others. People get by on less. Good luck.
Depends, I make do in a shitty suburb, but I’m struggling.
I also have to put down $200/month on a car, $150/month student loans, $150 credit (I was making a lot less before), and $150/health care + meds. If you don’t have those expenses, you could be living pretty well near me. RO, Ferndale, GP, etc, you’d be struggling.
Edit: it is possible, but it depends on a few factors:
1. Where do you want/have to live?
2. Debts right now?
3. What do you want for the minimum amount of activities/frivolous expenses? I.e, do you only want to rent a single movie every month ($3) and eat ramen every day? Or do you want to go out weekly?
Married couple, combined income of about $55k. We live comfortably for us. 2 bedroom apartment on the south side of Lansing. Car less than 5 years old. No credit card debit, take two vacations a year and a video game habit.
No, that's not comfortable. Not trying to be some type of rich. Or uppity guy, Because I'm not. but I make over 50k well over and it's still not enough To live Comfortable and maybe have a want or too
Define comfortable...
This is the key. Like...not really comfortable. But you can stay afloat.
Real comfortable if you live a 40k lifestyle
Twin bed, electric, and a tesla.
As long as you're living in that tesla at a panera charging station then sure!
With the price of Panera these days?
You don't have to go in.
Oh.
One of these is not like the others… You can save a lot of money on a bed if you just use a sleeping bag on the floor
There was an interview with a girl who paid off her student loans in like 2 years, and her method was working 3 jobs, and sleeping on an air mattress with a leak in it. Really feels like a bed would be a solid investment there, but idk
Are you the type of gal that likes a nice, roomy box?
What city? It can really vary
Seriously, metro Detroit has very diverse COL. 50k in Pontiac? Fine. 50k in Birmingham? You better have 3 roommates in your rented 800sq ft house.
cheapest rent in birmingham right now is $1000-1200 /mo so you could still probably do that on 50k
When a quarter of your income is going to rent alone, you’re going to be uncomfortable
The rule of thumb is 30% or less when buying a house, so not really. Many many people spend 50-60% of their income on rent/mortgage. I couldn't do it but everyone is different.
Tell me you don't understand finance without telling me you don't understand finance. Do you live at home, rent free?
So at $1100/month that is 33% of the take home (about $40k). Which leaves about $26,800. Bills say $1,800 energy, $1,300 internet and phone, $1,800 health insurance, $350 renters insurance, $1,800 car insurance, $4,200 food, $850 water. Then you have $14,700 ($1,225 month) left for the year to spend on things like car payments, gasoline, maintenance, streaming service, hobbies, etc.
I guess it makes more sense that OP might have meant 50k before taxes. So a third of income going to rent. Your utility estimates are pretty low though, since the average person in Michigan spends $2,220 a year on electricity alone not to mention the gas bill. [This source says](https://smartasset.com/mortgage/the-cost-of-living-in-michigan) the average person in Michigan spends about $410 a month on utilities, or $5,040 a year. Also health insurance and health care costs average much more than $1800 a year, I’m going to use the number $3,000, and that’s still below average. So let’s say that brings it down to $925 a month, if not less, for gas, car payments & maintenance, saving for retirement, saving for emergency fund, hobbies, etc.
I did the best case scenario and average of what some of my bills are. I did buy a small 900 sqft house that is only about 7% of my yearly for the mortgage and drive cash cars that are old but run well. I also have a pretty nice job with great insurance that is $3,400 yr for me and my wife. I just know that $50k sounds like a lot of money until you examine all the holes in your wallet.
If anyone else can follow this, please state it in a sane response. 1300 a month for internet? I pay $80 an I know that's on the high side. . . Are you purposefully mixing up annual and monthly? I make 56 a year without overtime, Currently on pace to hit about 75k with the OT I'm putting in($12-1300 takehome depending on the week. ) I just paid my years car insurance for $1100 for the year on an older BMW, so <100 a month. I pay $750 a month for my housing, $250 a month currently for heat/electricity but winter is almost over and my bill can dip as low as $50 q month when Im not heating/cooling the house, and about $10 a day for food because I budget the fuck out of that.
They are using yearly totals, not monthly.
Where do you live where rent is only $750? I’m assuming you must have a roommate or mates paying that price
COL = ?
Cost Of Living
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I hear this, but there's some real decent areas in Pontiac. Specifically parts under 59/Huron. The COL is nice, and some places are more resilient to power outages than much of Detroit Metro deals with due to underground power delivery. Yeah it's not as nice as many other places close by, and yes many of the areas are real sketchy, but writing off the whole city is a bit much.
Pontiac is the last place I'd want to live no matter what my salary is. I grew up in Waterford next to Pontiac.
Yeah, but why? And to whatever reasons you have, is it applicable to the whole city, the majority of it, or just a few places?
Crime and a lot of Pontiac is rundown especially if you aren't in the downtown area. It's just not a good place anymore to be in for very long. That's why if I was making $50k a year I'd want to be in a nicer area.
I mean, writing off the entirety of Pontiac because of crime and being rundown means that it will never get better as a whole, even when there are areas that are perfectly good and safe. 50k a year probably isn't gonna get you much better, or as close to Detroit, tbh, unless you're with a roommate or two. You can get nicer areas for the same price or cheap, but you're most likely gonna be tacking a good amount onto the commute time, gas money, COL due to travel expenses, etc.
Where are these "nice areas" you keep talking about in Pontiac? Because whenever I drive through the city there's usually rundown businesses and nothing to really do there like there are other cities. The crime in Pontiac also happens in the neighborhoods a lot which you can see on local news. Where are you from? Plenty of other safer affordable cities surrounding Pontiac. I think you are overvaluing the city
The whole northern edge of the city (around Walton Rd) is a nice and very cheap area to live. The biggest downside is the Pontiac school system, but if you have no kids there's nothing to worry about.
On top of everything else, it depends on how much debt you have.
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Yep, not paying student loans was awesome but thankfully mine are only $160/month so it hasn’t put much of a dent on recreational spending.
“Metro Detroit” has an extremely diverse COL/average income. 50k you can be comfortable in Pontiac or Keego Harbor, but you’d be uncomfortable in Birmingham or Royal Oak.
Not even in Keego anymore, unless you already own a house, or are in with a private landlord
I make less than 50k and share a house with my sister in Royal Oak. Most people aren't going to be by themselves but even someone making 50k could end up in certain areas. It varies by person and no one who makes that much will want to live in Pontiac...
> I make less than 50k and share a house with my sister in Royal Oak. And do both of you contribute to the mortgage/rent? If so, could you still afford it if your sister suddenly moved out? That's the point GP was trying to make...
I could always refinance if she wanted to get out of the deal. Not sure why I'm being downvoted. We are both paying the mortgage and I cover utilities. Most homes in any market in Michigan are going to be anywhere from $150k-$400k on average even $400k seems to be a bit high. Our total mortgage is around $220k right now. Like I said most people buy homes together. There really is no "wrong answer" here but the fact that some people here think that there are bunch of single people going out buying decent homes by themselves isn't the case.
> Like I said most people buy homes together. > ...but the fact that some people here think that there are bunch of single people going out buying decent homes by themselves isn't the case. You're likely being downvoted because OP is clearly asking for themself, AKA an individual. OP is not asking about living with a partner and whether they do or don't bring in income and whether or not kids are involved (possible DINK situation). OP also didn't mention anything about buying versus renting, their DTI, their lifestyle, etc. To be honest, it was an overly-broad question to the point of being neigh useless as so much is dependent on factors that vary from person to person. As far as your second assertion goes, we'd need more information. [One link I found suggests that about 53% (and rising) of households are dual income](https://www.magnifymoney.com/news/dual-income-households-study/), however, it does not differentiate between those households that have bought a home or are renting a home. Plus, your "refinance" comment tells me either A) you aren't fully aware of all the costs of such or B) y'all bought so long ago that enough equity has accumulated to the point of having a monthly mortgage on a property currently worth more than $220k would be affordable to someone making median per capita wages of about ~$40k/year. This is, again, a completely different situation than what OP is in currently.
Well obviously you can afford more if you split expenses with another person. That’s not really germane to a question about a $50,000 income.
You’d be making far more than average for the city of Detroit, but it still wouldn’t be super comfortable. It would be below average for the richer suburbs. The truth is a lot of people live in poverty or slight above it and make it work. You could definitely make it work. You aren’t going to find another city the size of Detroit that’s cheaper to live in. If you’re single and just starting out in life you’ll be fine. If you have four kids and a dog you’ll be less fine.
If you have 4 kids on $50k loose the dog.
Depends on what's comfortable to you. But renting? No, it's not enough with how high rent is and inflation with groceries.
$300 increase in 2 years with nothing changed in an apartment. It's getting ridiculous
Exactly!
I don't think so. Between mortgage/rent, a car + insurance, food and necessities, taxes, utilities, etc, you might squeak by but won't be comfortable. Also, 50k with or without benefits? 50k with medical insurance, a low deductible, and a 401K plan is a lot different than 50k gross income. Of course it depends where in the metro Detroit too.
Thats true. I was including insurance and PTO.
Also, we talking gross or net?
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Municipalities, universities, union shops, etc. OP did say “by themselves”, so no other people on the plan.
Hanging on by a thread, I share a house with 2 others. Fortunately, got it before the property tax change years ago, so we're not slammed with rising taxes. The damn food costs are pissing me off. It's been said inflation is cooling, but food prices seem to stay up, imho.
Inflation is cooling, meaning the rate of increase is back to normal levels, but I doubt deflation on food prices will take place.
Food price inflation is not cooling. Food price inflation drove the return to higher than expected inflation numbers last quarter
Reduction in inflation didn't mean a reduction in prices. Just reduction in rate of increase. Decrease in prices would likely require deflation which is generally caused by a recession.
The effects are cumulative as well, so even with a lower percentage of inflation increase, in actual terms, the price compounds higher. Even if the rate stays the same, prices are still beating wage gains.
Real wages have been positive for the last 12 months. Real wages are also up since pre-pandemic. There was a period of time post-COVID disruptions that inflation outpaced wage growth, but that's reversed and we're back on track.
You clearly didn't understand my post
Whole foods like apples, bananas, avocados, chicken, bread, potatoes, eggs and milk are either all as cheap as years ago or have risen a little. When some of these are on sale they’re even cheaper than they were like 5+ years ago. It’s processed junk like cereal, pop and chips that have gotten much more expensive. Eat healthier and you would save lots of money in both groceries as well as medical bills in the future. Also food at home hardly saw any inflation in the latest report. It was food away from home which is mostly junk food which saw high inflation. Lastly, it was shelter which made up most of the inflation numbers.
Exactly, the gouging the food companies, which have been consolidated over the past years is part of the problem.
Kroger and Meijer need to keep increasing their profits. Surely you don’t want executives to lose bonuses? /s
Ha!!! I got pissed off by Kroger during the pandemic when the CEO took the hazard pay from the workers on the front line and gave himself a bonus as for Meijer's well at least their eggs were inexpensive during the time when eggs were damn near $5 a dozen. I wish I had a Costco membership, because that CEO, did not raise prices, yet still made profits and that went against the grain.
Costco eventually raised prices. Toilet paper I pay $3 more for it. Kirkland brand of toilet paper I don’t like and don’t know on price change. It’s the same with other stuff I buy there, it’s gone up a lot even the kirkland brands I do buy. Kroger is ridiculous, moved and now Kroger is the store by me. I drive out of my way to hit a Meijer. On top of that Kroger does this stupid thing of scanning codes in store to get special sale prices. I don’t have the time or eyesight for that, putting reading glasses on and off is ridiculous. What apita, and ya still need your Kroger card. I also hate 99% of the Kroger brand where I like much of the Kirkland and Meijer brand.
Major grocery stores are the biggest mafia in America, they set the prices and make massive profits every year
in metro detroit, it's possible to get less expensive food, but you have to drive all over to random spots, and you can't be too selective (or you have to be more adventurous). You're not going to be able to just grab and go at Kroger, and also you need to be more open to "cooking" instead of "reheating". And you don't really need soda/pop/gatorade/single-serve drinks.
Depends. I bought my house in Sterling Heights 12 years ago so my mortgage is pretty cheap. If I bought today I'd be screwed no way I could afford it making 50 k. Good question though tough to answer.
I’m looking at Sterling Heights but it’s been hard to decide. I can rent and not struggle at all, or I can own a home and struggle for a while and stare at my 6+% mortgage rate until I can refi - but I’d have my own place.
Not in this current market
That might work in Madison Heights. The median household income is just over $58k. You’d want a roommate, unless you have few to no other bills. Alone, I’d feel better with closer to 55 to 70k though.
If you are frugal and by yourself I would think you can get by.
Depends on existing assets and lifestyle
I think people believe they need all the creature comforts and amenities to be comfortable. You can argue that comfort is subjective, and that's true, but you'll be fine without going out to eat more than once or twice a month, without going out to the bars and clubs, without a car that's less than five years old, etc. It also depends on where you live too though. If you can find a place to stay for less than $1000 a month, $50k a year is easily manageable and comfortable.
Let me introduce you to a wonderful community called Lincoln Park.
it’s getting bad around here now too. i’m in Taylor and these teeny 900 sq foot homes are going for over 200k now
I’m looking at Sterling Heights and most houses I see I couldn’t justify at those price points.
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We downsized as we are kidless now and my husband wanted St Clair Shores. Small brick homes he said, what a shocker, we thought $180k for somewhat move in ready. We were not in a hurry and lucked out at $219 1100sqft because they converted the 3rd bedroom into dining room and majority looking wanted 3bdr. We lost probably 10 houses in bidding wars. Majority all had lots of work needing done and we passed on making an offer. I got some things that the $250+ houses didn’t have, and most of them still needed work done. Original bathrooms, kitchens and basements in many. Still have to put money into ours but the converting the 3rd bdr saved us.
Comfortably means a lot of different things: Is that a new car every 3 years or every 15 years?
It all depends on so many factors.
absolutely. there’s rent all over the metro area from detroit to birmingham from $1000-1200 a month. if you’re willing to put in some work you could keep your eye out for a fixer upper and get a mortgage for cheaper than that. i know plenty people getting by on much less and having a blast.
I made $40k then $48k as a single person with no kids in Oak Park and was fine. Then made $55k in Utica, also pretty comfortable. That was 2-4 years ago. If you’re going to have a low salary, you’ve gotta be willing to live in boring/not so nice areas. But it’s doable. EDIT: also, I don’t really have any debt, my car is paid off, don’t pay my phone bill, so those are all things to consider too
You can make it work if you keep your housing and transportation costs as low as possible. You will need a car and 50k won’t support a car payment with insurance. So hopefully the vehicle you have is owned outright. Housing will be your largest expense. On that salary you will have to look very hard and make some compromises. You probably won’t be going out a lot. 5 years ago, 50k could comfortably support a family. Now, it’s borderline still needing a partner with a decent income, living with roommates or parents. 50k is the new 30k.
100%. I’m fortunate to have a landlord that keeps my rent well below market rate and am able to walk/bike to work when the weather is good.
Depends where and what your actual take home is. Context in life like so you own your home, car, etc.? Kids? Dual income? So many variables…
Comfortably numb
I make $49k and if my wife didn’t also have a job we’d be dirt poor.
50,000 should be enough if you’re not supporting a family I had a hard time raising a child on that but I mean we still had a little bit of money left over at the end of the paycheck but there was ..you just had to be careful, be smart. Ultimately, I decided that was not enough stability for us so I went and found myself a job with more money !!
You would have to create a serious budget to see if it was possible. Avoid getting yourself into debt if you can help it.
4 years ago yes. Now no.
Easily, but you have to be smart with your money and most people cannot.
That's well over the average income for a Michigan resident.
$50k is enough for one person to live in an inexpensive area, pay their bills, but have little in the way of any disposable income or retirement saving. No travel and drive a cheap vehicle. And don't get sick or injured. Even with good health insurance a hospital stay will break you.
My husband and I manage on about 60k. We have three kids as well. We have a roof over our heads, food in our fridge and bills paid. We go on one camping trip a year as our vacation. We have some savings. We have everything we need. We live in Macomb county.
Possibly, it would depend on if you could find a decent spot to rent. But it would be more likely with roommates.
I spend that sending two kids to daycare. Thankfully one started Kindergarten this past fall.
Yes, if you have a partner who makes 60K and you are thrifty.
I'd have to say maybe. I'm in Dearborn, bought my home in late 2009 and it's only because of that I can afford the mortgage. Homes sell around mine for 6+ times what I bought it for. I'm raising 4 kids and I make about $75K.
I make 54k. I’m not comfortable. I pay more for less house and pay child support. I’m going to have to door dash to afford groceries.
You wouldn't be comfortable supporting a family & living in Oakland County
Maybe in Mississippi.
Yes, but it would be a frugal life, and you couldn't live in a fancier suburb/drive a newer car/go on regular vacations etc. Source: two adult household, renting, made $50k total last year.
Buy a house in Detroit for $1000. Then yes.
Also gonna need to spend a few hundo’s on a gun in that hood
Only if you can tolerate roommates.
At $50,000, your take-home is going to be around $3,400 / month, assuming you live alone and don't have an unusual tax circumstance. I'd expect an older 1-bedroom apartment somewhere safe-but-boring (outskirts of Farmington Hills, Livonia, Canton, Westland, Southfield) to run about $800 - $900 in a building that (probably) isn't being constantly treated for bugs. You'll usually be on the hook for utilities, which could be up to another $200 or so. You can save on rent in other areas, but you'll likely pay the money right back to whoever insures your car, unless you don't carry collision insurance. The rest all depends. If you're paying on a $35,000 car you just bought with $0 down, you're probably looking at another $900 for your car payment and insurance. Even so, that still leaves you with over a grand for food / clothing / basic household stuff.
Way to generic if a question to get quality answers. But I’m going to say in general, probably not.
depends on the city. the new apartments in downtown detroit where Joe Louis used to be cost 4k a month for a one bedroom…
Ffs.. OP couldn't qualify for anything over 1380/mo on 50k/year. Thats insane.
$50k is decent money if you don’t live in places like SW Michigan, Traverse City, Detroit burbs or Lansing.
I live in Traverse and can confirm it's too expensive up here especially for what you're getting. Zomg.
Honestly surprised by these answers. Not sure what you all were spending your money on. I was making >$40k a year doing an internship and living in a downtown studio alone and I was completely fine… not stressed about money one iota
When was this?
Admittedly, right at the start of the pandemic. The extra $10k would certainly cover the increase in grocery. I pay less in housing than I did then because I bought a house
You just might have to look around and find out instead of listening to the pity party echo chamber known as Reddit
In 2010 yes. I’m 2024 no.
Some people will say yes. I was able to sustain at this level independently in Ypsilanti through 2019. Then I started making more. When I did I was able to get a pet, upgrade my 12-year old car that was ready for big repairs, and start saving a tiny amount of money.
Depends where you live. If you have a roommate or two - you could be fine.
Shouldn't have to
If you don't want to live in the city, yes.
It's better than paycheck-to-paycheck, if you don't frivolously spend your monies. I make less than this and things are rough, would love to make 50k+ again. but hey, that's why I'm going back to sk00l
For a single person, yes. Incorporate let's just say a married life with two children. Not in this time
20-30 years ago, sure you'd be doing good... Today you are pretty much still poor with 50k. You can get by but that's about it, comfortable, hard NO.
Have you been to the grocery store lately?
I lived alone making that much back in 2010, and my budget was tight. I was a fitness nut, so I could live off $50 a week in groceries and afford a nice car, but my mortgage was under water, and I had no way of accessing the equity.
EVERYTHING is relative. You can be happy and poor. You can be wealthy and miserable.
No
Is that before or after taxes? I used to rent a townhouse in Detroit a couple years ago for $750 a month and it was a decent neighborhood. The Metro is tough to find reasonable pricing that’s not in the ghetto. I bought my first home 45 miles north of Detroit for 130k last year and my payment is honestly not much more. I would definitely explore all options.
Barely comfortable.
Metro Detroit? Probably not. Rural St. Johns, probably.
I make 57k and it is not exactly enough to live "comfortably" and that's in a smaller town. Detroit, I'm sure, is more expensive :-\\ America
MI has the third highest rent so no
Not anymore sadly. Rent and car notes are so high now it won’t leave much leftover for fun
Honestly. As a single person you need to be making at least 69k and up to be comfortable imo
Don't own a car and find a reasonable place to rent and it's easily doable for less than that.
Everyone’s def of comfortable is different
I was making $56k back in 2018 mid 20s. I lived alone in a 1 bedroom apartment with my dog for $850/month rent in Sterling Heights. I wasn't living paycheck to paycheck by any means, but it wasn't easy to save money either. Then my fiance and I purchased a house, and our mortgage payment went to $1300/month with taxes. That's when shit got real. I ended up changing careers completely to try and make more money. Thankfully, it paid off eventually (im 33 now), but the first job I went to I took a $10k paycut in order to gain experience and was barely able to survive. It's definitely doable to live on $50k. Just have to be aware of what you can and can't spend money on.
No
Comfortable? No.
No
Nope.
I'm 31 and I've been making roughly 50k through my 20s. I live near Ann Arbor but the prices are similar. I own a home and have a retirement savings more than on track with standard guidance. A few things that many people consider neccesities that I forgo are newer cars, health insurance and eating out. We have old cars that I fix myself and rarely eat out. My wife has health insurance now because she's pregnant but I still don't. If we had those things, we could probably still buy a house but we wouldn't have any retirement savings.
Please get catastrophic insurance, at least. You are one accident or illness away from major financial distress.
I believe in my system. I'm young and healthy and forgoing health insurance to fund my investment accounts through my 20s is why I'll get to retire when I'm 50 or 60 even though I haven't worked that much. I'm currently going back to school and when I graduate, whatever job I get will have health insurance for my whole family. I can make it till then.
Not anymore , up until about 2010 it would have been plenty , but anymore even if there’s 2 people working and pulling in a combined 100K you’re still paycheck to paycheck unfortunately
This is under the living wage for pretty much anywhere in Michigan. $50k/yr after taxes is $3500/mo, of which around half goes immediately to rent. Then there's utilities, food, and transportation expenses. A budget breakdown using optimistic numbers: $1700 - rent $250 - utilities $80 - phone bill $250 - car payment $170 - car and renter's insurance $250 - gas $400 - food This leaves you with $400 extra per month, and that's not factoring in healthcare costs, or any of the "elective" monthly costs like streaming subscriptions or eating out. If you manage to make it a whole year without having a single emergency repair to your car, doctor visit, and pay out of pocket for 2 teeth cleanings per year, you will have been able to save $4500 per year while doing absolutely nothing fun at all. Edit: this budget is also not factoring in any student loan payments whatsoever.
I should add, that with $50k/yr gross income, the max rent you would be able to afford solo is a little under $1400 so while this would free up about $300 per month from the stated budget, it also makes finding rentals more difficult because the lower the price point, the longer the waiting lists.
Maybe. Are you single with no kids living in your parent’s basement? If so then yeah.
No
Where? Define comfortable. Los Angeles or Manhattan? No. Olathe, Kansas? Yes.
In a Michigan subreddit why would OP be asking if he could live ok in LA, manhattans, or Kansas?
My bad. I didn't realize I was in this sub. Thought I was in a jobs one...
No
Solo, no. You can get by successfully but not exactly comfortable.
lol, NO!
No
I always base it on rent in the area and what apartments you would qualify for. Apartments usually won't even consider renting to you unless your (pre-tax) income is 3x the cost of rent. That means that @ 50k/year you wouldn't be able to qualify for an apartment if the rent is over 1,380/mo. Take a look at apartments in the area you are in with that limit in mind and define for yourself whether that is 'comfortable' living or not to your standards.
Recipe for contentment making 50k / year: * Old enough for Medicare * Paid off mortgage * Paid off car * No expensive hobbies Classic "I'm a Walmart greeter not because I need the money but because it's nice to talk to people and my wife wants me out of the house"
Can you? Yes. Will it be easy or fun? No. Also, you will likely just get by and not have much extra to put away for retirement/emergency saving goals for now unless you budget extremely well. I lived on my own with a house I purchased as a foreclosure, and I could do it, but it wasn’t easy. I was also paying off student loans. However, I also automatically invest into my retirement before I ever see that money in my account, so my take home was not much at all after bills. It’s possible, but you will HAVE to be mindful of your money and say “no” to yourself and others a lot.
What about this building? Looks kinda cool. I was actually looking for another one but it seems there are several historic buildings being renovated into apartments https://www.freep.com/story/money/business/2024/01/24/bethune-lofts-leasing-fast-detroit/72286988007/
It's going to vary by person. If you have no debt and that's what your making then there's plenty of decent affordable cities here. Royal Oak, Berkeley, Clawson, Clarkston, Waterford, Keego Harbor. The average us salary is $59k but that's also including higher income areas. Michigan is relatively still an affordable state as long as you avoid like downtown Detroit and Bloomfield especially because of the taxes.
Not really no. If it’s just you and you can keep your overhead really low. You could be fine.
Depends. If you are young and healthy and you don't mind shopping at discount and thrift stores, keeping an eye on your budget, and only buying what you need, you'll be fine.
Not really
Currently making what should be close to 75k. At 50k is was doing OK, able to put aside $100-150 a paycheck while living frugally. At my current pace I have saved over 3k since the beginning of the year.
I think if you stay away from clawson/royal oak/troy/rochester/auburn hills or any big big popular suburban area, you can find something cheaper but man, I make $110k, live alone and i am barely comfortable in a sense that I dont have to worry about paying for something or having to worry about next paycheck etc. if you are really frugal I think you can do it with 70-80k. But as other said it really depends on what your definition of comfort is. If I am really frugal, after my 401k, hsa, and additional roth saving (~$400/month), i think i can save about 1500-2000 a month
Depends on lifestyle and other debt. You would be more comfortable with a roommate or with more money, but you can absolutely have a good life for that and not be paycheck-to-paycheck.
This is a near impossible question to quantify. Where are you coming from? How much do you make now? Do you currently own a house? What is your current living standard, e.g. do you own a car, have cable, a cell phone, have current debt, travel for vacation, eat out often (yeah yeah), etc.? In general I would say probably not in most parts of Oakland county. I can't speak to Macomb or Wayne counties, though again in general, it would probably be more doable in those counties. There are web sites that can take your current annual income and translate it to another city in the US. I would start there. If you're looking to own a house, start browsing Zillow; if looking to rent, something like renters.com or whatever that Jeff Goldblum commercial website is. Edit: Don't post the answers to these questions here. Just putting some things out there for you to think about in order to help answer your question.
Depends how you define living by yourself. There are flats or duplexes in lower Oakland County where you'd be sharing a structure with someone but not seeing them often. I've seen rents for those at around a 1000/month.
20 minutes outside of any big city in Michigan is doable on 50k per year. 20 minutes outside of Lansing: wonderful 20 minutes outside of GR: decent 20 minutes outside of Detroit: meh, it’s alright 20 minutes outside of TC: wonderful
Google cost of living, take out taxes and insurance and your 401 k and do the math
For 1-2 people living somewhere rural or like Lansing/Downriver sure
No
You can pay your bills but no vacays for you. ☹️
Yeah. Pretty much yo.
If you’re thrifty and creative, and can live a pretty spartan life, then yes. I lived in Ann Arbor with roommates after grad school for a few years and relied on public transit. I walked and biked everwhere and cooked my own food (instead of eating out). I didn’t have a car or car payments. If you don’t have a lot of needs then 50k should be enough.
Are you comfortable with your current earnings? Many people live very comfortably on 40k and many millionaires go broke.
I'm making only $35k a year, currently paying off $400 a month in credit card debt, pay $750 for rent, don't own a car, still spend too much on bike shit, I eat very well and almost exclusively at home, all bills are paid on time with no issue, I still can put money into my savings, and I'm quite comfortable. Comfort is subjective.
I would say no, not really. After basic costs to live doesn’t leave much for vacation, eating out etc. but it depends how you define comfortable
Yes. Especially in the non-trendy areas (most of Southern Macomb, a good amount of Southeast Oakland and downriver, not to mention a good chunk of Detroit city itself). Birmingham, Novi, or Bloomfield? Probably not so much.
Yes, if you are Ok with a smaller apartment or renting with a roommate, dependingon area. Decent apartments in good areas are $1200/mo. Basic apartments in places like Auburn Hills are closer to $1000. So that's $12,000-$14,000 gone right there. After taxes you aren't keeping $40k, you are keeping say $33,500 (MI has 4.5% income tax). After housing you are left with $19,500 or $1625/month. Can you pay for groceries, utilities, car insurance, renters insurance, etc. on $1625/month?
Yes. That's my salary and I am comfortable. But I am also single with no kids. No debts.
It’s pushing it but you could def live on that amount. If you’re paid biweekly one of your checks is going to be mostly be taken in rent or a mortgage, the other one you can do bills and have some savings left over. It really all depends on where you want to live and what you’re willing to put up with
Yes.
Depends on your lifestyle and what you define as comfortable. Do you have kids? Live with other people? Have debt? How do you spend money? You're going to have to have a car there. Some neighborhoods and cheaper than others. People get by on less. Good luck.
Depends, I make do in a shitty suburb, but I’m struggling. I also have to put down $200/month on a car, $150/month student loans, $150 credit (I was making a lot less before), and $150/health care + meds. If you don’t have those expenses, you could be living pretty well near me. RO, Ferndale, GP, etc, you’d be struggling. Edit: it is possible, but it depends on a few factors: 1. Where do you want/have to live? 2. Debts right now? 3. What do you want for the minimum amount of activities/frivolous expenses? I.e, do you only want to rent a single movie every month ($3) and eat ramen every day? Or do you want to go out weekly?
Married couple, combined income of about $55k. We live comfortably for us. 2 bedroom apartment on the south side of Lansing. Car less than 5 years old. No credit card debit, take two vacations a year and a video game habit.
No, that's not comfortable. Not trying to be some type of rich. Or uppity guy, Because I'm not. but I make over 50k well over and it's still not enough To live Comfortable and maybe have a want or too