For a high cost of living area such as New York, with a family to support, it is unfortunately very low - couple that with their title and years of experience,

For a high cost of living area such as New York, with a family to support, it is unfortunately very low - couple that with their title and years of experience, it is just factual compared to the market that they could be earning near double. At $110k a year, you are looking at a $6k monthly take home; over 1/3rd of that is going to the mortgage OP posted, and they have three children. Once you add insurance, groceries, and other obligations (such as perhaps a car + insurance), it becomes very easy to fall in to the paycheck-to-paycheck life. Yes, $110k is a lot of money, but it quickly disappears depending on where you live - for perspective, based on cost of living, this would be equivalent of earning $41k a year in Kansas City, KS/MO, or $37k in Birmingham AL -- cost of living plays a huge factor, and not accounting for that is the actual loss of sense and perspective.