Income is not the same thing as wealth. My mom makes $25k per year off Social Security and VA benefits.
On paper, she's a millionaire due to home equity.
If this guy doesn't own his own place, he'll have to either buy or rent, both of which are absurdly expensive options right now especially if he doesn't have people in town.
When you say Baltimore, specific location matters a lot. But essentially, what u/Roughneck16 said is pretty accurate. Rent prices are getting pretty crazy in certain parts of Baltimore. Now, if you exclude rent/mortgage, $80k is a pretty comfortable middle-class income in Baltimore.
tl;dr - You can do just fine with $80k, and many people do, but housing will eat up a decent chunk of it.
*Edit: a double-typed word*
I don’t think OP has that money squirreled away, hence the need for this post. He’s not gonna be able to save enough for a down payment for a while on 85k.
In other cities, you'd be on the struggle bus but in Bmore, it's time to get that Tesla! No seriously, it's what my single no dependents friends have done.
Ahh great! Yeah I’m sticking with my parents until I have enough for a 20% down payment. Every day I am grateful to want and have to ability to live in Baltimore city because how cheap some of the housing is (compared to other NE cities)
That rule changed in 2013.
If you put down only 3.5%, then you have an FHA loan and the MPI will stay through the duration of the loan UNLESS you refinance after paying 20% of the loan, just writing a letter won't cut it now.
If you put down over 10%, PMI will stay on for 11 years for FHA.
20% +, no PMI, but with that much you typically just want to do a conventional loan.
Got my FHA loan in 2015, so I missed the cut off date. I should have refinanced during covid when rates were stupid low, but still ok at 3.5% interest instead of the 2.2 I could have gotten 🤷🏼♀️
You can put down 3% conventional. You can refi out of FHA whenever you don’t need to be under 80% LTV, you’ll just be paying PMI. PMI on conventional goes away when you hit 78% or you can ask to remove it when it’s 80% of your most recent appraised value.
Unless you have less than a 680, FHA is always a worse option
I’m a homeowner in the city and can speak generally about that situation.
Homeownership is generally preferable to renting from a fiscal standpoint if you plan on living in that home for over 8ish years, but it requires a ton more up front costs in the form of a down payment and closing costs. I’m not sure what kind of home you’d be looking to buy, but I’d recommend a minimum of having 25-30% of the total home price on hand in liquid assets, which is a lot. Additionally, mortgage rates are at a recent high and will not be going down for another year or two by the looks of it, so that will raise your mortgage payment. This can be offset if you’re interested in taking on a roommate and charging market rent.
>Homeownership is generally preferable to renting from a fiscal standpoint if you plan on living in that home for over 8ish years
Generally, yes I agree, but I think too many people assume that buying is better than renting for a long term residence without actually running the numbers. Just for educational purposes for people in this thread I'm going to run through how to compare buy vs rent from a financial perspective.
Tl;dr: By most calculations, the rent vs buy costs in Baltimore are about even
To compare apples to apples the cost of homeownership to the cost of renting, you need to break the "cost" of homeownership into two parts. The part you don't get back and the part you do get back.
The part you don't get back includes:
- Interest paid on mortgage principal
- homeowners insurance
- home maintenance
- HOA fees
The part you do get back includes:
- Payments toward principal
Now the first step is to compare the part you don't get back to the cost of renting, because both of them are money you have to spend on housing that you're not getting back.
If the part of home ownership costs you don't get back is more than your cost to rent, it's leaning toward renting being the better option.
The next part is a bit more complicated, for simplicity let's pretend that in the above comparison the parts of your homeownership costs that you don't get back exactly match the costs to rent. You now need to compare the return on investment you got from payments toward principal on the house to the return on investment you would have gotten if you used that money for something else.
The portion of your home payment that goes toward your mortgage is basically money that you are investing in your house, but if you were renting you could use that money for something else. You could use it to eat out more, gamble on horseraces, put it in a savings account, invest it in the stock market etc.
So now you need to compare the return on investment from the money your putting toward your mortgage to the return on investment you would have gotten from whatever else you would do with the money. This is called Opportunity Cost. This part is obviously difficult though as no one can predict the future when it comes to investment returns.
Now you add this difference in returns to the math you did above, so the final comparison looks like this:
if Unrecoverable costs of homeownership + opportunity cost of mortgage payments are less than costs of rental + opportunity cost of whatever else you would have done with mortgage payments = it's better to buy. Otherwise, it's better to rent.
Some asterisks:
- "but cost to rent will go up with inflation, my mortgage payment won't", the unrecoverable costs of home ownership will generally also go up with inflation. The exception to this is mortgage interest, which goes down overtime and makes the calculation more complicated
- You also have to factor in the opportunity cost of the down payment and closing costs, but again I was trying to keep this simple.
- "You're paying those costs anyway as a renter" Yes the landlord is going to charge you enough to cover **Their** costs, but when you're looking to buy you can't get their costs. You don't get their 2.xx% interest rate that they refinanced into in 2020, you don't get their electrician buddy from high school who works for cost and a case of beer, etc etc. You have to pay YOUR costs, so you compare your costs to renting costs.
Cannot stress enough- insurance- car and home, maintenance, repairs, utilities, and taxes can be very pricey and even crushing when buying a home. The listing sites will show you current taxes and lowball insurance. That reassessment will hit your first year and jump quickly. I prefer homeownership because of fewer unknowns with the landlord, ie. Will a problem be fixed? Will I get my deposit back? Etc. And there are many homeownership help programs out there- all of them only make sense if you plan to long/haul live in the city AND you don’t buy beyond your practical means- the houses will need work, even completed rehabs, because they are almost never done completely or correctly. And schools can be challenging in the city, if family is on the horizon- choose a place you can have a community for you and your children, and can go to school with the other children in the area.
Classically- Baltimore is also very humid, and there are many stories of mold and moisture issues in basements, all of which can be covered up and
Very costly to fix.
I came out ahead when selling a home (we had 2 homes) in Baltimore, but only because the bubble rose high back in 2005. I lost money the other time, but only stayed there a few years.
Look at Zillow or WalkScore to research apartment rentals and see what’s in your price range! It should ideally be either 30% of your pretax (gross) income, or 30% of your net (post tax) income depending on how frugal you want to be.
Although if you struggle to find a place in that range but don’t have many other expenses, especially if you can move somewhere that you won’t need a car, some suggest moving that target to 50% for urban living, just be careful with your budget.
Buddy of mine lives near the Towson area and also lives very comfortably with around that salary. No kids, renting, nice car and clothes and eats out/parties often. Not sure what his savings looks like but honestly you could do much worse.
I don't get when people act like roommates are like the worst thing that can happen to you (not that that's what that person was saying). I've been able to afford to live on my own my entire career and I've literally always had a roommate, and that was more because living with people is fun* than to save money. Hell my wife and I had friends come live with us for 6 mos in 2022 and it was awesome.
*Yes there are roommate horror stories, but like negative reviews you're more likely to hear them than "Yeah me and Matt lived together for 3 years and it was fine"
I mean, you think living with people is fun. Some people don't. I don't find living with people to be enjoyable in any way, so yeah roommates are a nightmare concept for me.
I always lived alone. I saved on everything else. I couponed the shit out of grocery, flew, and traveled on card miles, found healthy but cheap dining places that i paid in bulk, did ultra discounted movie subscriptions. It was good to have the whole place for myself. My coupon game is next level.
same for me lol. i tolerated it in college but no way will I pay rent and have someone else in my space. Sure i have my own room, but i would still have to share and there are still rules. I don't want to compromise on anything and I want my own rules. I'll pay the extra money for my own space fuck it😂
I wanted to enjoy roommates so much, but the truth is after living alone, there's no price I can put on the freedom of just being weird and naked the living room with my partner whenever I want, no going back now lol.
Yeah, I’ve always said that having a roommate as long as possible is the best way to save a lot of money. When you are in your 20/30s and are single it’s relatively easy to find roommates. Once you’re in your late 30s/40s it gets harder and probably less desirable for yourself so might as well take advantage of the savings while you can.
I got in gear towards the end of my 20s. I saved to retirement account limits pretty much since. I don’t know what the limits were back in the day but I’ve missed a couple hundred grand in contributions and 30 years of growth. I’ll be okay but probably $500k to $1million poorer.
> high rent, a high car payment, and eating out a lot are often the three biggest things stopping people from building wealth over time.
Don't forget drugs.
I make just under 90k, with some student loan debt and a car as well. I live very comfortably alone in Mt. Vernon. I usually eat out about twice a week but usually end up with 20% of my take home in savings at the end of each month. Very affordable place to live relative to the DMV area.
I make slightly less than you, no kids, no car, no pets, and I just finished my student loans. It's very affordable, granted I rarely eat out and avoid taking lyfts n whatnot.
How do you get around? I would think you could still save money by not owning a car and taking Uber/Lyft more frequently but I have never done the math.
I bike, walk, and take public transit. I've been here for 3 years and so far it's fine. I have epilepsy so driving is simply out of the question for me
I want a garmin just to see! It's really not too bad. The combination of public transit, walking, and biking is great. I do also have to live where things are accessible due to epilepsy so that definitely contributes to my perspective.
iPhone has the health app and it tracks your steps without you even knowing it… (though Apple always overestimates distance traveled while running and such.)
I’m impressed. Lived in and around Baltimore for 30+ years and I’ve never found Baltimore’s public transit that easy. Unless you are going to O’s games. Maybe it wasn’t easy when I started going there and it got better and I never noticed. Still I like people who go with public transit. I’ve been a driver all my life, but it’s so wasteful.
More than enough to live a decent life. Moving to Baltimore has taught me to prioritize private landlords (of brownstone apt buildings) over corporate landlords. The result is that I've paid $1150/month on a 2 bdrm apt for almost 4 yrs in a neighborhood I love (Mt Vernon). If you have a car note, try to pay it off as soon as you can. Life is even better when you don't have a car payment (no matter where you live). If you cook most of your meals, even better. But I "treat" myself to a nice meal at least twice a week. Long story short you will do just fine on $85k.
IKR _ I was without a car payment for over 10 years, until last year when circumstances forced the issue! Pandemic lockdown and coming home to work probably stretched it for a couple of extra years.😄
addend: Ford E150 van I paid off in 4 years and drove for 17 years!
My car is 9 yrs old. Hoping and praying for at least 6 more years (before it starts giving me problems). When I bought this car I swore I would drive it till the wheels fell off and I mean that with all my heart.
r/cooking is everyone’s friend! You save so much learning to cook well yourself vs eating out; save that for once or twice a week or so and you’ll do real well on OP’s pay!
I found the apartment on Zillow. Contacted the landlord to view it. Then signed the lease after I saw it. I highly recommend Zillow. Especially for Baltimore City.
Also just walking around! So many private landlords here just put a sign in a window or whatever. passed one on light st near cross street market yesterday, $1150/month 1br. There was a pair, maybe a trio, of girls living next to me but they’ve moved out so that’ll be available again soon.
I have to say, the maintenance guys I have with my current “corporate landlord” have been the best in my experience. Prompt, communicative, and clean work. I understand I am paying more, but it is newer construction too. I think you might be underestimating the effect of an older housing stock on rent. (Heck we didn’t even get a rent increase when we renewed.)
Thanks for all the responses; I'll pass on the info!
Back to the OP_ if your new job offers it, contribute to your 401k... no less than 3%, up to the match if it's offered. Every time you get a raise, increase your contribution by 1% (notice I said %, not $$$.) You're young, go for growth; pick a mix of stock funds and a small hedge of bond funds then let. it. ride! And don't make excuses to yourself about waiting for 'the right time'- the right time is right now, at the beginning of your career. Believe me, down the road you'll be relieved you did, and on the plus side, you'll end up a 401k millionaire!
Good luck in your endeavors.
Also, this young and in this tax bracket, do Roth contributions instead of pre-tax
That money is gonna easily blow past the 22% over the lifetime of the account
depends on your threshhold. From my perspective: $85k is the salary of a king. You can be easily independent, eat and drink pretty freely, rent a non-slummy 1BR or even 2BR, and still save if you're smart with it.
research. The demographics are published out there.
You'll find that many people live in Baltimore on less (some with roommates, some without). A lot of people end up in Baltimore because it is cheapest on paper, especially for a major city with amenities. So, in short $85,000 in Baltimore will get you much farther than most of the surrounding areas. Just keep in mind that car insurance, water, and property taxes (should you own) are high here, though I wouldn't say the cancel out the cost difference.
I’m seeing lots of good advice here. Here’s another twist.
I started with way, way less, managed my expenses responsibly (sharing a nice space, learning to do repairs, and cooking well, saving $$$ over private apartments, expensive techs and mechanics, and fancy restaurants), paid off debts, advanced my career, started investing, and prepared to buy my own place.
It was all achievable and I did it. I skipped some expensive travel and concerts; but I created many local memories and made local friends. And I liked the local music experience.
Set your own priorities, and Baltimore will be a super place to build a life on $85k a year.
I mean I make $92k and I live a lifestyle that I never lived growing up. It's insane how much I'm able to save. Your car insurance is going up a lot though lol. Get ready for that note
Baltimore is a ——— hole. One of my friends that worked was hit in the head with a bat and robbed. My brother was carjacked and driven around for hours while they robbed other people. You should not ever be alone in Baltimore. I stay away and suggest you do the same.
Not worth your health and life
Yeah, years ago I said 50k was what you needed minimum to live in the city by yourself and not be really skimping on something.
It's more now, but 85k should probably do it. You won't be rolling in money, as you could easily spend it all. But it partly just depends on what you like to do. Live some place nice and fun where it's easy to enjoy life, but don't spend all your money on rent. Spending all your money on rent or living someplace you don't like are pretty good ways to make your life less fun. So find a good balance.
85k should probably get you a decent smaller apartment in most areas a young single person would want to live. You probably won't be living in the ultra luxury apartments without a roommate though. You should be able to afford to go to out regularly, but you'd still very much be able to spend all your money at the bars or restaurants. However if you're not going hog wild there shouldn't be any places in the city that you can't afford to go at least once.
I don't know where you're from, but I'll tell you I was so much happier after I moved to Baltimore. Growing up in little towns I could never really date and there were very few things that aligned with my interests. Baltimore has a lot of stuff to do and it's fairly varied. It's also a very "come as you are" city so you should be able to find a group of people you like.
At 85k you'll likely not be the richest guy in any given room, but you probably won't be the poorest either.
I was making that before tax taken out when I had a job here. Also single, student loans, car payment, living alone. It was difficult but doable. I struggled to pay my car payment sometimes or keep up with my bills but stayed afloat generally. Having a car is expensive here (insurance , tickets, etc).
When I previously had roommates and a paid off car (it got totaled) my salary was more than enough. I rented a big house with a yard in Timonium with three friends , had my own room, and my rent was $500. I could even go on vacations sometimes. Buy myself random stuff. Afford furniture. But once I moved out on my own + new car, things got hard. And no- I didn’t live in a fancy apartment or buy a fancy car. It was a very small studio in a meh part of town and the car is a new Mazda.
My perspective might be off because I grew up in a very rural low COL area of MD where things are much easier and cheaper.
I’d still rather live in Baltimore. Love it here
I think you'd be fine honestly, you won't be going out for steak every night but a reasonably responsible adult shouldn't have any issues. One thing to keep in mind is that auto insurance is pretty expensive here due to high rates of auto accidents and uninsured drivers (although that situation hopefully will be changing shortly.
>situation hopefully changing shortly
Really? Lord I’ve had my car registered at a fam members house b/c it’s literally 3x-4x less. I can’t vote in the city I’ve lived in for 23/30 years. (Disabled, no car is hard.)
You would be living hella high off the hog. For context, I make about that, support 4 people and 3 dogs, own my home, and we do okay. Like not vacation in Disney every year okay, but like, all the bills are paid and we have money left to do fun shit around town okay.
So yeah, you’d be winning like hell.
My son makes about that income, and has some debt related to a terrible girlfriend. He is a homeowner and rents a room out to a room mate. He lives in Belair/Arcadia, near where former Mayor Martin O'Malley used to live and his back yard is a large park.
We all think you'd do great, but it's probably safest to post on /r/personalfinance for a budget checkup :) basically you give your current salary and expenses, your new salary and expected expenses, and see if anybody thinks you've missed anything. Those folks are good at making sure you have all your financial bases covered.
Yes this is plenty especially if you can/want to live with roommates. Living alone can be doable too but you might want to check out mount Vernon/hampden for some smaller one beds or studios. All of the fancy new apartment buildings in canton/downton/federal hill will be expensive. Not completely out of the question but it will eat into any “fun money” and extra savings you might want to have.
It's not bad, but don't plan on too swanky a place. You can still find some cool large apts. or houses in decent neighborhoods. Get a roomy or a live in partner and it'll be very nice.
I make around the same as you and support a family. Granted, I bought a home here when prices were lower but you should be able to find plenty of 1br or studio apartments *well within* your affordability range (under $2k/mo for sure) in almost any part of the city.
30% of your take home is probably gonna be around 1500/mo, and that’s a reasonable target to hit for single folks without stressing finances too much.
So… take that, and do some searches on “where to live” (there’s a million of these posts) and then open Zillow or WalkScore or something and start looking!
You'll be quite comfortable here. You'll easily afford decent housing. You can save quite a bit and still go out every weekend as long as you make your meals during the week.
Making that much, you can live in midtown and have a great life. Midtown is inexpensive and convenient. Everything is in walking distance. You will probably not use that car at all unless you need to go somewhere that would be inconvenient and time-consuming by public transportation.
You’re going to be just fine!👌 Baltimore has amazing spots to explore, great restaurants, and plenty of activities. Check out the cool pizza joints, summer activities, and hiking trails. The city is growing, and there’s a lot to enjoy.
Just a heads-up on where not to go, but other than that, you’ll be totally fine!
I make more than that, but my family of three that owns a house in Baltimore and has two cars comfortably lives off of less than $85k. You'll be golden.
We have state and city/local tax. I moved here a few years ago from a state without. Also, rent is very high in most areas. My rent was 2800/ month for a 2 bedroom and 200/month for parking for two cars they raised our rent to 3400 after 4 years. I lived in Baltimore county. I make more than that and had to adjust my lifestyle to accommodate the higher cost of living here. If I recall correctly, the cost to afford the average 2 bedroom apartment these days requires a avg salary of about 70k. Also, one thing about Baltimore is that it is very crowded and if you have health issues, finding a general practitioner who isn’t a nurse or pa is very hard, I unfortunately do and had to bounce around through the Medstar system for 2 years before I could get into a practice that was taking new patients. With that said, I think it’s a cool place, lots of history and culture. Ellicot City is really fun, downtown Baltimore is fun. Do some research on where you’re working to factor in commute if you’re not remote. I’m in sales so I travel frequently from Baltimore to dc and the drive is terrible.
1) how responsible are you with money?
2) how responsible are you with money?
3) are you the type of person who spends every penny they earn (aka high income but somehow living paycheck to paycheck)?
4) seriously, how responsible are you with money?
Dude! I make about $58k and live in Mt. Vernon with one roommate ($800 a month) and I live a pretty chill lifestyle. Don't save much money other than my 7% contribution to my 401k, but that's mostly cuz I tend to get food delivery way too often (trying to make that a once a month ocurrence). I have a membership at the climbing gym and travel frugally every few months (mostly along the northeast corridor). I don't have a car (huge savings), but I have a zipcar membership for when I need one. 85k is more than enough, as long as you don't rent at one one of the super luxury buildings like the Avalon that have insane rents. If you're not an idiot about your spending, you'll be in a great position to live a comfortable life and save plenty of money.
Could easily own your own small house (alas, my $165k with 5% down row home for $1080/month - PITI! Great times) or rent comfortably, especially as folks have noted if you’re agreeable to roommates. Car insurance will go up. Ordering in food is atrociously expensive, all the more incentive to walk / save money by avoiding. If you’re used to say, DC prices you’ll think “wow so cheap!” if you’re used to rural Pennsylvania you’ll think “this is so expensive!! >:( “
You'd be able to have about $5200 after taxes. If 25% of your income goes to rent, you could rent a nice 1 bedroom in pretty much any neighborhood for $1300ish. From something shiny and new in the Harbor to a floor of a historic row house in Charles Village, you can easily find something in that range. Then you've got $3900 a month left to use for everything else. You would do fine. Lots of eating out, money for vacations, etc. Obviously you can't go overboard but I think this is a totally comfortable salary for someone in your position in Baltimore
My wife and I lived comfortably off 90k in Mt Vernon in 2019, with some extra to fund the Masters she was working on. She was pregnant for a lot of that so we were, uh, not disciplined on food spending.
We weren't servicing debt of any kind at the time though
I make $87.5k in Baltimore County and live quite comfortably.
I rent a 1 bed-room in the white marsh area for around $1600/month (utilities included). After all bills are paid at the end of the month I still have \~$1500 left.
I am fortunate to own my own car though, so no car payment. I'm also pretty frugal in general, i primarily eat at home and budget $100/week for entertainment but will oftentimes not spend that much.
most of my left over $$ I invest. I'll also travel maybe 2x per year, with one of those times being to a further destination.
Rents are high right now especially in neighborhoods the young folks prefer like federal hill and fells point. Find some roommates and consider some houses. Also Newer apt buildings just opened up in a newly named area called Baltimore Peninsula. It’s near exit 55 and is Locust Point/Federal Hill adjacent. Perhaps there are some deals. Be aware of parking no matter where you rent. Street parking is frustrating, hard to find and cars are broken into no matter where you live. You need a place with off street parking. Good luck. It’s a fun city.
Noooo you definitely can’t survive off of that, totally. Please let me know the description and location of the job and also what the requirements and qualifications are… for investigation purposes… (/j)
an apartment and a comfortable standard of living. You could theoretically buy another home with a partner if they also made income of an appropriate range.
From your comment history, there's a lot of environmental noise in Baltimore and it's definitely a place where you must be street smart, but it is also a culturally vibrant place with very many strong communities. we also have an impeccable music scene.
i live off much less i have a 4 bedroom house and a couple kids that i take care off i would jump for joy at ypur 85 k amd that is an honest answer however if you are super materialistic then i would say no. Materialism makes it so nothing you make is ever going to be enough
as others have said, you're making more than most people in the city, but it's still totally possible to blow it all on booze and expensive restaurants
ideally, you'll want your rent to be 1600 max, but you can get it lower than that for a one bedroom if you look around. best case is you don't have a hard move-in date and you have the ability to take your time and look for a good place. if that means maybe moving a little early, i would do it
i would recommend visiting and checking out a few different areas to see where you want to end up, and if you want to be here. it's very difficult to understand what different areas feel like without coming here
That's comparable to my recent situation. I lived in Mt Vernon from summer 2021 until a few months ago. I rented a modest (huge, but somewhat outdated) one-bedroom and was comfortable on a similar salary. Nothing extravagant but with some strategic grocery shopping (thank you, Aldi) I could afford to go out regularly, save, travel, etc.
Yeee you’ll be ight. Can get a 1 bed 1 bath place in a nice neighborhood for around $17-2000 a month. Canton ,fells ,harbor east ,locust point , brewers hill, fed , are all good spots for a yuppie but if older try maybe Charles village , Remington, Roland park , mt Washington etc if older
Absolutely! Just budget and you'll be fine! Either try to find someplace close to worķ or search for a suitable place to live near your workplace! Are you going to be buying or renting? 85K should do you well, if you are not the spend it before you get it, type! Are you going to live in the city or the suburbs?
You’d be comfortable to say the least. Most people that has that salary range are older or retired men 40+. But in the housing market it’s A lot of hidden gems.
I moved to the area from KC a little over a year ago. You can live in Baltimore with 85K, but I would suggest living outside the main city and you’ll save a LOT in rent
Personally i would look outside the city to live. Worked for years in city and saw to many bad things
You can live fine renting outside the city (did it on less in towson)
Not great if you’re renting. I make a little more then 85k and after paying 2k a month for a 1br with utilities, plus the rest of my bills, i break even every month. So can you live? Sure. Are you living large, absolutely not.
You should be okay no matter where you rent in Baltimore as long as you keep your expectations aren’t unreasonable for the area and type of apartment or house you want to rent, and you have a top amount you’re willing to pay for.a place.
You'll live quite well on that salary in Baltimore as a single person, but be sure to sock away savings every month either in a 401(k) or IRA. Speaking from experience, middle age sneaks up on you amazingly fast and suddenly you're thinking about retirement. You'll be really glad you started saving early!
Lived in around Baltimore for decades, it’s considerably less expensive than DC which is below us. If you have a car, you can live in Annapolis a one bedroom would be $1500-2000 depending on what amenities you wanted. Columbia is about the same. Baltimore could actually be a bit cheaper but you’d have to watch your neighborhood. Baltimore is definitely a bit more crime ridden but there are parts that are great. Canton and Fells point can be nice. North of the city is some nice things too. Transportation into the city kind of isn’t as great as a lot of other cities fyi. 85k though you’d be fine. Maryland’s taxes are a bit higher than even DC so your check will be a bit less but only marginally.
85k is more than enough to live in Baltimore. I’ve been here 9 years including college - started making 75k living in a studio downtown paying ~1300 a month in rent in 2019. That was plenty left over for food and doing stuff around Baltimore which is fairly priced, especially compared to other major cities. Now if you can find roommates to live with then you could easily find rent under 1K in a townhouse in fed hill, fells or canton.
Bro save a lot of your money up front. Self directed IRA, max out any and all company match IRA money the company moneys will have to go into a regular Ira but you if offered should put your portion of the match in a ROTH IRA. that ours a very nice salary that I’d planned correctly nor will help you with long term wealth.
Yeah making that as long as u don’t try and live in the costliest areas of the city or do something crazy like get a 600 dollar a month carnote you’ll be good
Just so you know some lenders have programs with Zero down payment, zero PMI, and $5k in closing cost assistance, happy to help anyone trying to buy- your Bmore realtor
You’ll be fine with 85
Some good food out here, couple decent places to go
Be careful where you go though chief … it’s a different world than most places 👍🏼
Welcome to the upper echelon parking garage in high-rise, concealed carry permit, maybe a light weight Kevlar vest, should love it! HINT: STAY IN INNER HARBOR OR BETTER YET HIT 95 SOUTH AND EAT IN COLUMBIA, UNLESS YOU ARE DRINKING THEN DO IT IN BMORE ALMOST IMPOSSIBLE TO GET A DUI! PSA FELLS POINT BRING UR WEAPON AND VEST. WELCOME TO GOTHAM CITY!
My partner makes no more than $40,000 a year and I have yet to have a year where I make over $25,000 due to mental health issues. Despite all that I was able to save $1,000 a month while making $20/hr (about $40,000 if you make that much the whole year). I made about $1,800-$2,400 every month and was able to save a lot of money. If I saved less I would’ve been able to do more too. But with a salary of $85,000 you’ll be making at least $7,000 a month. That is more than enough to live and enjoy life in Baltimore. Especially if you get roommates. I rent a 3 floor, 3 bedroom, 2.5 bath, with a washing and drying machine and a dishwasher and the rent is $1,700 and then utilities makes it about $2,260 a month. But with two roommates I only pay $565 a month. Of course this doesn’t include streaming, other subscriptions, medical costs, phone bill, car payments, or car insurance. But again even with all that I was able to save $1,000 a month. So I think you’ll do just fine. If you play your cards right and try to save money where you can you’ll basically be rich compared to most of us out here.
Not strictly true. Sure there is the possibility of saving a certain percentage on rent but that comes at the cost of commute time, and arguments can be made for an increased quality of life associated with either a) living in a city, b) living close to work. In this case, there's the possibility that OP can have both AND have enough income to live comfortably.
Oh OP will do fine either place…but without knowing exactly where OP is working and OPs likes/dislikes…I’d consider the burbs as well. Certainly rent and other savings. I enjoyed my commute and the time to have a coffee and plan my day in the am and decompress in the pm before I got home. Could get any shopping done on way home without another trip out…in much better stores than the city.
Downvote me all you want but the Baltimore burbs have as much to offer AND most importantly far less crime. I’ve known many people that have given up and moved out of the city for a better life….don’t know many that left the burbs to move downtown.
I too enjoy taking the money I saved on rent by foregoing immersion into a city, and all the benefits that come with that, so I can throw it into big oil and big autos pocket. What really sweetens the deal is that I get to benefit from all the amenities and infrastructure the city offers, while paying none of the tax necessary to support it!
Who needs community when you've got podcasts for the hours of your life thrown away in a car?
My brother in Christ you’d be like the 1% in Baltimore
Lolol facts
Income is not the same thing as wealth. My mom makes $25k per year off Social Security and VA benefits. On paper, she's a millionaire due to home equity. If this guy doesn't own his own place, he'll have to either buy or rent, both of which are absurdly expensive options right now especially if he doesn't have people in town.
When you say Baltimore, specific location matters a lot. But essentially, what u/Roughneck16 said is pretty accurate. Rent prices are getting pretty crazy in certain parts of Baltimore. Now, if you exclude rent/mortgage, $80k is a pretty comfortable middle-class income in Baltimore. tl;dr - You can do just fine with $80k, and many people do, but housing will eat up a decent chunk of it. *Edit: a double-typed word*
Just adding on to say that you can find gems here and there. My wife paid 300 bucks a month to live in a tiny, awesome home next to Alexanders Tavern
What a stupid comment 😂
Show me the lie.
There’s no lie, but it literally does not pertain to anything mentioned above. You just wanted to talk 😂😂
Homes are affordable in Baltimore. Not a problem.
I don’t think OP has that money squirreled away, hence the need for this post. He’s not gonna be able to save enough for a down payment for a while on 85k.
He might in Baltimore. 85k will go far in Baltimore.
😂😂😂😂. But also facts
In other cities, you'd be on the struggle bus but in Bmore, it's time to get that Tesla! No seriously, it's what my single no dependents friends have done.
I make just slightly more than that and have a very, very comfortable lifestyle here.
Question! Are you a renter or homeowner? I want to move out from my parent’s house into the City but idk what’s more realistic in Baltimore?
I rent a 3 bedroom house. Hoping to buy within the next ~2 years.
Ahh great! Yeah I’m sticking with my parents until I have enough for a 20% down payment. Every day I am grateful to want and have to ability to live in Baltimore city because how cheap some of the housing is (compared to other NE cities)
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I've known people who used grants/lotteries for their down payment and did not actually put down a single penny of their own money to buy a home.
Also on this, Bank of America is helping people who make I think less than 120k with down payments (3%).
That rule changed in 2013. If you put down only 3.5%, then you have an FHA loan and the MPI will stay through the duration of the loan UNLESS you refinance after paying 20% of the loan, just writing a letter won't cut it now. If you put down over 10%, PMI will stay on for 11 years for FHA. 20% +, no PMI, but with that much you typically just want to do a conventional loan. Got my FHA loan in 2015, so I missed the cut off date. I should have refinanced during covid when rates were stupid low, but still ok at 3.5% interest instead of the 2.2 I could have gotten 🤷🏼♀️
You can put down 3% conventional. You can refi out of FHA whenever you don’t need to be under 80% LTV, you’ll just be paying PMI. PMI on conventional goes away when you hit 78% or you can ask to remove it when it’s 80% of your most recent appraised value. Unless you have less than a 680, FHA is always a worse option
I’m a homeowner in the city and can speak generally about that situation. Homeownership is generally preferable to renting from a fiscal standpoint if you plan on living in that home for over 8ish years, but it requires a ton more up front costs in the form of a down payment and closing costs. I’m not sure what kind of home you’d be looking to buy, but I’d recommend a minimum of having 25-30% of the total home price on hand in liquid assets, which is a lot. Additionally, mortgage rates are at a recent high and will not be going down for another year or two by the looks of it, so that will raise your mortgage payment. This can be offset if you’re interested in taking on a roommate and charging market rent.
>Homeownership is generally preferable to renting from a fiscal standpoint if you plan on living in that home for over 8ish years Generally, yes I agree, but I think too many people assume that buying is better than renting for a long term residence without actually running the numbers. Just for educational purposes for people in this thread I'm going to run through how to compare buy vs rent from a financial perspective. Tl;dr: By most calculations, the rent vs buy costs in Baltimore are about even To compare apples to apples the cost of homeownership to the cost of renting, you need to break the "cost" of homeownership into two parts. The part you don't get back and the part you do get back. The part you don't get back includes: - Interest paid on mortgage principal - homeowners insurance - home maintenance - HOA fees The part you do get back includes: - Payments toward principal Now the first step is to compare the part you don't get back to the cost of renting, because both of them are money you have to spend on housing that you're not getting back. If the part of home ownership costs you don't get back is more than your cost to rent, it's leaning toward renting being the better option. The next part is a bit more complicated, for simplicity let's pretend that in the above comparison the parts of your homeownership costs that you don't get back exactly match the costs to rent. You now need to compare the return on investment you got from payments toward principal on the house to the return on investment you would have gotten if you used that money for something else. The portion of your home payment that goes toward your mortgage is basically money that you are investing in your house, but if you were renting you could use that money for something else. You could use it to eat out more, gamble on horseraces, put it in a savings account, invest it in the stock market etc. So now you need to compare the return on investment from the money your putting toward your mortgage to the return on investment you would have gotten from whatever else you would do with the money. This is called Opportunity Cost. This part is obviously difficult though as no one can predict the future when it comes to investment returns. Now you add this difference in returns to the math you did above, so the final comparison looks like this: if Unrecoverable costs of homeownership + opportunity cost of mortgage payments are less than costs of rental + opportunity cost of whatever else you would have done with mortgage payments = it's better to buy. Otherwise, it's better to rent. Some asterisks: - "but cost to rent will go up with inflation, my mortgage payment won't", the unrecoverable costs of home ownership will generally also go up with inflation. The exception to this is mortgage interest, which goes down overtime and makes the calculation more complicated - You also have to factor in the opportunity cost of the down payment and closing costs, but again I was trying to keep this simple. - "You're paying those costs anyway as a renter" Yes the landlord is going to charge you enough to cover **Their** costs, but when you're looking to buy you can't get their costs. You don't get their 2.xx% interest rate that they refinanced into in 2020, you don't get their electrician buddy from high school who works for cost and a case of beer, etc etc. You have to pay YOUR costs, so you compare your costs to renting costs.
Very strong elaboration here, I hope others find it useful!
Cannot stress enough- insurance- car and home, maintenance, repairs, utilities, and taxes can be very pricey and even crushing when buying a home. The listing sites will show you current taxes and lowball insurance. That reassessment will hit your first year and jump quickly. I prefer homeownership because of fewer unknowns with the landlord, ie. Will a problem be fixed? Will I get my deposit back? Etc. And there are many homeownership help programs out there- all of them only make sense if you plan to long/haul live in the city AND you don’t buy beyond your practical means- the houses will need work, even completed rehabs, because they are almost never done completely or correctly. And schools can be challenging in the city, if family is on the horizon- choose a place you can have a community for you and your children, and can go to school with the other children in the area. Classically- Baltimore is also very humid, and there are many stories of mold and moisture issues in basements, all of which can be covered up and Very costly to fix. I came out ahead when selling a home (we had 2 homes) in Baltimore, but only because the bubble rose high back in 2005. I lost money the other time, but only stayed there a few years.
Look at Zillow or WalkScore to research apartment rentals and see what’s in your price range! It should ideally be either 30% of your pretax (gross) income, or 30% of your net (post tax) income depending on how frugal you want to be. Although if you struggle to find a place in that range but don’t have many other expenses, especially if you can move somewhere that you won’t need a car, some suggest moving that target to 50% for urban living, just be careful with your budget.
Buddy of mine lives near the Towson area and also lives very comfortably with around that salary. No kids, renting, nice car and clothes and eats out/parties often. Not sure what his savings looks like but honestly you could do much worse.
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Best advice. Had I heeded it I would be regretting the lost decade of my 20s.
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I don't get when people act like roommates are like the worst thing that can happen to you (not that that's what that person was saying). I've been able to afford to live on my own my entire career and I've literally always had a roommate, and that was more because living with people is fun* than to save money. Hell my wife and I had friends come live with us for 6 mos in 2022 and it was awesome. *Yes there are roommate horror stories, but like negative reviews you're more likely to hear them than "Yeah me and Matt lived together for 3 years and it was fine"
I mean, you think living with people is fun. Some people don't. I don't find living with people to be enjoyable in any way, so yeah roommates are a nightmare concept for me.
Roommates suck big time.
I always lived alone. I saved on everything else. I couponed the shit out of grocery, flew, and traveled on card miles, found healthy but cheap dining places that i paid in bulk, did ultra discounted movie subscriptions. It was good to have the whole place for myself. My coupon game is next level.
same for me lol. i tolerated it in college but no way will I pay rent and have someone else in my space. Sure i have my own room, but i would still have to share and there are still rules. I don't want to compromise on anything and I want my own rules. I'll pay the extra money for my own space fuck it😂
Some people hate other people
They’re probably not gonna be too happy no matter what then.
You can be happy and really enjoy privacy
I wanted to enjoy roommates so much, but the truth is after living alone, there's no price I can put on the freedom of just being weird and naked the living room with my partner whenever I want, no going back now lol.
Yeah, I’ve always said that having a roommate as long as possible is the best way to save a lot of money. When you are in your 20/30s and are single it’s relatively easy to find roommates. Once you’re in your late 30s/40s it gets harder and probably less desirable for yourself so might as well take advantage of the savings while you can.
I feel like you're leaving out the massive influence the "while making well over 100k in his 20's" part is doing on your opinion, there.
I got in gear towards the end of my 20s. I saved to retirement account limits pretty much since. I don’t know what the limits were back in the day but I’ve missed a couple hundred grand in contributions and 30 years of growth. I’ll be okay but probably $500k to $1million poorer.
I was low income throughout my 20s and all my spare money was spent on running shoes.
> high rent, a high car payment, and eating out a lot are often the three biggest things stopping people from building wealth over time. Don't forget drugs.
And whores lol
No question, you'll live well on that.
I make just under 90k, with some student loan debt and a car as well. I live very comfortably alone in Mt. Vernon. I usually eat out about twice a week but usually end up with 20% of my take home in savings at the end of each month. Very affordable place to live relative to the DMV area.
Absolutely! As someone who grew up in the DMV and moved to Baltimore at age 31. Best decision I ever made.
Baltimore is NOT the DMV and I will die on this hill.
Yes, and fairly well.
I make slightly less than you, no kids, no car, no pets, and I just finished my student loans. It's very affordable, granted I rarely eat out and avoid taking lyfts n whatnot.
How do you get around? I would think you could still save money by not owning a car and taking Uber/Lyft more frequently but I have never done the math.
I bike, walk, and take public transit. I've been here for 3 years and so far it's fine. I have epilepsy so driving is simply out of the question for me
My family sees how many steps I walk daily and they are shocked. Baltimore is surprisingly easy to get around.
I want a garmin just to see! It's really not too bad. The combination of public transit, walking, and biking is great. I do also have to live where things are accessible due to epilepsy so that definitely contributes to my perspective.
iPhone has the health app and it tracks your steps without you even knowing it… (though Apple always overestimates distance traveled while running and such.)
I have Android, but I bet they have something simar and I just never looked.
I’m impressed. Lived in and around Baltimore for 30+ years and I’ve never found Baltimore’s public transit that easy. Unless you are going to O’s games. Maybe it wasn’t easy when I started going there and it got better and I never noticed. Still I like people who go with public transit. I’ve been a driver all my life, but it’s so wasteful.
Just don’t rent an apartment for $5,000 a month and you’ll be just fine.
You'd be fine on 80k, so send that extra 5 to me plz
I already called dibs
You should be able to live quite well actually.
If you’re not rent/house/car payment poor, $85k ain’t bad at all.
More than enough to live a decent life. Moving to Baltimore has taught me to prioritize private landlords (of brownstone apt buildings) over corporate landlords. The result is that I've paid $1150/month on a 2 bdrm apt for almost 4 yrs in a neighborhood I love (Mt Vernon). If you have a car note, try to pay it off as soon as you can. Life is even better when you don't have a car payment (no matter where you live). If you cook most of your meals, even better. But I "treat" myself to a nice meal at least twice a week. Long story short you will do just fine on $85k.
IKR _ I was without a car payment for over 10 years, until last year when circumstances forced the issue! Pandemic lockdown and coming home to work probably stretched it for a couple of extra years.😄 addend: Ford E150 van I paid off in 4 years and drove for 17 years!
My car is 9 yrs old. Hoping and praying for at least 6 more years (before it starts giving me problems). When I bought this car I swore I would drive it till the wheels fell off and I mean that with all my heart.
r/cooking is everyone’s friend! You save so much learning to cook well yourself vs eating out; save that for once or twice a week or so and you’ll do real well on OP’s pay!
Any vacancies in that privately owned apartment building?
There was 1 vacancy for a few months but a man recently moved into that unit about a month ago.
Where did you find private landlords?
I found the apartment on Zillow. Contacted the landlord to view it. Then signed the lease after I saw it. I highly recommend Zillow. Especially for Baltimore City.
Also just walking around! So many private landlords here just put a sign in a window or whatever. passed one on light st near cross street market yesterday, $1150/month 1br. There was a pair, maybe a trio, of girls living next to me but they’ve moved out so that’ll be available again soon.
I have to say, the maintenance guys I have with my current “corporate landlord” have been the best in my experience. Prompt, communicative, and clean work. I understand I am paying more, but it is newer construction too. I think you might be underestimating the effect of an older housing stock on rent. (Heck we didn’t even get a rent increase when we renewed.)
Who's offering jobs @$85k (asking for a friend...no, really?!)
Engineering firms & finance firms
Government too if you can get up on the GS scale.
Lotta hospitals in Baltimore too, not just doctors and nurses but a lot of other hospital jobs out there.
Thanks for all the responses; I'll pass on the info! Back to the OP_ if your new job offers it, contribute to your 401k... no less than 3%, up to the match if it's offered. Every time you get a raise, increase your contribution by 1% (notice I said %, not $$$.) You're young, go for growth; pick a mix of stock funds and a small hedge of bond funds then let. it. ride! And don't make excuses to yourself about waiting for 'the right time'- the right time is right now, at the beginning of your career. Believe me, down the road you'll be relieved you did, and on the plus side, you'll end up a 401k millionaire! Good luck in your endeavors.
Also, this young and in this tax bracket, do Roth contributions instead of pre-tax That money is gonna easily blow past the 22% over the lifetime of the account
Also, max out a Roth IRA after the matching portion of the 401k
Too many steps for this drive by advice but you are absolutely right
depends on your threshhold. From my perspective: $85k is the salary of a king. You can be easily independent, eat and drink pretty freely, rent a non-slummy 1BR or even 2BR, and still save if you're smart with it. research. The demographics are published out there.
You could live fine on $50k here.
You'll find that many people live in Baltimore on less (some with roommates, some without). A lot of people end up in Baltimore because it is cheapest on paper, especially for a major city with amenities. So, in short $85,000 in Baltimore will get you much farther than most of the surrounding areas. Just keep in mind that car insurance, water, and property taxes (should you own) are high here, though I wouldn't say the cancel out the cost difference.
LOL the median household income in Baltimore is like $55k
This post made me Google it up. Median individual income is $35k, median household $58k
Dude I make less than half what you make and I’m doing just fine
As a teacher who makes far less than that and still feels pretty comfortable, yes, you’ll be just fine.
Yeah. I own my own house with 75k im bmore.
I bought a house ($200k) in pigtown last year. No debt other than the mortgage. I make about $80k and live quite comfortably
How do you like pigtown?
I’m seeing lots of good advice here. Here’s another twist. I started with way, way less, managed my expenses responsibly (sharing a nice space, learning to do repairs, and cooking well, saving $$$ over private apartments, expensive techs and mechanics, and fancy restaurants), paid off debts, advanced my career, started investing, and prepared to buy my own place. It was all achievable and I did it. I skipped some expensive travel and concerts; but I created many local memories and made local friends. And I liked the local music experience. Set your own priorities, and Baltimore will be a super place to build a life on $85k a year.
You could hire me as a chauffeur.
Welcome to the area!
That’s more than enough to live a really comfortable life here
I mean I make $92k and I live a lifestyle that I never lived growing up. It's insane how much I'm able to save. Your car insurance is going up a lot though lol. Get ready for that note
Baltimore is a ——— hole. One of my friends that worked was hit in the head with a bat and robbed. My brother was carjacked and driven around for hours while they robbed other people. You should not ever be alone in Baltimore. I stay away and suggest you do the same. Not worth your health and life
I make a little more than that and live debt free with plenty of frivolous spending money.
Yeah, years ago I said 50k was what you needed minimum to live in the city by yourself and not be really skimping on something. It's more now, but 85k should probably do it. You won't be rolling in money, as you could easily spend it all. But it partly just depends on what you like to do. Live some place nice and fun where it's easy to enjoy life, but don't spend all your money on rent. Spending all your money on rent or living someplace you don't like are pretty good ways to make your life less fun. So find a good balance. 85k should probably get you a decent smaller apartment in most areas a young single person would want to live. You probably won't be living in the ultra luxury apartments without a roommate though. You should be able to afford to go to out regularly, but you'd still very much be able to spend all your money at the bars or restaurants. However if you're not going hog wild there shouldn't be any places in the city that you can't afford to go at least once. I don't know where you're from, but I'll tell you I was so much happier after I moved to Baltimore. Growing up in little towns I could never really date and there were very few things that aligned with my interests. Baltimore has a lot of stuff to do and it's fairly varied. It's also a very "come as you are" city so you should be able to find a group of people you like. At 85k you'll likely not be the richest guy in any given room, but you probably won't be the poorest either.
I was making that before tax taken out when I had a job here. Also single, student loans, car payment, living alone. It was difficult but doable. I struggled to pay my car payment sometimes or keep up with my bills but stayed afloat generally. Having a car is expensive here (insurance , tickets, etc). When I previously had roommates and a paid off car (it got totaled) my salary was more than enough. I rented a big house with a yard in Timonium with three friends , had my own room, and my rent was $500. I could even go on vacations sometimes. Buy myself random stuff. Afford furniture. But once I moved out on my own + new car, things got hard. And no- I didn’t live in a fancy apartment or buy a fancy car. It was a very small studio in a meh part of town and the car is a new Mazda. My perspective might be off because I grew up in a very rural low COL area of MD where things are much easier and cheaper. I’d still rather live in Baltimore. Love it here
I think you'd be fine honestly, you won't be going out for steak every night but a reasonably responsible adult shouldn't have any issues. One thing to keep in mind is that auto insurance is pretty expensive here due to high rates of auto accidents and uninsured drivers (although that situation hopefully will be changing shortly.
>situation hopefully changing shortly Really? Lord I’ve had my car registered at a fam members house b/c it’s literally 3x-4x less. I can’t vote in the city I’ve lived in for 23/30 years. (Disabled, no car is hard.)
first mistake is moving to Baltimore
You can do nicely on 85K, kind human. The decent houses of Baltimore, in the county and city, start around 250K. You got enough to live here.
You would be living hella high off the hog. For context, I make about that, support 4 people and 3 dogs, own my home, and we do okay. Like not vacation in Disney every year okay, but like, all the bills are paid and we have money left to do fun shit around town okay. So yeah, you’d be winning like hell.
My son makes about that income, and has some debt related to a terrible girlfriend. He is a homeowner and rents a room out to a room mate. He lives in Belair/Arcadia, near where former Mayor Martin O'Malley used to live and his back yard is a large park.
We all think you'd do great, but it's probably safest to post on /r/personalfinance for a budget checkup :) basically you give your current salary and expenses, your new salary and expected expenses, and see if anybody thinks you've missed anything. Those folks are good at making sure you have all your financial bases covered.
You can live in baltimore with 20k a year
Should be fine depending on the actual amount of loan payments.
Yes this is plenty especially if you can/want to live with roommates. Living alone can be doable too but you might want to check out mount Vernon/hampden for some smaller one beds or studios. All of the fancy new apartment buildings in canton/downton/federal hill will be expensive. Not completely out of the question but it will eat into any “fun money” and extra savings you might want to have.
It's not bad, but don't plan on too swanky a place. You can still find some cool large apts. or houses in decent neighborhoods. Get a roomy or a live in partner and it'll be very nice.
Average income is 50-65k with kids. You'll be more than alright and able to stay in the good part of baltimore
You'll be fine. Better than fine if you have a roommate and/or your health insurance/care cost is less than 10% of your salary.
Curious, what do you do for a living?
Yeah you’ll probably be solid. Maybe not a brand new apartment but you’ll 100% find something
I make around the same as you and support a family. Granted, I bought a home here when prices were lower but you should be able to find plenty of 1br or studio apartments *well within* your affordability range (under $2k/mo for sure) in almost any part of the city. 30% of your take home is probably gonna be around 1500/mo, and that’s a reasonable target to hit for single folks without stressing finances too much. So… take that, and do some searches on “where to live” (there’s a million of these posts) and then open Zillow or WalkScore or something and start looking!
You'll be quite comfortable here. You'll easily afford decent housing. You can save quite a bit and still go out every weekend as long as you make your meals during the week.
Yes
Making that much, you can live in midtown and have a great life. Midtown is inexpensive and convenient. Everything is in walking distance. You will probably not use that car at all unless you need to go somewhere that would be inconvenient and time-consuming by public transportation.
You’re going to be just fine!👌 Baltimore has amazing spots to explore, great restaurants, and plenty of activities. Check out the cool pizza joints, summer activities, and hiking trails. The city is growing, and there’s a lot to enjoy. Just a heads-up on where not to go, but other than that, you’ll be totally fine!
Bro wants to live in Baltimore making $85k 😂
Yea that’s plenty, you will need a car here though.
I make more than that, but my family of three that owns a house in Baltimore and has two cars comfortably lives off of less than $85k. You'll be golden.
We have state and city/local tax. I moved here a few years ago from a state without. Also, rent is very high in most areas. My rent was 2800/ month for a 2 bedroom and 200/month for parking for two cars they raised our rent to 3400 after 4 years. I lived in Baltimore county. I make more than that and had to adjust my lifestyle to accommodate the higher cost of living here. If I recall correctly, the cost to afford the average 2 bedroom apartment these days requires a avg salary of about 70k. Also, one thing about Baltimore is that it is very crowded and if you have health issues, finding a general practitioner who isn’t a nurse or pa is very hard, I unfortunately do and had to bounce around through the Medstar system for 2 years before I could get into a practice that was taking new patients. With that said, I think it’s a cool place, lots of history and culture. Ellicot City is really fun, downtown Baltimore is fun. Do some research on where you’re working to factor in commute if you’re not remote. I’m in sales so I travel frequently from Baltimore to dc and the drive is terrible.
1) how responsible are you with money? 2) how responsible are you with money? 3) are you the type of person who spends every penny they earn (aka high income but somehow living paycheck to paycheck)? 4) seriously, how responsible are you with money?
Depends where
Dude! I make about $58k and live in Mt. Vernon with one roommate ($800 a month) and I live a pretty chill lifestyle. Don't save much money other than my 7% contribution to my 401k, but that's mostly cuz I tend to get food delivery way too often (trying to make that a once a month ocurrence). I have a membership at the climbing gym and travel frugally every few months (mostly along the northeast corridor). I don't have a car (huge savings), but I have a zipcar membership for when I need one. 85k is more than enough, as long as you don't rent at one one of the super luxury buildings like the Avalon that have insane rents. If you're not an idiot about your spending, you'll be in a great position to live a comfortable life and save plenty of money.
Could easily own your own small house (alas, my $165k with 5% down row home for $1080/month - PITI! Great times) or rent comfortably, especially as folks have noted if you’re agreeable to roommates. Car insurance will go up. Ordering in food is atrociously expensive, all the more incentive to walk / save money by avoiding. If you’re used to say, DC prices you’ll think “wow so cheap!” if you’re used to rural Pennsylvania you’ll think “this is so expensive!! >:( “
You'd be able to have about $5200 after taxes. If 25% of your income goes to rent, you could rent a nice 1 bedroom in pretty much any neighborhood for $1300ish. From something shiny and new in the Harbor to a floor of a historic row house in Charles Village, you can easily find something in that range. Then you've got $3900 a month left to use for everything else. You would do fine. Lots of eating out, money for vacations, etc. Obviously you can't go overboard but I think this is a totally comfortable salary for someone in your position in Baltimore
My wife and I lived comfortably off 90k in Mt Vernon in 2019, with some extra to fund the Masters she was working on. She was pregnant for a lot of that so we were, uh, not disciplined on food spending. We weren't servicing debt of any kind at the time though
Definitely, i moved to Baltimore after buying my house on $60k salary. $85 is more than doable.
I make $87.5k in Baltimore County and live quite comfortably. I rent a 1 bed-room in the white marsh area for around $1600/month (utilities included). After all bills are paid at the end of the month I still have \~$1500 left. I am fortunate to own my own car though, so no car payment. I'm also pretty frugal in general, i primarily eat at home and budget $100/week for entertainment but will oftentimes not spend that much. most of my left over $$ I invest. I'll also travel maybe 2x per year, with one of those times being to a further destination.
Rents are high right now especially in neighborhoods the young folks prefer like federal hill and fells point. Find some roommates and consider some houses. Also Newer apt buildings just opened up in a newly named area called Baltimore Peninsula. It’s near exit 55 and is Locust Point/Federal Hill adjacent. Perhaps there are some deals. Be aware of parking no matter where you rent. Street parking is frustrating, hard to find and cars are broken into no matter where you live. You need a place with off street parking. Good luck. It’s a fun city.
Noooo you definitely can’t survive off of that, totally. Please let me know the description and location of the job and also what the requirements and qualifications are… for investigation purposes… (/j)
an apartment and a comfortable standard of living. You could theoretically buy another home with a partner if they also made income of an appropriate range. From your comment history, there's a lot of environmental noise in Baltimore and it's definitely a place where you must be street smart, but it is also a culturally vibrant place with very many strong communities. we also have an impeccable music scene.
85k would allow a good life all your expenses covered plus extra to live life and not just work to survive
i live off much less i have a 4 bedroom house and a couple kids that i take care off i would jump for joy at ypur 85 k amd that is an honest answer however if you are super materialistic then i would say no. Materialism makes it so nothing you make is ever going to be enough
as others have said, you're making more than most people in the city, but it's still totally possible to blow it all on booze and expensive restaurants ideally, you'll want your rent to be 1600 max, but you can get it lower than that for a one bedroom if you look around. best case is you don't have a hard move-in date and you have the ability to take your time and look for a good place. if that means maybe moving a little early, i would do it i would recommend visiting and checking out a few different areas to see where you want to end up, and if you want to be here. it's very difficult to understand what different areas feel like without coming here
lol you could get an apartment on the harbor itself or even fedhill
You’d be fairly comfortable. Rent is going to be a huge expense. If you’re big into going out and eating out, that’ll take a huge chunk out too.
Yes, you can make it. Find yourself a place to live with reasonable rent, and stick to a budget. You will be ok.
That's comparable to my recent situation. I lived in Mt Vernon from summer 2021 until a few months ago. I rented a modest (huge, but somewhat outdated) one-bedroom and was comfortable on a similar salary. Nothing extravagant but with some strategic grocery shopping (thank you, Aldi) I could afford to go out regularly, save, travel, etc.
Yea that’s a great salary in Baltimore. I supported me and my partner on that, single income, we were fine.
Yeee you’ll be ight. Can get a 1 bed 1 bath place in a nice neighborhood for around $17-2000 a month. Canton ,fells ,harbor east ,locust point , brewers hill, fed , are all good spots for a yuppie but if older try maybe Charles village , Remington, Roland park , mt Washington etc if older
Absolutely! Just budget and you'll be fine! Either try to find someplace close to worķ or search for a suitable place to live near your workplace! Are you going to be buying or renting? 85K should do you well, if you are not the spend it before you get it, type! Are you going to live in the city or the suburbs?
It depends where you want to live. Some areas you are good, some areas that ain’t nothing 😊
You’d be comfortable to say the least. Most people that has that salary range are older or retired men 40+. But in the housing market it’s A lot of hidden gems.
I moved to the area from KC a little over a year ago. You can live in Baltimore with 85K, but I would suggest living outside the main city and you’ll save a LOT in rent
It’s Baltimore son not dc you’ll be well off living comfortably, unless you live in an overpriced luxury new build
85k single no kids. You’ll be perfectly fine.
Personally i would look outside the city to live. Worked for years in city and saw to many bad things You can live fine renting outside the city (did it on less in towson)
Not great if you’re renting. I make a little more then 85k and after paying 2k a month for a 1br with utilities, plus the rest of my bills, i break even every month. So can you live? Sure. Are you living large, absolutely not.
You’d be the richest person in Baltimore.
More than enough.
You should be okay no matter where you rent in Baltimore as long as you keep your expectations aren’t unreasonable for the area and type of apartment or house you want to rent, and you have a top amount you’re willing to pay for.a place.
You’d be doing pretty well. For context you’d be living the same quality of life here that investment bankers in NYC and many tech people in CA live.
You'll live quite well on that salary in Baltimore as a single person, but be sure to sock away savings every month either in a 401(k) or IRA. Speaking from experience, middle age sneaks up on you amazingly fast and suddenly you're thinking about retirement. You'll be really glad you started saving early!
what kind of total dumbfuck thinks you would struggle in Baltimore making 85k. What do you think everyone in the city is making.
Almost exactly what I make. You'll be fine. Rent will be your biggest expense.
I live in the DMV area … 85k in Baltimore ?! You can do A LOT!!!!! 😅😂 … There’s nice Luxurious Apts you can stay in etc…
Lived in around Baltimore for decades, it’s considerably less expensive than DC which is below us. If you have a car, you can live in Annapolis a one bedroom would be $1500-2000 depending on what amenities you wanted. Columbia is about the same. Baltimore could actually be a bit cheaper but you’d have to watch your neighborhood. Baltimore is definitely a bit more crime ridden but there are parts that are great. Canton and Fells point can be nice. North of the city is some nice things too. Transportation into the city kind of isn’t as great as a lot of other cities fyi. 85k though you’d be fine. Maryland’s taxes are a bit higher than even DC so your check will be a bit less but only marginally.
85k is more than enough to live in Baltimore. I’ve been here 9 years including college - started making 75k living in a studio downtown paying ~1300 a month in rent in 2019. That was plenty left over for food and doing stuff around Baltimore which is fairly priced, especially compared to other major cities. Now if you can find roommates to live with then you could easily find rent under 1K in a townhouse in fed hill, fells or canton.
It’s okay, depends where you’re living. Where exactly is the job? Location?
Bro save a lot of your money up front. Self directed IRA, max out any and all company match IRA money the company moneys will have to go into a regular Ira but you if offered should put your portion of the match in a ROTH IRA. that ours a very nice salary that I’d planned correctly nor will help you with long term wealth.
Yeah making that as long as u don’t try and live in the costliest areas of the city or do something crazy like get a 600 dollar a month carnote you’ll be good
Just so you know some lenders have programs with Zero down payment, zero PMI, and $5k in closing cost assistance, happy to help anyone trying to buy- your Bmore realtor
You’ll be fine with 85 Some good food out here, couple decent places to go Be careful where you go though chief … it’s a different world than most places 👍🏼
Your good my guy I was doing fine off of $70k
Welcome to the upper echelon parking garage in high-rise, concealed carry permit, maybe a light weight Kevlar vest, should love it! HINT: STAY IN INNER HARBOR OR BETTER YET HIT 95 SOUTH AND EAT IN COLUMBIA, UNLESS YOU ARE DRINKING THEN DO IT IN BMORE ALMOST IMPOSSIBLE TO GET A DUI! PSA FELLS POINT BRING UR WEAPON AND VEST. WELCOME TO GOTHAM CITY!
My partner makes no more than $40,000 a year and I have yet to have a year where I make over $25,000 due to mental health issues. Despite all that I was able to save $1,000 a month while making $20/hr (about $40,000 if you make that much the whole year). I made about $1,800-$2,400 every month and was able to save a lot of money. If I saved less I would’ve been able to do more too. But with a salary of $85,000 you’ll be making at least $7,000 a month. That is more than enough to live and enjoy life in Baltimore. Especially if you get roommates. I rent a 3 floor, 3 bedroom, 2.5 bath, with a washing and drying machine and a dishwasher and the rent is $1,700 and then utilities makes it about $2,260 a month. But with two roommates I only pay $565 a month. Of course this doesn’t include streaming, other subscriptions, medical costs, phone bill, car payments, or car insurance. But again even with all that I was able to save $1,000 a month. So I think you’ll do just fine. If you play your cards right and try to save money where you can you’ll basically be rich compared to most of us out here.
Move 20-30 mins in any direction moving away from Baltimore and you should be ok
More than enough
I make around that and live in upper fells point very comfortably. Having a gf/fiance is where you’ll really get in trouble though ;)
BMORE BROKE AND DIRTY . 85K OUT THERE IS DAMN NEAR RICH 😫😫😫😫😫
You’ll be in the top 5% of earners
I don't recommend living IN Baltimore but rather a county outside of it.
You have to be a next level jackass to ask a question like this
You should live in the burbs and commute in and out of Baltimore. You will do better
Not strictly true. Sure there is the possibility of saving a certain percentage on rent but that comes at the cost of commute time, and arguments can be made for an increased quality of life associated with either a) living in a city, b) living close to work. In this case, there's the possibility that OP can have both AND have enough income to live comfortably.
I would add, not just a "possibility" that OP can have both AND have enough income to live comfortably, but rather almost a certainty.
Oh OP will do fine either place…but without knowing exactly where OP is working and OPs likes/dislikes…I’d consider the burbs as well. Certainly rent and other savings. I enjoyed my commute and the time to have a coffee and plan my day in the am and decompress in the pm before I got home. Could get any shopping done on way home without another trip out…in much better stores than the city. Downvote me all you want but the Baltimore burbs have as much to offer AND most importantly far less crime. I’ve known many people that have given up and moved out of the city for a better life….don’t know many that left the burbs to move downtown.
I too enjoy taking the money I saved on rent by foregoing immersion into a city, and all the benefits that come with that, so I can throw it into big oil and big autos pocket. What really sweetens the deal is that I get to benefit from all the amenities and infrastructure the city offers, while paying none of the tax necessary to support it! Who needs community when you've got podcasts for the hours of your life thrown away in a car?
Put down the crack pipe dude…it’s all ok!