(Closed) Do you think 250k/year is middle class?

posted 6 years ago in Finances
  • poll: Do you think 250k/year is a good place to draw the line for higher taxes?

    Yes, that's a good place to draw the line

    No, the line should be lower

    No, the line should be higher

    Not sure.

  • Post # 136
    Member
    816 posts
    Busy bee
    • Wedding: July 2011

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    peppercosmo:  Indeed, we can both say exactly what we want on this wonderful place that is the internet.  FWIW, I really don’t think you answered the question, but yay for your dad for having a black card!

    Post # 138
    Member
    190 posts
    Blushing bee
    • Wedding: March 2016

    To be fair though, if you live in NYC/Manahattan specifically I think you’re pretty much automatically middle class or above. Not being able to afford a penthouse or 1200 sqft apartment in the city does not make you below middle class. The “true” middle class/working class/whatever wouldn’t even be able to live in NYC to begin with.

    *IMO.

    • This reply was modified 5 years, 7 months ago by mrstbone.
    Post # 139
    Member
    252 posts
    Helper bee
    • Wedding: August 2016

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    mrstbone:  Wait – so you’re saying that everyone who lives in NYC is either upper middle class or upper class…?

    Post # 140
    Member
    190 posts
    Blushing bee
    • Wedding: March 2016

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    wineenthusiast:  I’m saying that if you live in the middle of NYC you shouldn’t really be saying “well, 250k isn’t enough for me to survive.” That isn’t a fair argument in whether or not it’s a fair bar to raise taxes because 99% of the US is cheaper than NYC. 

    If we’re basing our tax brackets on middle class in NYC then it’s heavily skewed. 

    EDIT: I feel like I’m not explaining my point right, and it’s frustrating me. 

    • This reply was modified 5 years, 7 months ago by mrstbone.
    Post # 141
    Member
    252 posts
    Helper bee
    • Wedding: August 2016

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    mrstbone:  I think I see what you’re saying. But I think most people in NYC live off an annual salary far less than 250K. Or am I incorrect?

    Post # 142
    Member
    1452 posts
    Bumble bee

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    wineenthusiast:  I have a friend who did an internship with a magazine – she shared a one bedroom apartment with eight other people in one of the boroughs so she wouldn’t have to get a car.

    Post # 143
    Member
    190 posts
    Blushing bee
    • Wedding: March 2016

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    wineenthusiast:  I’m honestly not sure. I’ve only ever been there once and it was way too overcrowded and busy for me.

    I know the FI’s sister lives there and works in the Empire State Building but still has to share a 2 bedroom with three other people because rent is too expensive. I can’t imagine rates that high.

    Post # 144
    Member
    233 posts
    Helper bee
    • Wedding: March 2016 - Sand Key Park- Clearwater Beach Elopement

    Depends on the cost of living where a person is. 

    But even I consider 75k+ combined insane. Not the highest in the world but for my entire life, I don’t think my family has ever made more than 30-40k, and my fiance and I combined come to about 30-35k.

    I guess it also depends on perspective. If I knew someone and found out they made 250k a year my jaw would be on the floor because I have no idea what that’s like and to me, that’s a nice chunk of money.

    Post # 145
    Member
    8602 posts
    Bumble Beekeeper
    • Wedding: September 2015

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    mrstbone:  there are a lot of very poor people in government subsidized housing in the city. But other than that, I agree with you. 

    Post # 146
    Member
    1949 posts
    Buzzing bee

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    howsweetitis: 

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    LilliV:  Please let me know how that 1900 sq ft house is working out once your 2,3 or 4 children become teenagers.  Im not saying that you need a 3000 square foot home for a family of five.  What I am saying is personal space is a luxury.  If you can afford for everyone to have personal space in your home I feel that is a good indicator that you are at least in the middle class.  

     square footage cost in homes varies greatly depending on where you live.  I would consider 8,000-90,000+ sqft more in the upper class than 3,000-4,000.  At $200 per sqft (generous cost) a 3000 sqft home would be $602500.  compared to 1.6 million for that 8,000sq ft home.  That is a huge difference when it comes to affordability.  

    Maybe the real issue is that income rarely is consistant from year to year nor is it consistant throughout a lifetime.  What the statistics do not take into account is wealth. “Class” differencs are based upon Wealth not income. Wealth is not easily placed into neat statistics, And with wealth comes stability in terms of lifestyle.  Our Tax rate system assumes that wealth and income are synonymous but they are not.  That is why we have ladies saying that they are in the poor house making $250k with 4 kids and others saying that $250k means you are upper class and life should be easy.  

    Post # 147
    Member
    426 posts
    Helper bee
    • Wedding: November 2016 - Temescal Lake House

    I live in Silicon Valley. I believe that would barely be considered middle class which SUCKS! 

    Post # 148
    Member
    9127 posts
    Buzzing Beekeeper

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    Lokie85:  we have 5 bedrooms in this house (2 currently in need of some renovation but if we have more than 2 kids well fix them up). I agree middle class means everyone has their own bedroom (and my kids can in this house) but I think teenagers can do just fine with 13×12 bedrooms – that’s bigger than I ever had!

    I also live just outside of Boston and a 4,000 Sq ft home in my town is well over a million dollars. Plus then you have to heat that much space! But my friends in Texas all seem to have 3,000 minimum as the average. Space expectations are definitely a regional thing. 

    Post # 149
    Member
    3936 posts
    Honey bee

     

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    LilliV:  

    That’s because everything’s bigger in Texas.

     

     

     

     

    [drops mic]

     

    Post # 150
    Member
    4835 posts
    Honey bee
    • Wedding: April 2013

    Where I live (SF bay area) – yes.  In most places – no.  In a country this size, one number does not fit all.

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