Is £85k a good salary in London (family)?

[SleepDreamThinkHuge]

You may have been aware of a recent Twitter post where one guy was saying £85k a year in London for a family means you will still struggle. Other posters were saying it is not comfortable and definitely not rich. Others were also saying that £85k means your income is higher than 95 percent of the population in the UK. And some have mentioned just because you are £85k you do not need to send your child to private school it is a choice or buy a financed car.

Where do you stand? I can see both arguments but as someone who lives in London how I would love to earn £50k+ let alone £85k. Working in the public sector in a job I like means I earn just over £32k. In the near future, could earn closer to £50k in the next 5 years if I train, and take a more team leader/management responsibility. I think I am not the only one. A lot of people assume just because you live in London you are guaranteed to earn over £50k easily. Many professions are earning less than £50k in London (nurses, teachers, some doctors, police, public sector workers, banking staff in branches etc...

@Dibblydoodahdah

You were posting about your circumstances?

You were complaining that your wage of 85k wasn't enough to pay a mortgage and childcare. So obviously it's relevant if that is your only household income

Social housing isn't the only option. Private rentals exist

It is a good wage. But a good wage doesn't buy a good lifestyle anymore.

I grew up in a working class household, first in my family to go to university blah blah blah. We have a household income of £75k in a cheap area and I'm grateful for what we have but I'm definitely not living the lifestyle I thought I would be at this income.

I’m around 80k self employed and my husband is around 30k self employed, I pay for more things / a higher percentage of our outgoings. I’ll take a big hit now that I’ll be going on maternity leave. Definitely not struggling, but as our rent is high - potentially going up another £300 in a few months - and we’re saving for childcare, it will still be a good while before we’re able to get enough for a deposit for a suitable house at our end of the tube line location. So to reiterate, feel lucky with our financial situation but housing/childcare/rent costs feel particularly high in this country. Think the guy who tweeted that is a bit daft.

@Botw1 please do tell us where you find all this cheap housing and childcare in London/SE?! Yes, people are doing it on lower…because things are cheaper where they live and/or they are getting government support for housing or childcare.

I, personally, am not struggling BUT I have empathy for other people. People younger than me that are just starting out. Shame you are too economically illiterate to be able to do that yourself.

I have empathy for people actually struggling

The fact I'm not 'economically illiterate' means I'm aware that those on 85k aren't

It's all relative. It's obviously a good wage. But how many kids? What are the childcare costs?
One earner (lower takehome but no childcare costs?) Or two earners (higher take home plus childcare costs?). Mortgage or rental costs?
Anyone can live a good enough life in London on £85k, but how good will depend on the decisions you make. If you're struggling, then you're doing something wrong.

@Botw1 no, I wasn’t complaining about myself. I was using it as an example because I earn similar to what the OP posted about. The thing is @Botw1 I can understand how things may be difficult for other people even though I am fine myself. It’s such a shame that you don’t have that skill.

Mate 85K is absolutely fine. It all depends on your outgoings though

I’m not from the UK, nor do I live there, but these threads on MN always bemuse me. It’s like a race to the bottom and if you need more than 20p a week to pay a mortgage and raise 6 kids, you’re obviously just living in fantasyland.

And anyone doing better than them is just greedy.

I saw somewhere once - if you get a new car in America you’ll celebrate with your neighbours. In England your neighbours would key it through jealousy. It is absolutely a race to the bottom. People want those who are earning well to pay more tax to support never ending tax free top ups. Meanwhile - the actual rich - sat on billions don’t pay anything. It is 100% economic illiteracy to think such a small proportion of people on PAYE can and will keep paying for everything. Always the same posters.

£95 in the North of England must be a pretty high end standard of living? You would get a big house for that and have money left over easily for holidays and new cars.

The way everything has gone up over the last couple of years, I can see how people on 85k could be struggling, just as those on lower incomes. They were probably fine, but when all your outgoings increase on the current levels, there is unlikely to be that much spare to cover them.

Small island mentality.

Yep and here we are!

@Botw1 well you clearly are economically illiterate because some people are struggling through no fault of their own even on what you think to be a big income. The landlord puts the rent up by 20%, childcare increases by 20%, their partner becomes abusive, they find themselves pregnant unexpectedly. Any one or more of these things suddenly tips the scales the other way. Look at @RosesAndHellebores example above. What happens if her daughter/daughter in law suddenly finds out she is pregnant? There is no room in that budget for childcare.

I don't think so where the hell do you live if people key your car. Most people who are educated and middle class are embarrassed by too flashy cars, it is ostentatious, that is why some would raise an eyebrow. It shows an interest in the superficial and money and like most things in Britain unlike the U.S that indicates class (that's not to say it is the correct way to think).

I don't think it can go far in London if you have a mortgage plus travel and childcare costs. I wonder how my daughter will manage when they have a family on about that joint income.

@Dibblydoodahdah

Are you unable to have a discussion without trying to insult people who disagree with you?

Struggling is relative.

Not being able to go on your 3rd holiday is not the same as not being able to feed your kids

Our household income is about £100k and we live in London, until Mr Monkey got hus most recent job (he is a former freelancer whose work was fucked by covid lockdowns) it was about £65k. Both of those sums are enough for us to have a pretty good life - we are able to save a fair amount, go out regularly, go on holiday and not to worry too much about money.

BUT

We do not have any young children

We live in a flat and have low housing costs for London as we bought it with a pretty hefty deposit.

We don't own a car.

We would be in a very different situation if we had childcare costs and were paying a mortgage on a three bed house.

People on 85k in London are not going on three holidays. That’s the exact point they are making. Complete hyperbole.

Did you even read the post - obviously not. Thankfully I fit in with your definition of classy. I’m so relieved.

@Goldenbear that might get you a 2 bed terrace in south Manchester. Definitely not enough for a nice house in a nice area

@Lostinalibrary

They're not struggling either

How can you afford housing? Did you but a long time ago? Genuinely baffled as I live on the edge of zone 6 and a joint income of 80k has managed to get us a small 2 bed renovation ...🫠