<p>While researching something earlier today I stumbled across a little slide show titled “What $1,000,000 buys.” In most parts of the country it buys a pretty nice house – no, make that a VERY nice house. I live in the part of the country where it costs $3 Million for a barren piece with a fence and a driveway and a 12-car parking lot on it. I’m used to taxes being my biggest expense, $290 speeding tickets and $600 electricity bills, but …</p>
<p>I’m wondering, what do people who live in the rest of America think when they hear of things like “$15,000 for college application counseling” and “$500/week for daycare” and “$25,000 per year for private elementary school” and “$30,000 a month for Upper East Side apartment?”</p>
<p>I just feel lucky to live in a low expense area like California!</p>
<p>One thing that we decided to do long ago was to live in a neighborhood where the schools were good enough to attend, so that we wouldn’t have private school costs. That means that we had to stretch to get into the house we wanted. </p>
<p>Good daycare is expensive, so I don’t believe in scrimping on that. But costs for college application counseling, private elementary school, etc. were never part of the budget.</p>
What we think around here: Nutty New Yorkers (or wherevers). But they also get 3-5 times the salaries we do… so vacationing here is better for them than vacationing there would be for us!</p>
<p>“I live in the part of the country where it costs $3 Million for a barren piece with a fence and a driveway and a 12-car parking lot on it.” - where in CT is this?? Even in Greenwich, the median sale price of a house is under 2 mill.</p>
<p>“to live in a low expense area like California”</p>
<p>I thought California is one of the most expensive places in the US
At least in our city ( North CA) the average 3 bed/ 1 bath house built in 1945-70 is over $1M…</p>
<p>I think people everywhere struggle about the same. Salaries reflect what the cost of living is in a particular area. So I think it all comes out in the wash.</p>
<p>Doc - That’s the price our local government “negotiated” for our new transfer site. Three acres of land in the middle of a forest, surrounded by cyclone fencing, with a driveway and enough paved flat space for twelve cars. Ugh. The previous site was slightly smaller, and didn’t have the “negotiated” part. Its cost was under $250K. And yes, it’s really difficult to explain to my inlaws (in the rural midwest) why three acres of land in the middle of a forest here would cost the same as their entire town. I guess I need to work on my communication skills!</p>
<p>“… median price of a house is under $2 Million.”</p>
<p>Beautifully understated Doc. I like your sense of humor. “Give us your tired, your poor, your huddled masses yearning to pay $2 Million for average digs in New England!”</p>
<p>FWIW my cousin lives in Greenwich. She doesn’t speak much to us poo’ kin upstate.</p>
<p>when i hear the figures you mentioned in the original post it makes my head spin!!</p>
<p>I mean, I know i’m cheap, but wow!!</p>
<p>30k a month for an apartment? seriously? holy crap! I Just bought a very lovely 3 bedroom/1.5 bath house with covered patio, a detached garage, and a decent sized yard here in PA and i put about $32,000 down on it. (20%)… and that was years of savings for me! I can’t even imagine paying that figure every month!</p>
<p>Hey, I’m only a half hour from midtown and I can’t imagine spending $30,000 a month on rent or maintenance. We spend quite a bit less than that a year on our mortgage.</p>
<p>I have two nieces in their mid-twenties who have recently purchased homes. Their incomes aren’t extravagant by any means. But they live in quiet parts of the midwest where $100K still buys a nice home. They consider DW and I the rich relatives, in part because of where we live and in part because our education expenditures are outrageous by their standards. (The concept of an OOS education is a complete mystery to them. Semester abroad? Laughable notion.) I like those young women a lot. But I also feel a disconnect with them, a disconnect I’d like to bridge if possible.</p>
<p>just show them you are ‘normal’ people. honestly, if i had a realtive with house worth 3 mil i’d consider them a rich relative too. doesn’t mean i wouldn’t like them or anything, but that’s a lot of money. :)</p>
<p>my best friends parents have a gorgeous house, which in other parts of the country I am sure would be worth millions… here, maybe 500k? not really sure in this market… but they have over an acre of land, their house is about 5,000 sq ft… fenced in yard, gigantic funky shaped in ground swimming pool and hot tub outside, with a deck that wraps around the house, 5 or 6 bedrooms, 4 bathrooms, they have a six car garage, plus parking for a good 12 cars or so outside of that… They are the sweetest most down to earth people on the planet. i used to work for them during college. They rent a huge mansion of a house every year at the outerbanks in nc (it’s about 10k or so for a week, wow now that I think about that, it compares with that 30k for a month!) with like 10+ bedrooms and they invite all of us friends down. It’s always such a great chance to get away from work for a week and vacation with friends… each of us pitches in about a hundred bucks for food and we each take turns making a home cooked meal for everyone while we are there. </p>
<p>I know i personally am really looking forward to our trip this year. i usually go on several trips per year, but now that I have a mortgage the money is mostly going towards that. I turned down going on a cruise two weeks ago. but i can swing 100 bucks for a full week vacation all food included. i mean, food and gas money had i been going back and forth to work for that week would amount to that much anyway. Might as well spend it with my pals. :)</p>
<p>maybe you could arrange some sort of trip or something to get to know them better. (doesn’t have to be a 10k oceanfront property)… but maybe fly them in for a visit or something? I’m sure if they just bought a house they would appreciate a vacation, as now their money will be tied up. Just my suggestion. =)</p>
<p>What do we think? This is going to sound a little defensive.</p>
<p>We think why in the world are you living in a place that costs so much? For so much less, here many mothers stay home with the young kids, the older kids play outside without any fears, the young people can’t wait to leave but they come back to raise their kids, but most of all to our family: we are not in an affluent bubble - my kids have gone to birthday parties in trailers, country shacks, and McMansions, have classmates whose parents don’t speak english, parents with phds, and they know how much work it takes to bring the crop in. They aren’t getting the “best education money can buy” but they are getting a great social education in addition to a fine academic one.</p>
<p>As a side bonus, our kids add geographic diversity when they apply to colleges in New England or California.</p>
<p>dragonmom - There are numerous $3 Million homes in our town, but the one I was referring to was conjured by our local town leaders – conjured in the sense that it isn’t worth anywhere near that amount, but that’s what the townspeople will be paying for it. (Long story … For a shorter one ask me about the leaking nuclear waste caskets across the river!) And I’m not kidding when I say that same $3 Million would buy ALL the houses in DW’s home town! Fortunately I’m good with my hands and not a stranger to physical labor, so I have some things to talk about when visiting DW’s relatives!</p>
<p>twomules - You’ve pretty well described the childhoods DW and I had. Not so much the lives dear children have had. Having seen both sides I’m still unsure which is better. (But I do know that crop rotation is important. Corn then beans then wheat then fallow, right?)</p>
but i can swing 100 bucks for a full week vacation all food included. i mean, food and gas money had i been going back and forth to work for that week would amount to that much anyway. Might as well spend it with my pals. :)</p>