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Middle class in Louisiana… how much?
Posted on 8/8/24 at 1:51 pm
Posted on 8/8/24 at 1:51 pm
I’ve always thought of myself middle class. With Bidenomics at work, like most here, I’ve really felt it in the last 6-12 months.
Paychecks not lasting as long as they used to…. Savings slowly being drained….
So what would you say an $120-130k annual combined income with a college age and middle school aged kid at home, fall.
Paychecks not lasting as long as they used to…. Savings slowly being drained….
So what would you say an $120-130k annual combined income with a college age and middle school aged kid at home, fall.
35
Posted on 8/8/24 at 1:52 pm to xBirdx
Tree fiddy
Posted on 8/8/24 at 1:54 pm to Commandeaux
Combined income in the 175k range to live like you’re in the middle class, but save very little
Posted on 8/8/24 at 1:54 pm to xBirdx
One slip up away from the cheese line.
Posted on 8/8/24 at 1:55 pm to xBirdx
probably like 20k a year for a househould... everyone there is poor
Posted on 8/8/24 at 2:00 pm to xBirdx
A lot of people are stretched thin these days, esp if you have multiple kids. We are six figures between us, but toss in private school, braces, outrageous grocery bills, high arse utility bills, etc, and it’s tough. The last few years has been more about survival rather than getting ahead.
Posted on 8/8/24 at 2:08 pm to xBirdx
it may not feel like it id say your squarely in mid class, maybe upper mid.
Posted on 8/8/24 at 2:09 pm to xBirdx
Depends where you are.
Let’s say Alexandria, Louisiana. To be in a safer area, probably $350k house. Let’s say you buy now with 20% down that’s gonna be $2k mortgage. Insurance, property taxes, let’s add another $350 on there.
Very rough back of napkin math. 2 adults 2 kids. Not watching money like a hawk.
Housing - $2350
Gas/Maintenance - $225
Cars - $600 ( 2 notes)
Car insurance - $150
Medical - $300
Phone - $125
Internet - $80
Subscriptions - $125 (any you want, middle class)
Groceries/household supplies - $1500
Eating out - $1000
Utilities - $200
Water/trash - $70
Gym - $80
Incidental - $1000
After taxes about $7800
Also probably want to be putting back $1000 a month to retirement.
Probably close to gross $11000 a month.
HHI income of $132k assuming no cc debt and already have an e fund.
Let’s say Alexandria, Louisiana. To be in a safer area, probably $350k house. Let’s say you buy now with 20% down that’s gonna be $2k mortgage. Insurance, property taxes, let’s add another $350 on there.
Very rough back of napkin math. 2 adults 2 kids. Not watching money like a hawk.
Housing - $2350
Gas/Maintenance - $225
Cars - $600 ( 2 notes)
Car insurance - $150
Medical - $300
Phone - $125
Internet - $80
Subscriptions - $125 (any you want, middle class)
Groceries/household supplies - $1500
Eating out - $1000
Utilities - $200
Water/trash - $70
Gym - $80
Incidental - $1000
After taxes about $7800
Also probably want to be putting back $1000 a month to retirement.
Probably close to gross $11000 a month.
HHI income of $132k assuming no cc debt and already have an e fund.
Posted on 8/8/24 at 2:16 pm to Odysseus32
quote:Prayers sent to anyone even hypothetically having to live in Ellick.
Let’s say Alexandria, Louisiana.
Posted on 8/8/24 at 2:17 pm to soccerfüt
I preciate you. I’m across the river, but still. Hard out here.
Posted on 8/8/24 at 2:18 pm to Odysseus32
quote:
Groceries/household supplies - $1500
Eating out - $1000
Spending $2500/mo on food seems a bit excessive for a middle-class family
This post was edited on 8/8/24 at 2:19 pm
Posted on 8/8/24 at 2:22 pm to fallguy_1978
Also TP, Detergent, paper towels, any other household supplies.
But also my sister has 3 kids and I see what they spend on food. I think it’s very dependent on where you eat, how much you eat out, what groceries you buy.
But also my sister has 3 kids and I see what they spend on food. I think it’s very dependent on where you eat, how much you eat out, what groceries you buy.
Posted on 8/8/24 at 2:22 pm to Odysseus32
quote:
Groceries/household supplies - $1500
Jesus Christ you bunch of lard asses
JK.
Posted on 8/8/24 at 2:27 pm to xBirdx
its not really subjective....its the +/- 25% on each side of the median in terms
so
understand its not 25% money wise....but what the 75th percentile makes
you would technically be in the high middle class bracket as is.
doesnt feel like it but that is how the numbers work out.
so
quote:
(According to a 2024 study by SmartAsset, a household in Louisiana with an income between $36,940 and $110,832 is considered middle class. This puts Louisiana in the top three states with the lowest-earning middle class, along with Mississippi and West Virginia. The median household income in Louisiana is $55,416)]
understand its not 25% money wise....but what the 75th percentile makes
you would technically be in the high middle class bracket as is.
doesnt feel like it but that is how the numbers work out.
quote:
When adjusted for inflation, the data reveals that Louisiana’s middle-class families must earn between $41,099 and $123,328 annually to maintain their status as an economic social class.
This post was edited on 8/8/24 at 3:04 pm
Posted on 8/8/24 at 2:31 pm to Odysseus32
quote:
Also TP, Detergent, paper towels, any other household supplies.
But also my sister has 3 kids and I see what they spend on food. I think it’s very dependent on where you eat, how much you eat out, what groceries you buy.
We've been a family of 4 up until relatively recently (3 now). We probably spend $800-1000/mo on all of that, including eating out.
Posted on 8/8/24 at 2:31 pm to xBirdx
The median household income in Louisiana is ~$58,000
A household income of $100,000 would put you in the top 20% of households
A household income of $100,000 would put you in the top 20% of households
This post was edited on 8/8/24 at 2:33 pm
Posted on 8/8/24 at 2:32 pm to xBirdx
quote:
$120-130k annual combined income
Not middle class. If it is it’s the bottom of the barrel middle class.
Posted on 8/8/24 at 2:32 pm to lsu777
quote:
between $36,940 and $110,832 is considered middle class
I can't even imagine what life would be like at $40k a year with kids.
After tax, that's gotta be close to only $2,500 a month. OUCH.
Posted on 8/8/24 at 2:36 pm to xBirdx
My wife and I make about 150k combined and live in a house we bought for 130k. Only have one car note and it still feels like we aren't ever able to save as much as we should. We eat out maybe twice a month. We don't have kids. I don't see how folks with 3 or 4 kids at this income level are swinging it.
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