What would you call an average wage?
- Thread starter Sparky
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Around £34k here in Yorkshire. Just about manage to live comfortably. Cannot imagine living down south with any less? I think in my workplace staff London side are on about £7k more.
Myself and my partner have a combined income of around £56k. We don't have any children, both own our own cars, have a mortgage on a nice enough house, go on holiday every year and have ocado delivered every week. We live in Cheshire.
Would I saw our income is average? No.
Would I saw our income is average? No.
If you both work full time that is below average.
Soldato
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That doesn't sound right. Average house price is £267,000, take off £26k for a 10% deposit and you've got 5 times earnings of £48,200.
Caporegime
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I also think average wage and average household earnings are not the same. I am on way above average but my partner is on minimum. I doubt there are many households where both are on decent wedge. At least I haven't met anyone yet.
Soldato
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crikey a know a few couples with kids who bring in less than that, about 45-50k ish.
Mortgage affordability calculators suggest it's difficult to borrow anywhere near the level you're suggesting on earnings of £48,200. Who is giving out five times earnings mortgages?
No. Not at all. There are people earning over 50k a year who are not "doing well" and are stuck in rent traps with little disposable income. It completely depends where you live and your circumstances and dependents etc. A better term would be "household income". Someone might earn 40k but be struggling to raise a family. Where as a household that both earn 40k giving a combined 80k might be "doing well".
Massive differences across the UK based on location.
I know quite a few.
I'd say I'm about average for my situation.
44 me
25 partner
260k house with 215ish left (bought last year)
Don't struggle and I feel fine for money. Plenty enough to save for a better house, holidays, home improvements.
For me as we don't have kids and won't have kids it seems like a good income.
If you throw kid/s into the mix I'd say it would feel about average.
Mortgage debt makes a dent though!
On plus side I pay my student debt off this year. Which will be an extra 200 a month.
When got house it was at the very max of what bank would let us borrow.
They even questioned the low 'cost of living' expenses I put on. I had to have a call to explain why it was so low. It feels right on average. Salary, house. All feels average. But feels above.
When got house I was on 34 and her 23
60*4.5 basically so yeah the limit. (just worked it out, was a little bit under) It was actually the deposit that was an issue as I was not having anything else than a detached house. And it was hard reaching that price point
When I was on 34 I actually kind of agree with banks lending limit. Any more than 800ppm would have been OK, but a definite burden
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Caporegime
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Sure there are.
Maybe without children but someone has to make a career sacrifice to bring up kids unless you just want to dump them on grandparents?
Soldato
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You are partially right. It looks like 4-4.5x earnings is more the norm now rather than 5 like it used to be.
Quickly running through the Halifax calculator gets me 4.75, so with that £48,200 I mentioned Halifax would offer £228,950, so plus the 10% deposit of £26,700 does leave a shortfall of around £11k against the £267,000 property.
So yeah, My £48,200 is a tiny bit too low, and your £60-65k is a high.
Then kids grow up .....
Perhaps @Puzzled will explain his £60/65k figure.
4.75 seems to be the maximum and many will have existing financial commitments which will reduce that on affordability grounds.
BTW, have you sorted your COVID vaccination yet?
Crewe is Cheshire East, yeah?
Of so then it would appear you have a combined income of below average for the county / area:
https://www.plumplot.co.uk/Cheshire-salary-and-unemployment.html
Soldato
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Nope not done anything yet. I do need to get on it though.
Soldato
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There really are. Know a lot of couples on very very good wages, even some with young kids. A few have a nanny's and others are in nursery full time. I do agree with you though that generally one patent will have to curtail or sacrifice their career quite considerably for childcare. My wife for example works 3 days week. Thankfully she still earns good money but can only work because we have the support of grandparents. Without them she'd really struggle to do full days.
I can understand why people opt not to have children.
If you're in this situation and have two children one person won't be able to work for some time. My wife really needs to return to work but with two kids under 4 , that's going to be expensive for child care, might have to wait until they are at least 5/6. Really need to be careful not to have any more kids!
If you're in this situation and have two children one person won't be able to work for some time. My wife really needs to return to work but with two kids under 4 , that's going to be expensive for child care, might have to wait until they are at least 5/6. Really need to be careful not to have any more kids!
Caporegime
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Leaving your children in care for the vast majority of their childhood is also bad in my opinion but that is a completely different discussion but that was my point to bring up your own children one needs to make sacrifice in wage. You can both have it but at the detriment of your child's up bringing.