paolo12345

Dear all,
despite teh fact that of course this is VERY strange question,
I would like to know witch salary could garantee a good European life style in HK, for a family of two plus a 3 year old kid.

that should include house rent (1000 Sft more or less), international school, eat and so on.

I'm not saying that I want Ferrari, but just to have an idea what is the baseline

thanks a lot

BR
Paolo

hong_konger

International schools will cost between HK$120-200k+ per year per child. Some schools require substantial debentures / deposits et. Add to that school bus fees HK$1-1.5K per month, uniforms, and extra-curricular activities, school lunches, books, examination costs and it will probably be cheaper to get a Ferrari !!

Housing depends where you choose to live. For 1000sf you are looking at a rental of between HK$20k to 60K ++ for an apartment.

Cost of running a car is like Europe (fuel prices the same), parking can be expensive.
Public transport is very good in HK and very cheap. Taxis are relatively cheap compared to Europe.

Supermarket costs are higher than in Europe as plenty of imported goods but good local cheap goods are available in the markets.

Eating out depends where, from very cheap to crazily expensive.

Ciao

penguinsix

We can throw out ballparks but it's really going to depend on your tastes.

The biggest factor is rent, so take a look at squarefoot.com.hk or gohome.com.hk and price out a building that you would feel comfortable living in. Pay attention to what neighborhood you are in as it will affect what international schools are nearby.

NOTE for a 3 year old the school application season for many schools starting in the fall 2015 is NOW!--Seriously--you need to get on this NOW if you want entrance to some schools in the Fall of 2015.

If you want to buy brand name Western foods, i.e. the stuff you would actually get in Europe, you'll pay more than you would pay back in Europe. Take a look at wellcome.com.hk or Home - Market Place by Jasons and see what the prices are for certain items.

Domestic helpers are cheaper, and public transit as well (you may not even need a car). Furniture is relatively cheap and you can find quite a few "I'm moving--buy this" sales to get an even better deal.

Personally I feel it takes more income here to maintain the same standard of living I had back in the West. But if you are willing to adopt to some of the local offerings (cheaper and smaller buildings, local foods, etc) you can save quite a bit.

paolo12345

Thanks for replies; is a gross salary between 150k$ To 200k$ Per year enough for standard living or you would face economic restrictions?

Thank

hong_konger

If that is US$ then yes, that would give you a good standard of living. If that's HK$ then no not possible.

paolo12345

yes is us $ :-)

thanks
Paolo

penguinsix

It's really a "how long is a piece of string" since we don't know your standard of living in the US or what you desire here. I think you've already figured that the size requirement of your housing is probably going to be reduced compared to back in the West. The next question is the quality and amenities. Are you willing to live in an older building, not as nicely decorated, few extras, or do you want a more modern building, swimming pool and play room for the kids, shiny elevators in the lobby? And of course location, location, location.

Rent and international schools are going eat a large portion of your income, so it's going to come down to where you live and what sort of place. If you are talking a modern building in an expat area with the finance crowd, you can spend $60,000 HKD easily and be in the middle range of buildings.

Ok...hmmm...

So I just got the class list of all the kids in my son's kindergarden at international school on the South Side. I googled the apartment buildings listed for the parents and estimated the rent for them with a baseline of a 2 or 3br unit. The average price over 18 families was $100,000 HKD a month. The median was $80,000 HKD a month. The low was $45,000. The high was $230,000. That's what "Keeping Up with the Jones" would cost at my son's school.

You don't have to join the rat race--not by a long stretch. You can get by on a much much lower budget than my son's classmates and still have a nice modern place to live and a decent education for your children. You may be a bit further out from the city core but there are many options for living a lower-cost lifestyle than the "spend money like water" finance crowd.

$200k USD will go a long way to settling here, but you'll get far more for your money living in the US on $200k than you will here. I'm not trying to discourage you--far from it--this is a great adventure living here and with a 3-year-old now is the time to go for an expat experience. But you won't be living "without a financial care in the world". You'll be able to have a decent lifestyle, but you will be watching your budget.

p.s. are you a US citizen or green card holder? Don't forget you'll have to factor in Hong Kong and USA taxes into your calculations. Also look up FBAR and FATCA as you will / may have those reporting requirements as well.