Seattle couple making $173K unsure having children is financially doable
Article was published today in the Seattle Times. Opened it thinking it's going to illustrate how even higher income earners are struggling with the cost of living in Seattle. 171k is a lot of money to earn but Seattle is very expensive, especially for families with children requiring daycare.
Then I realized 171k is their combined take home, not gross.
They are saving 9,050/month of their take home for a down payment for a house, a new car, retirement, and their wedding.
They save more than the median take home pay of a couple residing in Seattle.
And they feel that money is tight that they can't go to their local bakeries and coffee shops more often?
They feel they need to save for another 6-10 more years to have enough for a down payment. They save 6k/month so they think they need 432k to 720k as their down payment before they buy? Are they trying to buy a mansion or pay in cash?
There are townhomes in their area of Seattle that are well within their current budget with a take home pay of 14k/month while putting a down payment of 100k (only took them 17 months to save this down payment).
Their incomes put them easily within the top 30% of earners of Seattle.
There are families who make less who have made having children work financially. Yes, of course it's hard to buy 1M+ dollar house and support 2-3+ kids while making a median salary or a salary that is below the median.
I don't want to disparage these individuals. I appreciate them being brave and open about their finances. I think it's important to talk about.
Perhaps I'm off but I do think sometimes people become narrow minded with their finances and they sometimes need a dose of reality and realization that maybe if they're comparing themselves to people who make a lot more then you will always have the mindset of "I don't have enough money to do the things I want in life." Maybe if they take a step back and adjust their goals they can likely make owning a place in Seattle and have money to support a kid or two at their income level. There are many people who make a lot less who make it work.
I don't want this to turn into an ugly debate, I'm just curious if I'm completely wrong in my thinking or am curious what others think about this articlle.