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re: The average US house now requires a salary of $106k-a-year - $50k more than in 2020
Posted on 3/5/24 at 12:04 pm to mmmmmbeeer
Posted on 3/5/24 at 12:04 pm to mmmmmbeeer
quote:
Lower middle class: This is defined as individuals in the 20th to 40th percentile of household income. Earnings among this group are between $28,008 and $55,000 $14-$26/hr
The teachers, cops and firefighters you mentioned earlier as being firmly middle class.
quote:
Lower class: This is defined as the bottom 20% of earners. Those in the lower class have an income at or below $28,007. $14/HR or less
Secretary at an average local office you mentioned earlier.
This post was edited on 3/5/24 at 12:05 pm
1
Posted on 3/5/24 at 12:05 pm to mmmmmbeeer
quote:
2024 is the first year in US history when the wealth of the top 1% EXCEEDS the wealth of the bottom 50%
I would say blame the government we have had for the past 20 years.
Importing millions of uneducated, unskilled worker.
Deficit spending in good economic times.
Covid stupidity.
You lose ground because of monetary policy, not corporate greed.
Posted on 3/5/24 at 12:05 pm to JohnnyKilroy
quote:
Man millennials and gen z really got fricked over. Much harder for them than previous generations.
I feel like gen Z got fricked hard, I'm a millennial and I don't feel like I got fricked at all. I bought a house in 2017 and refinanced in 2020 to essentially the lowest rate ever offered for a 30 year mortgage. Obviously that's anecdotal, but I have a decent sized social circle and really I can only think of one couple that got royally screwed because they waited too long to buy a house. I'm pretty much right in the middle of the generation (born in 1987), as long as I bought a house by the time I was 34 years old I should've gotten in at a historically great mortgage rate.
Posted on 3/5/24 at 12:06 pm to stout
quote:
But some experts predict that there will be a shift in the housing market in some parts of the US this year, driven by a surge in Baby Boomers downsizing into smaller properties.
Disagree. They will WANT to downsize and then realize is cheaper to stay where they are.
quote:
This, in turn, will free up inventory and bring costs down for first-time buyers.
Sure there will be a few, but not enough to make a difference.
quote:
Analyst Meredith Whitney, who is known as the 'Oracle of Wall Street' after she correctly predicted the 2008 financial crash
Even a low IQ person could have predicted this. Anytime you have low credit score buyers, stated income, loans of 105% of the contract price ...there's gonna be a problem.
quote:
Whitney said homes in New York, New Jersey and Ohio will see a fall in prices.
By comparison, homes in Texas, Tennessee and Utah will remain strong, she said.
1. Everything is regional
2. Historically, Louisiana doesn't follow National trends.
Posted on 3/5/24 at 12:07 pm to Chicken
quote:
What is the median home value?
and what is the median home size?
Posted on 3/5/24 at 12:08 pm to stout
quote:
Lower middle class: This is defined as individuals in the 20th to 40th percentile of household income. Earnings among this group are between $28,008 and $55,000 $14-$26/hr The teachers, copse and firefighters you mentioned earlier.
Cops and Firefighters in my small suburban town start at 50k and top out around 100k (not counting OT and other income from doing side work).
More if they are in leaderships.
Teachers are similar.
Posted on 3/5/24 at 12:08 pm to Supermoto Tiger
quote:
Historically, Louisiana doesn't follow National trends.
Usually because LA is rebuilding from storms so demand stays high in areas from homes lost. This happened to Lake Charles in 2008 which still had shortages from Rita.
Posted on 3/5/24 at 12:09 pm to Dawgfanman
quote:
Cops and Firefighters in my small suburban town start at 50k and top out around 100k (not counting OT and other income from doing side work).
More if they are in leaderships.
Teachers are similar.
Yeah, its around 65-70k to start here. Plus whatever bonuses.
Gold/Silver mines here pay 120k avg, keeps blue collar wages high. Construction has to compete.
This post was edited on 3/5/24 at 12:12 pm
Posted on 3/5/24 at 12:12 pm to Dawgfanman
quote:
Cops and Firefighters in my small suburban town start at 50k and top out around 100k
Starting pay for a city cop here in LC is $36K per year
The average teacher salary in LA is $52K
I was just basing it on those numbers. That doesn't mean they can't earn more just like the scenario of unskilled labor working overtime or side work and earning more.
The fact is that unskilled labor can and do earn middle class wages which is my entire point to refute mmmmbeers claims that illegals aren't taking middle class jobs.
Posted on 3/5/24 at 12:12 pm to elprez00
They would probably be able to pay cash
Posted on 3/5/24 at 12:13 pm to kingbob
quote:
That’s true, but I don’t know anyone making anything near that in their 20’s unless they live in a Brooklyn shoe box.
You don't know anyone who was making 100k in their 20's?
Posted on 3/5/24 at 12:17 pm to Weekend Warrior79
“Follow-up question would then be, what's the median home value across the US when you exclude the 50 biggest metro areas”
Good question actually - upvote if anyone is smart enough to figure where/how to pull this info. Would be really interesting to see how much lower that number becomes
Good question actually - upvote if anyone is smart enough to figure where/how to pull this info. Would be really interesting to see how much lower that number becomes
Posted on 3/5/24 at 12:18 pm to GetCocky11
“ what's the median income level across the US when you exclude the 50 biggest metro areas?”
Another good question and upvote for an answer and source
Another good question and upvote for an answer and source
Posted on 3/5/24 at 12:22 pm to stout
quote:When do you think the crash will happen?
Trying for the soft landing will end up doing more harm long term IMO
We should have crashed it and started the recovery instead of dragging it out.
Posted on 3/5/24 at 12:22 pm to kingbob
quote:
Classic gen x or boomer who thinks they struggled and that millennials and gen z are soft without realizing that the lifestyle they look back on as a “grind”, their “started at the bottom” is a completely unattainable dream for most younger folks.
I can 100% assure you that Boomers and Gen X were able to "get by" on a LOT less than this current generation. I observe it in my own children, their friends, children of my friends, etc.
For example, I got my nails done professionally for the first time in college. I'll do it sometimes now, but I loathe spending the money...and I can totally afford it. These girls think you need a $75 manicure at all times. Look at your average grocery store cashier and check out her hands.
These kids want to live like their parents do in their "forever" homes without the sacrifice (skipping vacations...making coffee at home) their parents had to make. I mean, have y'all checked out what DORM decor looks like these days? I do feel for them though and acknowledge the pressure they feel to fit in.
In addition, huge student loans just weren't a big thing for Gen X. College didn't cost as much, to begin with, but there also wasn't this huge push to go. And there certainly wasn't a notion to go out of state unless you had a full scholarship. Now everyone's in debt up to their eyeballs because it looks good on Instagram. It's really very sad.
TLDR: Social media has "keeping up with the Joneses" on steroids.
Posted on 3/5/24 at 12:23 pm to stout
Maybe your cult leader Trump can pass another tax cut for the extremely wealthy.
Posted on 3/5/24 at 12:24 pm to moon
quote:
Maybe your cult leader Trump can pass another tax cut for the extremely wealthy.
How old are you?
Posted on 3/5/24 at 12:24 pm to stout
This thread has a bunch of people citing income without mention what, if any, benefits are included. You know, the thing that can be worth 40% of annual salary in many cases.
Talking about compensation without mention of benefits is a joke.
Talking about compensation without mention of benefits is a joke.
Posted on 3/5/24 at 12:25 pm to moon
quote:
Maybe your cult leader Trump can pass another tax cut for the extremely wealthy.
Hopefully so, everything was much more affordable back then.
Posted on 3/5/24 at 12:26 pm to mmmmmbeeer
“ This is all by design and they're going to keep doing it until we pull our collective heads out of our asses and call out the bullshite”
How exactly do you suggest people “call out the bullshite” that will actually affect positive change?
How exactly do you suggest people “call out the bullshite” that will actually affect positive change?
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