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Define high cost living area. Wife with 2 kids and a pet, I assume you're going to need at least a 3 bedroom condo for a modest living arrangement.
Where I live, southern California, the average cost for a 3br condo is $4k per month. Mortgages at this time would be way more (standard 20% down).
Someone else estimated 150k is around 8.7k a month after taxes. So that's already almost half your income just for a roof over your head.
Include the expense of kids, student loans, car loans, health insurance, etc. Yeah, paycheck to paycheck isn't unrealistic.
Not everyone was lucky enough to be in the financial place in their life to buy a house 5 years ago.
I'm gonna go ahead and tell you, that's a bit high for after tax.
I make 172/year and after tax and benefits and what not in South Carolina, I'm at 8.6 a month, which is less than the 150 estimate. So in an average tax state and making 20k less? Might be more like 7.5-8.
Edit: granted of course, 401k contribution can change things a bunch
Fair enough. I'm sure there's a calculator to make it easy per state. But yeah, take home is deceptive, because typically someone making that kind of income is going to have health insurance contributions, retirement contributions, social security (not technically income tax, but fair enough to deduct IMO) taken directly out of their paycheck.
Without doing the estimates myself, either of your claims sound plausible, and even taking 8.7k as a generous estimate, it doesn't look good.
Big facts. Worker wages need to be adjusted for the last ${years since Reagan took office and initially screwed everything up for the common American} and then we should be okay.