100k+ salary, is it worth it?

[Goingtogetslated]

For the record…Not trying to be insensitive…

partner and I both earn approx 150k each. Working long and unpredictable hours with high levels of stress and responsibility.

Yet here we are living in a 3 bed terrace in the east end of london, a basic car, neither of us into high end expenses/dining out/clothes. We used to holiday a lot pre children, I guess would classify as our major expenditure in the past.

But is it actually worth it? A decent 4/5 bed house (with kerb appeal I admit) in the commuter belt seems to be coming in at 1.5 million minimum. Add the commuting costs/ extended nursery hours, paid help required theres barely anything left - relatively speaking.

Would we not be better off sacking it all in, moving to the countryside and earning enough to pay the bills?

We appear to be stuck in this middle ground where we earn too much to have any allowances from the state, contribute a lot to the government yet not enough for any real benefits in lifestyle

if you are not enjoying the lifestyle then I would definitely live somewhere cheaper and and take a pay cut if it leaves you with the same remaining money! But have you considered things like pension with that pay cut? Also even most pay cut jobs would still require the childcare etc.

@Simonjt have you been in shoreditch a while?
of course we can afford a house somewhere in commuting distance. Is it so strange to have aspirations of something better than a 4bed 80s build?
Im not wasting money on things we don’t need?

I fully understand inner and outer London house prices. But only you can determine what is important to you versus cost and necessary salary to pay for it. If you have your heart set on the type of property you describe then yes you will need to keep on with what you’re doing.

Alternatively you can tailor your expectations down a bit. But some of your current childcare bills will reduce going forward. Your equity would be high in later years, giving you choices in older age. Only you can make those decisions.

I don’t know what your specialism is so maybe the civil service would be calmer for you but as a whole it’s not some utopia and the wages aren’t lower because it’s easy and stress free.

Many departments have had recruitment freezes and budget cuts post-COVID so are expected to deliver the same outputs with 50% less resource, wages are low because our pay rises have been extremely low/non-existent for over a decade and burn out and mental health related absences are constant.

I love my job and wanted to make a difference but more and more I feel like I’m setting myself on fire and barely keeping anyone warm.

This is not a house I am interested in but just an example….

https://www.rightmove.co.uk/properties/131971619

a 5 bed non descript new build, nearly 2 miles from the station.

I

150k after tax is more like 90. So that’s a total household income of 180k. You could save £120k a year without breaking a sweat. Do that for 10 years, investing the money wisely, and at the end of that you would never have to work again.

@Goingtogetslated I don't know much about commuting or what a 4/5 bed house would cost round there, I imagine it isn't all that cheap, but my dad lives in one of the towns on the Colchester line. It's quite easy to get into London from there.

But with the best will in the world this property is over 4000 sq ft in size. That’s a big property by any standard. If this is the type of square footage you want then of course you’re going to have to pay a premium for it.

Erm I thought I was being unreasonable 15 years ago when dh was the soul income on 45k and I felt we missed out on any help with childcare.

We're now earning 80k joint income, work FT, 2 kids at school etc. We're the squeezed middle op yet still I recognise how fortunate we are!

300k a year and you're complaining about your lot in life. You need to re group op. Imagine those who earn an average wage and less at the moment. They know what financial struggle is.

Look at the quality of life you and your family have now and compare it with the quality it would be if you moved/changed jobs. There lies your answer

There’s nothing wrong with wanting whatever house you like. But if that costs £6k per month, then with childcare and commuting costs of 2.5k, you’re not going to be having multiple holidays, fine dining and designer clothes. £300k is a great income but it doesn’t buy all of that so you prioritise. Is it the house or the other stuff? Or is it time with your children and a total change of lifestyle. Only you can decide that.

ok this has officially jumped the shark now OP. That place is gorgeous. I don't drive so wouldn't want to be 2 miles from a station though.

Yes, but I only bought my flat (while I was a lone parent I should add) four years ago.

I think in the middle of so many people struggling to even get food for their families, your post is just way too insensitive OP. You have no sense of how lucky you are and that comes across. I really couldn’t care about how hard it supposedly is to not even have 4000 square feet to live in!

@motherofkevinnotperry honestly im not complaining about our lot in life. I appreciate others have less. I am aware that it is a privilege to not have to worry about bills at the end of the month.
Im just more interested in who can afford these properties! I’ve never said we struggle financially. But is it so wrong to have aspirations for a bit more ?

I’m off to bed now, but even I’m now wondering whether this is real or not.
of course if you want a property of over 4000 sq ft then it comes at a price and one that you can actually afford.

There are loads of houses with a generous footprint of 2500 sq ft that would be great family houses.

You say you aren’t bemoaning government support and then claim why there isn’t more for high income families?

@Simonjt woukd you share how much your flat cost?

I think your answer is yes. Neither money nor a job that requires you sacrifice your life ever made anyone happy. Given you say your job is niche, could you reduce your hours to 4 days and work a couple of those from home?

You wouldn't be limited to a '4 bed 80s build' though. This house is similar to what you posted, close to a station on the Euston line and under 1 million. It was the first hit I got on righmove for 5 bed houses within a 5 mile radius of Watford (random choice of commuter town) so I doubt it's an isolated example.
https://www.rightmove.co.uk/properties/125620853?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

@friendlycat i don’t think I said there should be more support for high income families . I’m just saying it should probably be means tested for tax free childcare to protect single parents.

and no, that’s not a property im interested in….it was an example of what I believe is an overpriced large family house

Who can afford them? Plenty of people who have more money or earn more than you or maybe earn similar but prioritise a house over other things etc. 🤷🏻‍♀️

No, but its a three bed, about 1,300 sq ft, two parking spaces and a concierge.

That's really dumb, if everyone got government benefits then who would actually be paying for anything. Already about half take more than what they put in. You do understand taxes is what the government money is right, and that someone has to pay for it 🙄 it's not just random money that appears from nowhere. They more I read if your posts the less intelligent you sound, there has to be a line somewhere. I don't want or expect any benefits, we all make our choices. Why should people earning far less than you, pay taxes so you can have a huge house in London. I've changed my mind now and agree with other posters, you sound completely tone deaf 🤦🏻‍♀️

@Simonjt and you afforded it solely by being careful with your expenditure and savings?

Yes, basic financial sense.