Income and aircraft survey

TexasAviation

TexasAviation

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TexasAviation
I'm in the process of saving up money for my first airplane, and I know aviation is a hobby that can eat up your entire income (and then some) if you let it. Airplanes are 'spensive!

So that made me wonder ... what percentage of annual income do airplane owners spend on their planes?

I set up an anonymous survey for aircraft owners. It asks three simple questions: What's your annual household income? How much is your aircraft worth? And what do you spend per year on aviation?

https://www.surveymonkey.com/s/3YQP9M9

It's not scientific by any means. I just want to see how those ratios break down.

I'll be glad to share the results when it's done. I bet the responses will be all over the map, but I'm curious to see how they average out.
 
Can't wait to see the results. Please post when you can!
 
I know the first 2 answers. I know better than to track the 3rd.
 
The monthly expenses for flying is on par with the monthly expenses for having a child
 
SixPapaCharlie said:
The monthly expenses for flying is on par with the monthly expenses for having a child
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Disagree. Plane is significantly more expensive.

When we had our daughter, I barely noticed the impact. The plane - I notice. Maybe that's because I track plane expenses better, however.
 
Wish I owned a plane and could take the survey.
I'm sure there will be some correlation between income and airplane, but not perfect. Someone with four kids, two of which are in college, will have a different level of disposable income than a couple that doesn't have kids.
 
Agreed. Lifestyle has way more to do with what you can afford than household income.
 
Should ask # cars, boats, campers, and exwives. And how far your house is from an ocean, that's a big dollar to mile correlation. Dumping toys and dumping toy debt most people could afford a plane. Most don't have the will to stand up to consumer peer pressure and the airplane that they could afford would never be on the cover of flying mag. So they'd rather have a pontoon boat and wank off to pictures of turbine airplanes. Heard there is a flight school in Cali that practically gives airplanes away
 
Never, never, ever figure out how much you are spending on owning an airplane.
 
I spend wayyyy to much on airplane stuff. I have to force myself to not fly more than a few hours per week or it gets really out of control. I love flying and the more I fly, the better I am at it which makes me want to fly more and more. Yes, I am addicted! Just put me on that stupid, I spend more than I make side.
 
I don't know and I don't want to know.

My plane is my pastime as opposed to golf, or gambling, or sailing, or whatever floats other men's boats. Flying takes me away from spending $$$$ somewhere else.

It's a matter of allocation. ;)
 
I'd be willing to bet I could win the lowest income/highest number of vehicles contest, and I bet I spent more on flying this year than I took in income. It's a disease more than a hobby. I think my boat is ****ed at me now though, it hasn't seen water in 9 months or so.
 
StinkBug said:
I'd be willing to bet I could win the lowest income/highest number of vehicles contest, and I bet I spent more on flying this year than I took in income. It's a disease more than a hobby. I think my boat is ****ed at me now though, it hasn't seen water in 9 months or so.
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Hmm. You might have a problem, sir.
 
Twenty responses so far. Keep 'em coming!
 
If I told you how many airplanes I owned in 2014, how much I spent and how much I made I would screw you all up :)
 
dans2992 said:
Disagree. Plane is significantly more expensive.

When we had our daughter, I barely noticed the impact. The plane - I notice. Maybe that's because I track plane expenses better, however.
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Depends on the plane...depends on the kid.
 
Good stuff, but hard to articulate accurately. I could have a much larger airplane, and fly a lot more (or less) etc. Very interested in the results.

The good news is my wife has already said "Yeah, so when we start having kids, as far as I'm concerned the small Cessna is worthless. We'll need to upgrade to one to accommodate the family or whats the point"
 
I can't fill out your survey because I rent, but <2% of household income goes to flying. No toys or toy debt, but after mortgage, taxes, and child care, everything else is down in the noise.
 
I agree with those that say not to dwell on how much your flying costs you.

As long as I am comfortable with the amount that is left over each month so that I can contribute sufficiently to my retirement, then I am happy. If I didn't spend the money of flying, I would probably waste it on things like commercial aviation.
 
gitmo234 said:
Good stuff, but hard to articulate accurately. I could have a much larger airplane, and fly a lot more (or less) etc. Very interested in the results.

The good news is my wife has already said "Yeah, so when we start having kids, as far as I'm concerned the small Cessna is worthless. We'll need to upgrade to one to accommodate the family or whats the point"
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Wife did the same to me...... I'm looking at 2016ish to step into a 6 place with the arrival of #3 a few months ago. I think she thought I'd be like, ok I'll sell and get a suburban...... Not gonna happen. :nono:

So now she gripes about every dime I spend on my Archer if I'm just gonna sell it.
 
I'm in the 15-20% of gross income is spent on flying range. But, I have 0 dependents, 0 debt, and everything is paid off.
 
I probably spend around 3% of my income on fixed expenses. I don't track fuel and oil that much.
 
SixPapaCharlie said:
Private school :(
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That is a good point.

You could easily own/maintain/fly a nice single and even some light twins 100 hrs/year for what it costs to support a kid who goes to some private schools these days.

Thanks 6PC! I just remembered that wife originally wanted 3 kids and we stopped at 2.....I'm well within budget!
 
EdFred said:
I'm in the 15-20% of gross income is spent on flying range. But, I have 0 dependents, 0 debt, and everything is paid off.
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Just out of curiousity, how old are you and how well are your IRA's funded? Maybe it is just because I am close to retirement, but that is important to me. Making sure you are financially prepared for retirement means you won't have to give up flying.
 
Unit74 said:
Wife did the same to me...... I'm looking at 2016ish to step into a 6 place with the arrival of #3 a few months ago. I think she thought I'd be like, ok I'll sell and get a suburban...... Not gonna happen. :nono:

So now she gripes about every dime I spend on my Archer if I'm just gonna sell it.
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At least we have "support". I'm looking at either the 206 or a cherokee six or a lance.
 
I told somebody how much I spent annually when I owned my Maule and was flying it 150 hours a year. His reply was, "I spend more than that on my fishing boat!"
 
JOhnH said:
Just out of curiousity, how old are you and how well are your IRA's funded? Maybe it is just because I am close to retirement, but that is important to me. Making sure you are financially prepared for retirement means you won't have to give up flying.
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I just turned 41 yesterday. I don't spend much money on anything besides flying. I've just instituted a policy of anytime I get 5 figures above my "zero balance" in my liquid account, it goes into a retirement account. Of course all that money will go bye-bye if I ever meet a woman. But knowing how I am none will come near me. So I'll probably be good to retire in 10-15 years.
 
What's the old saying? "If you have to ask, you can't afford it."

I owed several jet boats through the years. Our family weekend transportation operating expenses dropped significantly when I sold the last boat and bought an airplane. Acquisition expense is offset by asset value. The big new cost I had to account for was insurance. Time in transit favors flying. What's that worth? Some of you fly as a hobby. I fly primarily for transportation and because it suits me better than my alternative options. Flying isn't a burden, it's a solution.
 
Stewartb said:
What's the old saying? "If you have to ask, you can't afford it."
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Most smart aircraft buyers I come across are specifically looking to figure out costs.
 
perhaps you might address the question by providing an answer rather than discrediting somebody else's opinion? The question was about percentage of income spent on flying. That's a pretty broad topic and the cost of flying is not the root of the question in my mind.
 
Stewartb said:
What's the old saying? "If you have to ask, you can't afford it."

I owed several jet boats through the years. Our family weekend transportation operating expenses dropped significantly when I sold the last boat and bought an airplane. Acquisition expense is offset by asset value. The big new cost I had to account for was insurance. Time in transit favors flying. What's that worth? Some of you fly as a hobby. I fly primarily for transportation and because it suits me better than my alternative options. Flying isn't a burden, it's a solution.
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I tend top agree. Nobody ever puts the dollar figure on their own time, headaches, etc. I fly for transportation whenever I can. Its cool for recreation too, but I'm willing to pay for less time in transit, less hassle, etc
 
EdFred said:
I just turned 41 yesterday. I don't spend much money on anything besides flying. I've just instituted a policy of anytime I get 5 figures above my "zero balance" in my liquid account, it goes into a retirement account. Of course all that money will go bye-bye if I ever meet a woman. But knowing how I am none will come near me. So I'll probably be good to retire in 10-15 years.
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If it wasn't for women, I could probably have retired at your age.

Happy belated Birthday by the way. I hope you were flying yesterday!
 
JOhnH said:
If it wasn't for women, I could probably have retired at your age.

Happy belated Birthday by the way. I hope you were flying yesterday!
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Nope. Was low clouds and super gusty. But I did a bit over 12 hours over the weekend (MI -> PA -> MA -> PA -> MA -> NY -> MI) so I got my flying in for the week.
 
I spend 40-50% on taxes an various "fees." Everything else is in single digits.
 
I would argue that the survey is irrelevant cuz income to plane value/costs is irrelevant. I know a lot of people that have high incomes but are dead broke due to consumer debt and high cost of living expenses. I also have friends that make a much lower amount of income but have a nice boat and decent cars. It is all about money management and priorities. It dosen't matter how much money you make it matters how much you keep!
 
I believe I am a cheap bastard.
No debt, other than the mortgage for the house, my wife and I have decent jobs, some additional savings, no kids, no boat, no fancy cars, no cabin or other financial obligations and fly a 1966 Cessna 172 with a mogas STC. Fixed costs for hangar and insurance are just $210 / month + maybe another $100 / month for the owner assisted annual.

Regarding the variable costs, I assume per hour around $32 for gas, $10 for the engine overhaul and another $20 for repairs: ~60 - 70 / hour, not including upgrades like paint or a new interior.

At 80 hours / year and $65 / hour, we'd end up at around $8,920 / year, including fixed cost, but still without upgrades. The capital employed for the acquisition of the plane is also not taken into consideration.

This is certainly a lot of money, but still something somebody with a 'normal' job can afford, if he wants to and sets the priorities right.
 
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German guy said:
I believe I am a cheap bastard.
No debt, other than the mortgage for the house, my wife and I have decent jobs, some additional savings, no kids, no boat, no fancy cars, no cabin or other financial obligations and fly a 1966 Cessna 172 with a mogas STC. Fixed costs for hangar and insurance are just $210 / month + maybe another $100 / month for the owner assisted annual.
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Exactly...it is not your income that matters, it is your disposable income that is important and that is determined by your proprieties in life...which applies to any income level.
 
Stewartb said:
perhaps you might address the question by providing an answer rather than discrediting somebody else's opinion? The question was about percentage of income spent on flying. That's a pretty broad topic and the cost of flying is not the root of the question in my mind.
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I didn't answer because my situation is atypical. My point was "if you have to ask, you can't afford" is not the way most aircraft owners (at least in the world I work in) operate.
 
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