The greenback is just not equal in all cities. In Morristown, Tennessee, $100 is value $118. In San Francisco, it’s $83.
To know what life appears to be like like for folks with the identical salaries who reside in numerous components of the nation, Quick Firm spoke with 4 ladies in 4 very completely different areas to ask about how they’re doing financially. For context, we pulled cost-of-living numbers from GOBankingRates, circa June 2023.
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Massachusetts
- Actual worth of $100: $93.40
- Median family earnings: $89,026
- Typical residence worth: $584,901
- Annual price of residing expenditures: $55,941
Megan
- Age/Race: 29, white
- Metropolis: Cambridge
- Job: Publicist
- Wage: $130,000
- Family earnings: $285,000
- Family dimension: Two adults, one cat
- Housing: One-bedroom condo, 700 sq. ft
- Month-to-month lease: $2,600
I by no means thought I’d make this a lot cash. After I met my husband, we had been bagging groceries as undergraduates. In the event you’d informed me as a teen that my husband and I might make this a lot, I might have thought we’re wealthy.
However we’re not wealthy—we’re comfy, and I’m beginning to notice there’s a distinction between the 2. We are able to’t afford to purchase a home right here—studio condos begin at $1 million. We’re at the moment saving for a home in Western Massachusetts. We additionally aren’t planning on having youngsters, which makes an enormous distinction.
Nonetheless, if we made this 10 years from now, I’d be actually completely satisfied. I really feel secure and fortunate to have the ability to go on trip annually, donate cash, and get manicures and purchase books. I just lately went freelance and by no means thought I’d make this a lot. I really turned down some shoppers final yr and realized it’s okay to succeed in a degree and say you might have sufficient. We tend to assume fixed progress is vital, however I’d fairly have the time to benefit from the cash we have now and go on trip.
Ohio
- Actual worth of $100: $107.50
- Median family earnings: $61,938
- Typical residence worth: $210,301
- Annual price of residing expenditures: $30,961
“Kathy”
- Age/Race: 34, white
- Metropolis: Cincinnati
- Job: Model marketing consultant
- Family earnings: $200,000
- Family dimension: One grownup
- Housing: One-bedroom condo/1,000 sq. ft
- Month-to-month lease: $1,495
I reside within the city heart of Cincinnati, and I really like my house. I obtained an excellent deal in lease—most flats downtown are about 500 to 600 sq. ft. I max out my 401(okay) yearly and make investments on prime of that. I am going out a good bit and spend about $500 a month on bars and eating places and $300 a month on groceries. I really like touring and I really like garments. I attempt to do one worldwide journey a yr and about eight home ones. I’m attempting to get higher about shopping for garments the place the damage depend will probably be definitely worth the worth as a substitute of doing late-night scrolling. My largest monetary objective is to retire early. I do love my job, however I’d fairly select to work than must work.
My first job I made $44,000 in 2011, so I’ve completed some important wage progress and so have my mates—we’re all pretty open with our salaries. It’s fascinating to be ready to have an excellent wage and solely help myself and nonetheless really feel prefer it’s not sufficient if I wish to purchase a home or have children. My mates who’ve children are spending $4,000 a month on childcare.
I don’t perceive how one can have a mortgage, save for school, pay medical payments, and save for retirement. It places you in a spiral. I begin interested by everybody who has a lot much less and individuals who don’t have a secure earnings—and it feels privileged to even have these ideas.
Kansas
- Actual worth of $100: $108.80
- Median family earnings: $64,521
- Typical residence worth: $211,737
- Annual price of residing expenditures: $30,302
Rachel
- Age/Race: 34, white
- Metropolis: Overland Park
- Job: Public relations
- Wage: $103,000
- Family earnings: $200,000
- Family dimension: Two adults, one toddler
- Housing: 4-bedroom home/33,000 sq. ft
- Month-to-month mortgage: $1,300
I be ok with the place we’re financially. We attempt to maintain our meals invoice to beneath $1,000 a month, we wish to prepare dinner, and we have now sufficient left over for self-care. My husband has slightly little bit of a shoe interest, and I get periodic massages and attempt to get a pedicure as soon as a month.
Aside from our mortgage, the most important expense is daycare. It’s $1,400 a month, and we pay for holidays and we pay when it’s closed. I firmly consider the workers deserves paid holidays and at the very least $15 an hour, however it’s actually costly—and I do know I’m getting a deal. I’ve mates who’re paying $2,000 a month. We don’t have a elaborate daycare—ours is in a church basement. We don’t have an app updating us on how our daughter is doing, however she’s effectively taken care of and liked. My employer supplies a $4,000-a-year stipend for daycare. It helps.
I really feel extremely privileged—we don’t have pupil loans, and we have now household close by who may also help in a pinch. I’m on a soapbox about how daycare must be a part of the essential infrastructure of this nation. If my daycare closes, I’ve to take a sick day or my husband and I cobble collectively a schedule.
My husband and I are very fortunate, however I’ve an acquaintance with a three-year-old who unexpectedly had twins. They needed to maneuver to an even bigger home, however now they will’t due to the surprising daycare prices. You learn all these tales about how a lot it prices to have a child and it’s defeating.
California
- Actual worth of $100: $88.20
- Median family earnings: $84,097
- Typical residence worth: $747,628
- Annual price of residing expenditures: $51,463
Laura
- Age/Race: 50, white
- Metropolis: Berkeley
- Job: In-house lawyer
- Wage: $220,000 plus $70,000 bonus
- Family dimension: One grownup, One baby
- Housing: 4-bedroom home/3,000 sq. ft
- Month-to-month mortgage: $2,400
The rationale I’ve a home is I inherited it from my father, however it’s 100 years previous, and we reside on an earthquake fault line. I’ve been ready for six months to repair the home windows. Apart from the mortgage and property tax, my main bills are faculty for my baby at $2,300 a month, remedy at $1,000, and childcare is $800. We spend about $800 a month on meals.
I’m not saving. I’m really having a gathering with somebody to see if we will promote the home so I can downsize, however it wants so many repairs, and a brand new place can be so costly that I’m unsure we’d save. I don’t know how I’ll pay for school. I’ll in all probability must promote the home to fund school and retirement, however I’m hoping perhaps costs will decrease by the point my child has to go to school. I really feel like I would like this deus ex machina to come back in and assist—perhaps my writing aspect gig takes off, or I inherit some cash.
Generally, I take into consideration transferring to a spot the place the price of residing is decrease, however my son is trans. I don’t know if there’s a spot that’s cheaper the place he’d be protected.
