Detroit

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Detroit

  1. 1. DetroitMichigan<br />COST OF LIVING ON YOUR OWN:<br />Swathi Narayanan & Elizabeth Yang<br />
  2. 2. Introduction<br />Swathi Narayanan<br />Income: $40,000<br />Elizabeth Yang<br />Income: $40,000<br />Total Household Income: $80,000<br />
  3. 3. Narayanan/Yang Gross Income: $40,000<br />Taxes (Federal Tax, MI State Tax, FICA, and Medicare): $8560<br />Disposable Income (after Taxes): $31,440<br />Household Disposable Income (DI x2): $62,800<br />
  4. 4. Healthcare<br />Blue Cross/Blue Shield MI Health Insurance<br />Medical PPO – Young Adult Blue Max<br />Monthly Rate: $95.41<br />Annual Out-of-Pocket Maximum: $1144.92<br />Deductible: $1000<br />Household Insurance Payment: $2289.84<br />Household DI after Healthcare: $60590.16<br />
  5. 5. Savings<br />10% of the Household DI (after Taxes and Insurance Payments)<br />Total Household Savings: $6059.02<br />Household DI after Savings: $54531.14<br />
  6. 6. Housing<br />Alden Park Towers<br />8100 East Jefferson Avenue<br />Detroit, MI 48214<br />Monthly Rent: $600<br />Yearly Rent: $7200<br />Renter’s Insurance: Allstate Insurance - $17.00/month; $204.00/year <br />DI after Rent: $47127.14<br />
  7. 7. Food<br />Household Weekly Cost of Groceries: $100.00<br />Yearly: $5,200<br />Eating Out Allocation:<br />Swathi (Weekly): $30.00<br />Elizabeth (Weekly): $30.00<br />Household Yearly Cost: $3120.00<br />Total Yearly Cost of Food: $8320.00<br />Household DI after Food: $38807.14<br />
  8. 8. Transportation<br />Public Transportation: Bus<br />Line runs alongs Jefferson Avenue<br />Only 20 mins to center of Detroit<br />Monthly Bus Pass (per Individual): $47.00<br />Household Bus Pass Cost: $94.00<br />Total Yearly Cost: $1,128.00<br />Household DI after Transportation: $37679.14<br />
  9. 9. Utilities<br />Housing Rent covers: Cable TV, High Speed Internet Access, Water and Heat, Fully Furnished Kitchen w/ Dishwasher, Laundry<br />Annual Netflix Account: $96.00<br />Emergency Fund: $1000.00<br />Cell phones & Cell phone plans: $199.96<br />Annual Cost of Utilities: $1096.00<br />Household DI after Utilities: $36383.18<br />
  10. 10. Fun<br />Visit Detroit’s Museums, Theater District, Libraries, Detroit Symphony Orchestra, and go shopping<br />Monthly Expenses (per individual): $374<br />Yearly Expenses (per individual): $4488<br />Annual Household Expenses : $8976<br />Total Household DI after Fun: $27407.18 <br />
  11. 11. Analysis<br />Household DI after expenses: $27407.18<br />Narayanan DI: $13703.59/year<br />$1141.97/month<br />Yang DI: $13703.59/year<br />$1141.97/month<br />The leftover Disposable Income will go into Narayanan/Yang savings<br />
  12. 12. "Alden Park Towers (8100 East Jefferson Avenue) - Detroit, MI - Motor City Apartments." Apartments - Motor City Apartments. Web. 06 June 2011. <http://www.motorcityapartments.rentlinx.com/Property.aspx?PropertyID=132456>.<br />Health Insurance from Blue Cross and Blue Shield Companies – BCBS.com. Web. 06 June 2011. <http://bcbs.com/>.<br />"Income Tax Division." The City of Detroit. City of Detroit ITS/Communications and Creative Services Division. Web.<br />"Things to Do in Detroit - Detroit Attractions - TripAdvisor." Reviews of Hotels, Flights and Vacation Rentals - TripAdvisor. Web. 04 June 2011. <http://www.tripadvisor.com/Attractions-g42139-Activities-Detroit_Michigan.html>.<br />Renter's Insurance from Allstate Renters Insurance. Web. 04 June 2011. <http://www.allstate.com/Renters>.<br />Cell Phone Plans from Verizon Wireless. Web. 06 June 2011. <http://www.verizonwireless.com/b2c/index.html >.<br />Bibliography<br />

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