Submitted by Firm_Bit t3_1276507 in personalfinance

After expected taxes, savings, etc we expect to have about $65k actually hit our bank account over the year.

This has been plenty for fairly frugal living (1 car, 1 bdrm) in Texas. But Texas is much cheaper apparently.

We’re 2 people and a dog and hoping to be near but not in downtown. Maybe a train ride away from East of Seattle (Kirkland? Redmond?) or North of Seattle (dunno this area but might be cheaper?). We’d aim for a pretty simple 1 bdrm for rent in a nice neighborhood.

This seems doable but I wanted a sanity check in case I’m way off base. Thanks for any advice.

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greyAbbot t1_jectkme wrote

There are lots of apartments in that area (and getting to be more by the day--I'm looking out my window at Kirkland right now!), but to give you an answer about what's in your price range I'd have to do the same research you would. I'll just say that most of the formulas for what's an affordable rent are 30% of your gross monthly income, and I really have no idea what that is for you since you only list your net pay, and even then it's not really net because you have deducted "savings, etc" which could be just about anything.

Oh, and there isn't a train in that area, but if you pick the right neighborhood you can get good bus service.

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schweitzerdude t1_jed6sns wrote

Compared to Texas, apartment rent in or near Seattle is going to be higher. Washington has no income tax, and Texas doesn't either so there's that. Washington has very high sales tax, but not on groceries.

I suggest you rent convenient to your job, because car commuting from Bellevue or Kirkland to downtown can be brutal. And if the job is not downtown, you might be better off renting close to the job.

Start learning where the Sounder trains and the light rail go. If you need to take a bus to work, a one-seat ride (no transfer needed) is the best. Apartment rent, like real-estate, varies depending on supply and demand (location) so start learning the market on-line.

A lot of variables at play here so do your research.

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goldengooseiscooked t1_jedbvyf wrote

Redmond/Kirkland are considered expensive cities to live in.

$60k seems like more of a south king county budget.

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Grevious47 t1_jedkr4m wrote

I mean people making minimum wage live in Seattle so it is possible but the cost of living is very high.

Minimum wage here is $15/hr so 15 x 2080 = $31200 a year so two people making minimum wage living together would pull in $62,400.

So your income in Seattle would mean living slightly above minimum wage standard of living.

The neighborhoods around Seattle are not much cheaper and the ones to the east in many cases are more expensive.

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Grevious47 t1_jef1lil wrote

Not by much I did say slightly above minimum wage. A couple grossing 62k (minimum wage) would pay 4.7k in FICA and 3.5k federal so they would take home about 54k a year. So youd be 20% above that which is what I meant when I said slightly above minimum wage standard of living assuming you wish to maintain your savings rate. Also as I said people do live in Seattle on that so it is possible it would just be tight.

I live in Seattle (like right on the city limit) in a house (so own not rent) with a family of four and we spend about $10k/mo here. We do mostly cooking for food and we spend about $1400/mo on food. Not claiming that is a minimum cost of living but i hang out on this subreddit and we are frugal people. Our takehome after savings (57k pretax) and taxes is 3x yours though.

The median household (gross) income in Seattle is $97k. The median rent for a 2 bedroom apartment in Seattle is $2756 (so 33k a year). Our house is old (like 1940s), 1600 square feet and not central to Seattle at all (at the edge) and its on Zillow at 835k. So you would be in the bottom half.

Seattle is probably in the top 5 highest COL cities in the nation.

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Grevious47 t1_jeffzi4 wrote

Hope I didnt scare you off. Its a lovely city but yeah I would expect it would be tight on 65k a year for two. If you rent a 1 bedroom then maybe talking more like $1600/mo. Food for two its probably possible to do on $500/mo. Gas is about $4.50 a gallon out here. I mean Im sure you can manage but yes it is expensive to live in Seattle and your lifestyle and comfort moving here from Texas would almost certainly take a hit.

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