To ask about London and money

[Maisy313]

How much do you think you need to earn as a working couple to support a family of four (one year old and reception aged child) in London and have a reasonable standard of living? Would just be really interested in your thoughts... Someone told me it was impossibly to survive on less than a joint income of 100k in London which seems exceptionally high to me...

With 2 kids it is a pauper salary for us. With our working hours state schools in the UK don't offer us the extended hours we need. Here in the US they do. In London I would be paying for a nanny as my kids need to be in their own bed at 7pm. A childminder would not work for us. Paying £15-20 an hour for a nanny is a lot and the hours would be high during school breaks. Then there are the afterschool activities. While museums are free to enter and are a great resource sports are expensive. Dd does dance, violin, Spanish, Danish and football. DS does soccer and a music therapy class.

Yeah you 'could' live off a lower salary in London but your DC couldn't do these activities, you wouldn't be saving enough for a pension and you would really need to watch your spending. For us it would not be sustainable. Far better off living a little bit further out of London where housing is much cheaper and commuting in.

I think so many people are unrealistic about what their salary can really afford with today's property prices. I'm sure there are thousands of households in London with a household income that is lower than £100k but they will have bought before prices went crazy. Also, when you are working in a higher paid position it's shocking how quickly the expenses can add up. I'm expected to wear a suit daily. It's about $250-300 for a discounted suit, then there are the dry cleaning costs plus I then need tights and my shoes need to be reheeled every six months. I dress cheaply compared to my peers and I struggle to keep it to less than $5k a year. The clothes are the cheapest part. It's the rest of it that adds up.

Ok, ok, ok, you are so frightfully busy and unique that it might be a pauper salary FOR YOU. Now can we stop?

Want2b - I agree with you.

Where is the zone3 that you 'would never ever raise kids there'?
What is going to happen to all the kids that are raised there? I am just curious.

Haven't read whole thread but we bring in around £114k, with £2.5k a month on mortgages (that includes income from a couple of rental flats). We have 1 DD and are paying £1.3k a month on nursery fees.

We manage quite nicely. We are not flush and can't be careless but we don't have to worry about what we spend on food or bills, can afford nice (ish) clothes, holidays, even the odd night out. We are well aware of how lucky we are. I wouldn't want to do it on less, but we could if it came to it.

So if your income is 114, -48k for your mortgages (!) and childcare.

Leaves you 5.5k/month for bills, food etc. 200 council tax, 100 gas, 100, phones/broadband,

I never said I would never raise children in Z3.

I said I would never raise children where I currently live in Z3. It is not an environment for a child.

There are some wonderful areas in Z1, 2, 3, 4, 5...it is the area not the Zone that matters. What I said was misunderstood.

I think pauper is actually a very offensive word to use in this context.

I'm not surprised that Minty and Cactus think you slightly mad Supermum and vulgar. A session of football round here cost £4. 3 hours of drama/singing/dance costs £15 for the morning and that is in v pricey Chiswick. French costs £6 an hour session in a group. All these things are optional. Surely it wouldn't make the difference between being able to afford London or NYC??? Unless you are crazily ambitious and intend for your children to use up their every waking moment being "enriched"

Brokenhearted, I didn't really want to get into a debate about that, I was just answering the OP's question.

And yes, £114k is before tax, so a big chunk comes out on PAYE and on the rental income, but it's definitely enough to raise a family in London (we are zone 3). I think we could manage another one or two nippers before having to seriously start budgeting (assuming we didn't have two of them in full time childcare). And plenty of people do it on a lot lot less and manage just fine.

Knitting - I am questionning cost of housing, not cost of activities.

If those who are convinced it can be done could find me a house/flat to raise 2 children, commutable to NW and SE (work locations, I don't want to be more specific) that would be amazing!

It is horribly offensive and that is why I am so offended! It also suggests an extremely blinkered view of the world.

What is your budget for buying vulgar?

I guess around £450k would really be pushing the very top end

I have a salary of £90k and my husband is a SAHD so we take home £4.5k pm. We live in a 2/3 bed flat in Zone 2 and are about to move into a three bed house in zone three in which we will (gasp!) raise our son. We have 1-2 foreign holidays a year and a comfortable existence. Because of the mentality which has been exhibited in some corners on this thread can pervade this fair city I sometimes panic that we do not earn a lot. I then slap myself in the face with a wet kipper and tell myself to behave. Our mortgage will be £1600 pm in the new place and we have a 35% deposit. My husband bought his property in the 90s so we benefitted from a 40% deposit on this place. We are only putting less into the new house because we want to do some work. So we are not ghetto living at less than £100k.

Brockley

Crystal Palace

Forest Hill

Brockley a two bed is 450k, foreat hill amd CP not far off.

vulgar
Tulse Hill, West Norwood, Gypsy Hill - you'll get a 3 bed
Streatham Hill, Herne Hill (bits of Brixton possibly) you'll get 2 bed
Depends where your NW workplace is as to how convenient a commute it is

Minty, we actually viewed one of the properties that you linked to above (yesterday) xx