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Started By
Message
re: Is a family of 4 that earns 97k/year middle class or upper class, on average?
Posted on 3/27/17 at 8:17 am to MrLarson
Posted on 3/27/17 at 8:17 am to MrLarson
quote:
No
Stringedinstruments did a pretty decent breakdown of a monthly budget but it left out a few things.
1. new roof
2. new HVAC
3. Car maintenance - New tires, oil changes
100k doesn't go very far in the world we live in.
you described it as "barely getting by"
"barely getting by" is making choices like not being able to buy the kid a new pair of shoes this week because then you couldn't afford groceries
1
Posted on 3/27/17 at 8:20 am to Salmon
quote:
"barely getting by" is making choices like not being able to buy the kid a new pair of shoes this week because then you couldn't afford groceries
Wrong again.
That is called not getting by at all.
Posted on 3/27/17 at 8:23 am to MrLarson
if you're "barely getting by" with a family of 4 with $100k, you just suck at finances and are living well beyond your means
which based on this thread, most people are these days
Posted on 3/27/17 at 8:30 am to Ostrich
quote:
That's the salary if two teachers married each other. I'm gonna say right in the middle.
I agree, if they are not living in a large city, then it's pretty much middle class. Not upper class by any means, but they should not be struggling.
When I'm thinking of classes I typically try to do what you just did, think of the occupations that would fit the scenario. Middle class seems like it fits the scenario of two teachers perfectly.
Posted on 3/27/17 at 8:35 am to HailHailtoMichigan!
That's nothing. I say lower middle. In NYC, that is the poverty level
Posted on 3/27/17 at 8:39 am to MSTiger33
Average cost of home in DFW is now approaching 225K. Anyone thinking they can get a decent home now a days for less then that is living in a pipe dream.
Look at BR if you want to see it live in color.
Look at BR if you want to see it live in color.
Posted on 3/27/17 at 8:41 am to BamaCoaster
quote:
You've been in LA too long bro.
He's not wrong if Nashville is in play. I know because we are sold our home last year. We were in a middle class neighborhood with 8's for schools and there was only one competing home between 200 and 300k in that area. 45 min commute on average to downtown Nashville. We were in the upper part of that range price wise.
Can you find things cheaper? Yes, but go much cheaper anywhere and you'll have to be comfortable living with some sketchier areas. Our home sold in 2 days if that gives you any idea of how in demand houses are at those prices. Its hard to find homes in that price range in good school districts.
This post was edited on 3/27/17 at 8:43 am
Posted on 3/27/17 at 8:45 am to HailHailtoMichigan!
We are a family of 2 that makes a lot more than that and we are poor as shite.
Posted on 3/27/17 at 8:45 am to HailHailtoMichigan!
Alot of what depends on class isn't just your earnings and location but also income along with tax deductions that helps determine whether or not they can be self sufficient. I can tell you from personal experience that a single guy making 98k a year compared to another who claims same on W2 but has one kid is a big difference. Real big difference.
One of other thing is how long some one or family was making said 97k. If they just started then with kids and getting a home, they'll be middle class but depending on factors either lower or middle point of the spectrum. Now after some years and if their income matched inflation, they can push into the upper middle class depending how well they invested their savings.
One of other thing is how long some one or family was making said 97k. If they just started then with kids and getting a home, they'll be middle class but depending on factors either lower or middle point of the spectrum. Now after some years and if their income matched inflation, they can push into the upper middle class depending how well they invested their savings.
Posted on 3/27/17 at 9:05 am to Navytiger74
quote:
And I will likely affiliate as a reservist either way.
If you're honestly interested in the cyber side of things, you should be able to pick up a spot doing threat intel fairly easily on the Reserve and civilian sides.
Posted on 3/27/17 at 9:08 am to Kino74
quote:
Alot of what depends on class isn't just your earnings and location but also income along with tax deductions that helps determine whether or not they can be self sufficient. I can tell you from personal experience that a single guy making 98k a year compared to another who claims same on W2 but has one kid is a big difference. Real big difference.
No kidding. I'm currently single (engaged though) and only just bought a house this year. I was getting RAPED on taxes since I'm comfortably over the six figure mark.
Definitely looking forward to the home ownership and marriage deductions.
Posted on 3/27/17 at 9:18 am to HailHailtoMichigan!
quote:
what says the poliboard?
In the KC area you are just hitting solid middle class at 100k, if you want to be considered approaching upper middle class you need to be over 140k, to hit ,"hey look at me, dig my new BMW", probably over 225k.
Posted on 3/27/17 at 9:23 am to HailHailtoMichigan!
You're middle class at 97k for family of four.
Posted on 3/27/17 at 9:35 am to HailHailtoMichigan!
Middle class
Posted on 3/27/17 at 10:28 am to HailHailtoMichigan!
quote:
what says the poliboard?
A) Depends on where they live
B) 97k translates to about the 87th percentile in terms of household income in the US in 2016. Are you saying that the 87th percentile in your mind should be grouped with the 50th percentile? Because that's pretty stupid.
Posted on 3/27/17 at 10:30 am to Centinel
quote:
Definitely looking forward to the home ownership and marriage deductions.
You aren't getting any break until you start having some little Cents
Posted on 3/27/17 at 10:32 am to HailHailtoMichigan!
middle
Posted on 3/27/17 at 10:34 am to AUsteriskPride
quote:
Alabama/Louisiana = upper middle class. California? Lower middle class.
Wut? No fricking way.....
You would lower middle class in AL/LA unless you lived in the most rural areas. Birmingham and NOLA would be lower middle class at best.
You would be living in poverty in California
Posted on 3/27/17 at 10:35 am to MrLarson
quote:
100k per year will barely get you by for a family of four.
It is no where near upper middle(or what I would consider UM) even in rural Alabama.
My wife and I are in the top 3.5% for family income and we miss out on any and all deductions based on income and just barely pay out of social security by years end so we pay the entire payroll tax more or less....we live pretty good and have some pretty healthy retirement accounts but we just returned from a long weekend at am imdoor water park full of young families and for the life of me I don't know how they do it...we spent about $1200 for 3 days and we drove....had we flown that would've been about $2500...and there were hundreds of early 20 something families there with 2 and 3 kids...I don't know how they feed and house themselves, let along spend a $1000 on a long weekend....
Posted on 3/27/17 at 10:37 am to germandawg
As many posters stated, definitely depends on the area. I recently lived in Montana, average rent for a decent house was -700-1300 for that size. Im about to move to LA Cali, where a one bedroom in a good area is 2200 and north. 3-4 bedroom, you are talking 3000-4000 a month. They would be dirt poor in that area.
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