Cost of Living Project

Raleigh, North CarolinaPaul Kim & Eric Lee

TaxationPaul Kim:Starting salary: $55,000

Federal Income Tax: - $7,538Social Security Tax: - $2,310Medicare Tax: - $797State Income Tax: - $3,850

Disposable Income: $40,505--------------------------------------------------------------------------------------Eric Lee:Starting salary: $45,000

Federal Income Tax: - $5,037.50Social Security Tax: - $1,890Medicare Tax: - $652.50State Income Tax: - $3,023

Disposable Income: $34,397

SavingsPaul Kim:Disposable Income: $40,505Savings: 5% of D.I. -> $2025.25

Running Total: $38,479.75--------------------------------------------------------------------------------------Eric Lee:Disposable Income: $34,397Savings: 4% of D.I. -> $1,375.88

Running Total: $33,021.12

Housing (1/3)Paul Kim & Eric Lee301 Fayetteville StreetRaleigh, NC 276012 Bed/2 Bath, 1434 sq.ft.

Housing (2/3)

Housing (3/3)Paul Kim & Eric Lee: (split costs)

House valued at: $499,000Down payment: $49,900 (10%)

Mortgage: $14,879.70/personProperty Tax: $2,274.21/personAssociation Fees: $2,568.00/personHome Insurance (Avg): $3,618.00/person

Paul Kim: $38,479.75 -> Running total: $15,139.84Eric Lee: $33,021.12 -> Running total: $9,681.21

HealthcarePaul Kim & Eric Lee: (individual, but same plans)

Blue Advantage (BCBS): Standard comprehensive Plan B -Deductible: $3,500 -Coinsurance: 30% up to $3,000/yr -Primary/Specialist visits: $25/$50 -Prescription drugs: $10/$45 (generic/preferred) -Premium/year: $1,635.72

Paul Kim: $15,139.84 -> Running total: $13,504.12Eric Lee: $9,681.21 -> Running total: $8,045.49

UtilitiesPaul Kim & Eric Lee: (split costs)

Gas (Avg): $100/mo -> $600/personElectric (Avg): $100/mo -> $600/personWater (Avg): $50/mo -> $300/personCell phone (Verizon): $130/mo -> $780/personInternet/Cable (Verizon): $70/mo -> $420/person

Paul Kim: $13,504.12 -> Running total: $10,804.12Eric Lee: $8,045.49 -> Running total: $5,345.49

FoodPaul Kim:$100/week -> $400/month -> $4,800/year

-$50/week on groceries-$50/week on eating out

Eric Lee:$87.50/week -> $350/month -> $4,200/year

-$37.50/week on groceries-$50/week on eating out

Paul Kim: $10,804.12 -> Running total: $5,404.12Eric Lee: $5,345.49 -> Running total: $1,145.49

Transportation (1/2)Paul Kim:New 2011 Kawasaki Ninja 1000 Superbike -Price: $10999, Down: $2000, APR: 4.00% -Payment: $165.73/mo -> $1988.76/year -Motorcycle insurance (Progressive): $1030.19/year -Vehicle Registration fee: $45 (one time) -Gas cost (Avg): $3.50/gal -> $80/mo (equivalent to roughly 800 mi/mo)

Paul Kim: $5,404.12 -> Running total: $1,425.17

Transportation (2/2)Eric Lee:Capital Area Transit (CAT) Bus Pass: $15.00/month -> $180.00/yr

Eric Lee: $1,145.49 -> Running total: $965.49

Extracurriculars (1/2)Paul Kim: -Gym/pool/game room included with condo -Snowboarding (lift passes, boards, repairs, etc): $400/year -Shopping (clothes): $50/month -> $600/year

Paul Kim: $1,425.17 -> Running total: $425.17

Extracurriculars (2/2)Eric Lee: -Gym/pool/game room included with condo -Two movies/month -> $240/yr -One NC Symphony concert/yr -> $100/yr -Clothing shopping $50/month -> $600/yr

Eric Lee: $965.49 -> Running total: $25.49