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GFunk 
LSU Fan
Denham Springs
Member since Feb 2011
7643 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 1:23 pm to TigerMan327)
quote:
TigerMan327
quote:
Can pay bills without risk of living paycheck to paycheck with ~400k house and occasional nice things\vacations.
In Louisiana, $400K for a house will put you on the Amite River Diversion Canal, which is some of the priciest real estate in the state.
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4607 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 1:26 pm to GFunk)
400k will buy you two half acre lots in my neighborhood 
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goodgrin
LSU Fan
Atlanta, GA
Member since Nov 2003
1095 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 1:36 pm to Bayou Tiger)
quote:
Standard of living and sustenance based on... Lower class: Government support Middle class: Salary,wages, and compensation Upper class: Income from assets, investments, etc Just my random opinion
Nice summary..... pre 2012.
Today:
Lower class: Government support, dependent on family, friends, life behind the eight ball, no goals in life other than maybe winning the lottery.
Middle class: Salary, wages, compensation, beginnings of government support like Food Stamps, New year's resolutions, but no written goals and just one or two paychecks from being in serious financial trouble.
Upper class: Income from assets, investments, own non MLM businesses that allows the owner pay themselves enough to enjoy a higher standard of living than 95-97% of the population. Have written goals with action steps, review them regularly and makes adjustments quarterly, have assets and wealth that's 10-100 times greater than the 95-97%.
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GFunk
LSU Fan
Denham Springs
Member since Feb 2011
7643 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 1:40 pm to ItNeverRains)
quote:
ItNeverRains
quote:
400k will buy you two half acre lots in my neighborhood
There's actually another filing in The Waterfront called Sanctuary. It'll eventually be gated access but they started off at $250K/lot. But by and large, Waterfront & Waterfront East on that side of Diversion all have homes at the ~$400K price point.
Again, the inhabitants of that neighborhood are not anywhere near middle-class status as far as Louisiana is concerned. In my original response, I indicated that it depends a lot on where you live. The cost of living in Louisiana is dramatically different compared to other places around the country.
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dewster 
Maryland Fan
TN
Member since Aug 2006
4439 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 4:14 pm to goodgrin)
Pretty good definition.
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jimbeam
LSU Fan
Patrick F. Taylor
Member since Oct 2011
16148 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 4:26 pm to dewster)
so if i plan to make 50-60k out of college as a single guy, i'm lower class? 
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dewster
Maryland Fan
TN
Member since Aug 2006
4439 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 4:50 pm to jimbeam)
With no kids, that level of income provides a very decent lifestyle IMO.
This post was edited on 2/20 at 4:50 pm
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jimbeam
LSU Fan
Patrick F. Taylor
Member since Oct 2011
16148 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 4:54 pm to dewster)
i mean, that's what I thought.
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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
2939 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 7:24 pm to goodgrin)
quote:
Lower class: Government support, dependent on family, friends, life behind the eight ball, no goals in life other than maybe winning the lottery. Middle class: Salary, wages, compensation, beginnings of government support like Food Stamps, New year's resolutions, but no written goals and just one or two paychecks from being in serious financial trouble. Upper class: Income from assets, investments, own non MLM businesses that allows the owner pay themselves enough to enjoy a higher standard of living than 95-97% of the population. Have written goals with action steps, review them regularly and makes adjustments quarterly, have assets and wealth that's 10-100 times greater than the 95-97%.
Those clarifications seem reasonable. I guess that puts me somewhere around upper-middle class. I have salary/wages/compensation but none of the rest of the middle class description. And I am definitely not upper class.
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VABuckeye 
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
8139 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 8:43 pm to ItNeverRains)
According to the census bureau those stats for Franklin are whack. The median income there is $77,000.
I get to work in the top median income county (Loudoun) and live in the second (Fairfax) in the nation. I can't wait to get out of this rat race and retire.
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Fat Bastard 
New Orleans Saints Fan
Paradise
Member since Mar 2009
13493 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/20/13 at 9:05 pm to jimbeam)
quote:
so if i plan to make 50-60k out of college as a single guy, i'm lower class?
pure white trash son
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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1296 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/21/13 at 8:14 am to Fat Bastard)
He better find him a wife that will work and support him. Otherwise he's screwed
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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
115718 posts
 Online
| re: Definition of lower\middle\upper class?? (Posted on 2/21/13 at 8:28 am to TigerMan327)
I would say middle class is 50K-150K
Upper middle 150K-400K
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tirebiter
LSU Fan
ATL
Member since Oct 2006
4470 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/21/13 at 12:25 pm to goodgrin)
quote:
Upper class: Income from assets, investments, own non MLM businesses that allows the owner pay themselves enough to enjoy a higher standard of living than 95-97% of the population. Have written goals with action steps, review them regularly and makes adjustments quarterly, have assets and wealth that's 10-100 times greater than the 95-97%.
Let's see, the bottom of the top of that 97% starts around $2.5M to $3M NW, so $25M to $300M NW range by your estimate. There is a thing such as upper class/wealthy, and then substantially above and beyond which would be elite. $300M NW might not be $1B, but would still be considered ultra wealthy IMO. Do the research on how many households have $25M net worth and repost.
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4607 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/21/13 at 12:49 pm to VABuckeye)
quote:
According to the census bureau those stats for Franklin are whack. The median income there is $77,000..
Median priced home in 37069 is 350k if median income was 77k, we wouldn't have enough residents qualify to buy median price home.
37064 & 37067 trash
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tigersnipen
LSU Fan
Member since Dec 2006
585 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/21/13 at 6:46 pm to ItNeverRains)
quote:
Median priced home in 37069 is 350k if median income was 77k, we wouldn't have enough residents qualify to buy median price home.
 It would be tough but someone making 77k can get a 350k house. I wouldn't recommend it but they can afford it if they choose to be house poor. Looking at about $1900 a month at 3.5% with 5% down. That would be roughly 30% of their gross salary. If they have good credit they can qualify.
Now with that being said it would be foolish to buy a 350k house on 77k but it is doable and banks probably qualify people every day.
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LSUwag
LSU Fan
Orlandeaux
Member since Jan 2007
5088 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/21/13 at 7:39 pm to wiltznucs)
quote:
Lower: Less than $75,000
Lower Middle: $75,001-$150,000
Upper Middle: $150,001-$225,000
Upper: More than $225,001
I wouldn't consider anything less than 500K to be even close to hitting upper class.
I don't define class by income as mush as I do be effort to make an income. Poor people work their asses off for very little. Middle class also work their asses off , just for more. Upper class do a lot less but make huge money for their efforts. It's more about effort than income.
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UncleJEAUX
Member since Apr 2012
47 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/21/13 at 7:40 pm to dewster)
[quote]Definition of lower\middle\upper class?? If you define class by earned income, you are probably not upper class. This is borderline subjective....much like the "fair share" rhetoric. There's always someone more rich than you. I'll say this: in almost all areas in this country, the family earning $250,000 annually has way more in common with a family earning $30,000 annually than they do with Warren Buffett, Bill Gates, or most US presidents. [/quote/]
This kid nailed it
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4607 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/21/13 at 7:54 pm to tigersnipen)
quote:
It would be tough but someone making 77k can get a 350k house. I wouldn't recommend it but they can afford it if they choose to be house poor. Looking at about $1900 a month at 3.5% with 5% down. That would be roughly 30% of their gross salary. If they have good credit they can qualify. Now with that being said it would be foolish to buy a 350k house on 77k but it is doable and banks probably qualify people every day.
What color is your cape Captain Literal? Ok, the % of people who would qualify/be willing to be house poor would leave us a shortage of buyers IMO.
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fontell 
Auburn Fan
Montgomery
Member since Sep 2006
1744 posts
| re: Definition of lower\middle\upper class?? (Posted on 2/21/13 at 8:46 pm to ItNeverRains)
Do u eat bologna, chicken, or steak?
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