If a person makes $18,000 /yr, but live in a paid for house, driving two paid for cars...all nice...?

Question

What money would this equal to in worth?
People always say...you can make more money in Tx or Fl...
but owning a house and two cars here is worth something I'd have to buy if I lived anywhere else. I'd have to leave the vehicles here for the rest of the family to use.

So how much more would I have to make to have exactly what I have AND be ahead?
I feel like "I got it going on!"
I think I'd have to make lie 5 X's as much. Am I right or wrong?

Answer 1

You got it going on alright!
I'm about in the same boat with house and cars paid for.
I'm able to save quite a bit of $$$ because of it. I'd say to compare to somebody that makes more you'd have to make about 50 or 60k a year and then you'd have all the stress of being in debt.
I'd rather have it your way any day.

Answer 2

It depends on the cost of living where you're moving but you can assume that the house would become rent (at least $700 a month, probably more) and the two cars would be about $250 each a month. You'd need $1200 per month more dollars for just that.

$18,000 + (1200 * 12) = $32,400

and that's probably a low estimate.

Answer 3

Average annual car payment $4,800
Average annual car insurance $3,500
Average annual car repairs $2,000
Average annual gasoline $1,600

1 car = $12,000 year

Average annual morgage payments $18,000
Average annual property tax $3,000
Average annual real estate insurance $2,000
Average annual utilities $5,000
Average annual repairs $1,500

1 house = 29,500

Looks like the value you have available to you is $65,500

So, yes, you are right, you would need to make 3 to 4 times your current salary to be able to afford annual payments and expenses for 2 cars and 1 house. Looks like you have a great deal! Why leave? Enjoy it while you can.

Answer 4

That's only $1,500 per month before taxes. That's not a whole lot to live on. I hope you don't have kids to feed.