I was working through my personal budget the other day and I was surprised how much the our cost of living was. Family of four living in a modest house and by no means an extravagant life style, with yearly expenses of over $70,000 (state is NJ). The biggest chunk of that being property taxes, mortgage, childcare, and groceries - those 4 amounting to over $40,000 per year.And that is before all the other taxes - all the federal taxes, states taxes, and healthcare expenses. So for a family of four living in NJ in particularly those owning a home you essentially need a combined salary of about $100,000 per year. That would amount to a Living/Minimum wage of about $50/hour if there is only one wage earner or $25/hour for two wage earners.
Our total NJ SALT burden is about $20,000/year.
I’m curious on others experiences. Thanks.
PS - This does not even include the cost of college!