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Is 120,000 $ yearly good pay?

In Canada, that's the average yearly salary for a doctor. Would that support a 5 member family? What kind of house could that buy, and would life be comfortable. Lets say, my wife brings in 65,000 a year too.

6 Answers

  • dog ma
    Lv 7
    9 years ago
    Favorite Answer

    Canada is a very big place with very different real estate markets. That might be a substantial income in Medicine Hat, but not near enough to live on in Toronto....

    If the doctor has to pay back his student loans, support an office, and pay for malpractice insurance, $120K would not be near enough!

    Source(s): Real estate broker, landlord
  • 9 years ago

    With a total gross household income of 185K, why wouldn't that be a good pay? The question IS how 'comfortable' are you willing to live life especially with 4 kids? I've come across similar household incomes but with much incurred debt/liabilities and then those that have minimal debt and an abundance in asset reserves. You can easily afford a mortgage payment on a 600K home but need to consider if you will be able to put down 20% toward the purchase or the minimal down if you go with an FHA loan. Property taxes, hazard insurance, etc, will also play a factor in your monthly payment. Are you considering putting money away for retirement or for the children's education? Many factors to consider but overall, if you live frugally, yes that's a good pay.

  • Anonymous
    9 years ago

    It's usually 2 1/2 times your total salary.

    Source(s): Retired bill collector 35 years
  • Anonymous
    9 years ago

    you could live very well with that much money annually

    and your other questions have a lot of variables that we cannot evaluate. We don't know what part of canada, average home prices, features you are looking for in your home, what hobbies your family has ect. also take into account that becoming a doctor is very expensive (undergraduate and med school)

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  • ?
    Lv 7
    9 years ago

    A $120,000 income puts you in the top 10% of wage earners. That means that 90% of the people make less than that!

  • Rob
    Lv 7
    9 years ago

    even is usa u would b in top 5% earner.

    as for comfort living, unless u family act as

    brat kids u can have great life.

    understand u have to control ur spending

    or it controls u.

    Source(s): been there
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