InglebyUTB
Well-known member
Do elaborate
£100k a year doesn’t go far you know
- Thread starter 1finny
- Start date
Do elaborate
Unravel_Morrison
Well-known member
InglebyUTB
Well-known member
Read it again.
Unravel_Morrison
Well-known member
"If you then moved to London you’re probably trying to keep your head above water."
On 5.6K a month?
The_Lizards_Jumpers
Well-known member
Define "live", do you mean not eat from foodbanks or actually have some level of enjoyment ?
Bit of research:-
Mortgage £2.5k (450,000k mortgage with a 10% deposit, so a £500k house which isn't a mansion by any means and would be something like this in Hunt's constituency
https://www.rightmove.co.uk/properties/143564543#/?channel=RES_BUY )
Childcare £1800 for one child full time pre school
Train into London £700 per month
Bills let's just say £500 including council tax, energy, insurance etc
So theres £5.5 without food, cars or any leisure activities.
InglebyUTB
Well-known member
You tell me where you can buy a four bedroom London home and live comfortably on £100k a year.
Unravel_Morrison
Well-known member
Except that's not how people live.
People on 100K a year don't live like that any more than people on 50K live on 49.5K a year before extras or those on 250k a year live on 249.5K.
The_Lizards_Jumpers
Well-known member
What ??
How do people who earn £100k live then, enlighten us.
Which outgoings above would you, as a family man based in the South East of England, cut out ?
If you bought a house in Surrey 5 years ago where the average house price is £650k with a 10% deposit over 30 years you'd be paying £2.2k per month. Remortgaging now would see a 25 year mortgage at 5.25% being £3.1k per month. That's a big increase in cost when everything else has risen as well. Someone with a £1m house (which I know sounds excessive but it doesn't buy you a mansion in Surrey) would have gone from a £3.3k mortgage to £4.7k. It's not out of the question that someone that was perfectly comfortable 5 years ago would be struggling today without having to change anything about the way they live except their costs have rocketed.
FYI £700k in Surrey buys you this 3 bed semi. https://www.rightmove.co.uk/properties/146010728#/?channel=RES_BUY
Unravel_Morrison
Well-known member
I don't know exactly how people live but I don't imagine you and your good lady work down to the last penny and we do know each other so I'm never going to be very silly.
100K is a very good salary comparatively and to suggest otherwise is daft when you're talking on a messageboard that is predominantly Teesside based.
The thread title is that 100K doesn't go far you know.
It does.
100K is a very good salary comparatively and to suggest otherwise is daft when you're talking on a messageboard that is predominantly Teesside based.
The thread title is that 100K doesn't go far you know.
It does.
italianjob
Well-known member
On £100K a year I'd have an easy £3K spare a month, and I've got a reasonable house and nice enough car living in Boro and don't struggle to start with.
If you spunk your money away on keeping up with the neighbours then you've got nothing to complain about.
Living down south, well that's another story.
The_Lizards_Jumpers
Well-known member
This isn't about me, my financial circumstances aren't relevant here, and I didn't actually realise we knew each other.
No one isn't saying that £100k isn't a good salary, however it doesn't afford an amazing lifestyle when you factor in the cost of property, commuting etc.
If you take my example above, then the only real negotiable in that whole back of a napkin calculation is the childcare which obviously means one partner would need to give up work to care for the children.
My Mrs worked in London earlier in her career. She sacked it off for less pay up north.
Financially she’s way better off up here, and has an arguably better lifestyle. Although she did meet me, so it’s not all good news for her!
She earned about 50% more salary down south, but paid a premium to rent a house in the commuter belt and then paid a fortune to commute in on the train.
She couldn’t remove those two costs if she wanted to remain there, but luckily didn’t have any other ties to that area.
On the face of it her London salary would sound brilliant if she told her coworkers up here what it was, but about 10 seconds of maths would prove that I wasn’t as good in reality.
Financially she’s way better off up here, and has an arguably better lifestyle. Although she did meet me, so it’s not all good news for her!
She earned about 50% more salary down south, but paid a premium to rent a house in the commuter belt and then paid a fortune to commute in on the train.
She couldn’t remove those two costs if she wanted to remain there, but luckily didn’t have any other ties to that area.
On the face of it her London salary would sound brilliant if she told her coworkers up here what it was, but about 10 seconds of maths would prove that I wasn’t as good in reality.
Corcaigh_the_Cat
Well-known member
Well that's on the one income and is relevant for one parent families.
If one adult in the household doesn't work that's £1800 a month in the pocket. You can sort out food and a car for that much surely. Even a season ticket for a football club.
The_Lizards_Jumpers
Well-known member
Probably, but you're not holidaying Saint Tropez, buying new clothes every month, having weekends away, saving a great deal etc.
You're obviously miles better off than someone having to rely on foodbanks to eat, or choose between heating and eating etc, but it doesn't afford you an extravagant lifestyle in the South East which is all some people are trying to say.
Last edited:
atypical_boro
Well-known member
The proof of the pudding is in the eating.
They can't even afford a cheap lawnmower.
Mind you, if they hadn't bought so much outdoor furniture.....
SmallTown
Well-known member
Depends on what type mortgage is. If I'm honest I'm not sure why you're not getting the cost of living issue in relation to the price of housing in the south east
atypical_boro
Well-known member
I think I'd say that £100K CAN go far if you want it to, and yes you do have options.
But folks on £100k are less likely to be able to get a job in a 'cheaper' city/town because there are usually less employment opportunities in that salary bracket.
Nero
Well-known member
It’s incredible that a house like that is £500,000.
As someone mentioned the ridiculous house prices in the South East are the real problem people there feel 100k doesn’t go far.
House prices and mortgage payments count towards GDP. It’s the reason those have sky rocketed. Neoliberalism ripped apart Britain’s manufacturing, but neoliberal policies had to create wealth somehow. Increasing the value of land and property allows the pretence that GDP is always increasing. Politicians can then pretend trickle down economics is best for us all.
Back to people in the South East. They haven’t even got the option of moving to a cheaper more modest house. It’s all expensive in a half decent area. It’s not like Teesside. I could choose to move to a big house in Wynyard, but I’d rather stay on Station Road in Billingham and have a bit more cash to spend. That option isn’t there down south.
Corcaigh_the_Cat
Well-known member
Ditto....neighbour
