大C姐

making 60k is already above average...
and I don't mean luxury car (that's why i put a " " there) ...
MSN04 發表於 2010-9-28 13:23

The average income stat is perhaps "true" but it really depends on how you interpret it. I think it's skewed by two extreme (super rich and super poor), there are many nice cars because there are many rich people but there are also many homeless people at the same time...


Cheap cheap car can be a second hand car for $5000, it doesn't have to be brand new ($20,000+).


The 60K is perhaps above average, but home owners around the world probably make slightly above average salary. Not to mention, many people buy houses with 2 incomes, not just one.

Look4chrisng

1700 for everthing else

Car/Ins/Gas    500
Phone                50
Cable TV/internet  100
MSP                         50
Gas/Hydro              100

Well, after that you are left with 900/mo on food/entertainment.  Then it is down to 30/day.

Lunch are downtown easily come to 10 ea.  Then you still have to eat dinner/breakfast.  You can easily also save maybe $10 per day.  

With that saving rate, Every 150 year, you can even visit Hong Kong.  Hopefully in the meantime, you don't incurr any dental cost/funeral cost etc.

These number is going to get alot worse, since we are in emergencey interest rate environment.  

What will Vancouver become when Prime rate is at 5%?  Can anyone do the math?

MSN04

700-800K are not THAT expensive jeh....  (for single detached houses) I think a couple with d ...
大C姐 發表於 2010-9-28 13:24

depending on how you define decent?
I have no doubt that the chinese community is doing better in general (support from parents/family... etc.)   
But the majority of the people (including a lot of 2nd generation from HK/china) in Vancouver are not that lucky.  That is all indicated by the stat.  Our average down payment for mortgage is less than 10%.  (i think 7% if i remember correctly).

大C姐

1700 for everthing else

Car/Ins/Gas    500
Phone                50
Cable TV/internet  100
MSP       ...
Look4chrisng 發表於 2010-9-28 13:34

If you live in downtown, do you really NEED to buy a car? (ie, if you choose to buy in downtown, you may as well save some money on transportation, otherwise you can buy elsewhere for cheaper)

and if you're based on my original assumption of a 500SF condo, no one pays $100/ month for hydro... that's a gross exaggeration. (and most places either do not have gas or it's included in management fee)

Again, it's up to you to make your own budget, $1700 is actually quite reasonable to live on in vancouver (excluding cost of accomodation). Without a car, you can already save $500 a month! Nowadays, if you live in downtown you can rent a car very easily through zip car or car co-op for $10/hour if you need to go to ikea or go visit a friend out of the city. Obviously, you can't have EVERYTHING you want on $1700, but you can still live relatively comfortbly.


   

fibbi

回復 52# Look4chrisng


    Most people I know do pack lunch won't eat out. It's too expensive to eat outside in downtown. (also not healthy too)

大C姐

depending on how you define decent?
I have no doubt that the chinese community is doing better in  ...
MSN04 發表於 2010-9-28 13:38

    making 50-60K a year is not that crazy... if 2 people make 50K each, that's already 100K a year! i personally don't think it's too extravagant to buy a home within $500,000 to start a small family (either in suburb or a condo in the city)! obviously you can buy something less/ more expensive depending on your growth potential or risk tolerance....

Look4chrisng

回復 54# 大C姐

Yep, you can also live like a monk, just looking at the walls of your condo and meditating during weekends without needing to spend a buck and happier than most people.

But monks still need dental care, clean underwears etc.

fibbi

Making 50-60K a year is not like " a lot" lor...depends on the field I guess. Many people in programming field with a few years experiences get that or more. Some larger company gives 50K to new grad ....

As for housing. In Van East there are 30-40 yrs old house costs 700K ... or can get apartment 400-500K ... not like impossible if support by 2 income la.

匿名

making 50-60K a year is not that crazy... if 2 people make 50K each, that's already 100K a ye ...
大C姐 發表於 2010-9-28 13:47

from today's RBC house afordability report, household with THAT income can only BARELY afford to buy a "standard townhouse" in Vancouver (sorry I meant "barely", means bank might not approved unless you have a lot of assets, steady jobs and good potential career future ), theyneed a household income of $156,700 to buy a standard 2-storey or $140,500 to buy a detached bungalow. So people with THAT kind of income, buy a condominum or move to Calgary la

大C姐

回復  Look4chrisng


    Most people I know do pack lunch won't eat out. It's too expensive to eat  ...
fibbi 發表於 2010-9-28 13:45

exactly!

there are ways to cut down living expenses! many people bike to work and not drive and pay for parking. many people shop in costco or chinatown for cheaper grocery. many people buy second hand furniture and cars, renovate their own homes, etc. I think a lot of people who are still living with their families now are not willing to make sacrifices because they are not used to paying rent/ mortgages, of course ANY money seem a lot! they want the same lifestyle as how their parents would provide for them, which isn't always realistic when you first live by yourself.

a lot of the newer generation do not spend money on cable (certainly not fairchild tv). internet alone isn't expensive and is enough entertainment for a lot of people.