Can you be middle-class and earn $250,000?

[HAL 9000 96]

I want to make $250,000. I could care less what class someone tags me under.

Some people call that rich-envy.

[chri'stina 190]

I know in certain places I could live very well on 250K. Even here that would be pretty good. But are we supposed to think that 250K here, where my house was purchased for $134K, would go as far as in NYC or Long Island where the median house price is over 400K? I am not rich and we don't make near 250K at all but still I find it silly to think that's rich. Maybe that's doing well, but not rich IMO.

Whatever

My Brother gave me a real hard time a few years ago for using that word (we're both weird)! I haven't forgotten it and just sent him a link to the Wiki page.

Edited August 28, 2008 by Parivar CSK

[HAL 9000 96]

Median home price in Chicago is over 400K. People on less than 75K are able to get decent mortgages. And pay taxes.

eta: Median, not Average.

Edited August 28, 2008 by maviwaro

[chri'stina 190]

Maybe there is lower property taxes and insurance? That could make a difference. In Florida you'd only be able to maybe afford a $180K house on 75K a year.

[chri'stina 190]

When I say afford, I mean not to be stretched thin in order to make your mortgage payment.

[HAL 9000 96]

Maybe there is lower property taxes and insurance? That could make a difference. In Florida you'd only be able to maybe afford a $180K house on 75K a year.

Chicago currently has the highest sales tax rate in the nation. Property taxes are through the roof- specially when compared with Florida. I should be able to compare since I have lived in Florida in the last 10 years. In Miami most houses I could afford on less than 75K were in the 200-250K range, so perhaps there are other financial burdens you are not considering.

When I say afford, I mean not to be stretched thin in order to make your mortgage payment.

That also depends on your choice of consumer debt I suppose.

[Peikko 1,575]

What's the point of this again? Of course there isn't a magic number of $ which denotes whether you are 'middle class' or rich, thats pure stupid to suggest that anyone thinks there is. However, this is about tax bands and unless someone wants to suggest that taxes are given floating bands depending on location (oh the joy of further complication) the idea of having a tax band that starts at $250k/annum is hardly revolutionary or somehow unfair.

[HAL 9000 96]

What's the point of this again? Of course there isn't a magic number of $ which denotes whether you are 'middle class' or rich, thats pure stupid to suggest that anyone thinks there is. However, this is about tax bands and unless someone wants to suggest that taxes are given floating bands depending on location (oh the joy of further complication) the idea of having a tax band that starts at $250k/annum is hardly revolutionary or somehow unfair.

I am sure that the HUGE top 2% of America's earners disagree with you on that one.

[Peikko 1,575]

Yes well, my tea leaves tell me they can go suck on their toes if they don't like it.

[HAL 9000 96]

Yes well, my tea leaves tell me they can go suck on their toes if they don't like it.

*Dean or AJ steps in*

Why do you hate America?

[AlHayatZween 2]

I want to make $250,000. I could care less what class someone tags me under.

Me, too!

It might not be rich for some, but it's a heck of a lot more mu-lah than i'm bringin' in...

and i live in NYC.

[amiquechu 0]

I'd say it depends where you live, actually. You can't make a blanket statement and say, "Someone making such-and-such amount is rich or not." It doesn't work that way.

$250,000 will probably go further in Kansas or Oklahoma versus New York or California. Even then, it'd depend on which city and the area of that particular city as well. Houston, TX is well known for relatively low property values (which makes purchasing large houses an easier prospect than on either coast), but if you decide to live in the upscale neighborhood of River Oaks, you're going to pay through the nose.

How "rich" someone is also depends on how many dependents they have, as well. If they have no children, the money will go a lot farther than if they have three (or more). Does their spouse work or are they a stay-at-home mom/dad? That gets factored into the overall income level as well.

Then there are some luxuries, which, depending on the city, may become a necessity. In Los Angeles or Houston, for instance, you're practically required to have your own car if you wish to get anywhere. Some other cities, such as San Francisco, New York, Philadelphia, Atlanta, and I believe Chicago (although I'm not sure about that one) have decent-to-fantastic public transit systems. Owning a car might not be a requirement there and in some cases (such as in NYC), even a handicap. Internet access has also become a requirement nowadays as well, since so much business is performed online.

Believe it or not, $250,000 is not "rich" by any means. It's certainly not poor, but you won't make it into "America's Top 10 Richest People" either.

Bump Skyrocket my salary up to 250K and ALL my problems will go away. I could buy a very nice custom home here in Kansas on that salary...............huh? what? Was I just dreaming?

[LaL 418]

I am waiting for some to point out that if you dont want to pay the higher taxes, housing, etc. then to move where you can live more comfortably.

[tmma 467]

I am waiting for some to point out that if you dont want to pay the higher taxes, housing, etc. then to move where you can live more comfortably.

You don't have to wait for someone to point that out now-you just did!

[LaL 418]

I am waiting for some to point out that if you dont want to pay the higher taxes, housing, etc. then to move where you can live more comfortably.

You don't have to wait for someone to point that out now-you just did!

but but... it cant be ME pointing that out - I am a tree hugging liberal! It would go against what everyone likes to pick on being liberal is about!