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Started By
Message
re: $100,000 per year is now Lower Middle Class?
Posted on 3/6/22 at 11:10 am to Dawgfanman
Posted on 3/6/22 at 11:10 am to Dawgfanman
quote:
Well the actual “middle income” in this country can barely afford the necessities, have little or no retirement savings, has less than 1000 in savings for a “rainy” day, and makes monthly payments for last years vacation where they overspent their tax “refund” (which was likely more or equal to what they paid in).
Only if you choice lifestyle over your future and make really poor life decisions.
2
Posted on 3/6/22 at 11:22 am to Smokeyone
quote:
Well the actual “middle income” in this country can barely afford the necessities, have little or no retirement savings, has less than 1000 in savings for a “rainy” day, and makes monthly payments for last years vacation where they overspent their tax “refund” (which was likely more or equal to what they paid in). Only if you choice lifestyle over your future and make really poor life decisions.
Middle income for a family is 70k.
Assuming zero taxes (they may well have a 0 net tax bill). Assume it’s 4 people.
5833 income
-449 FICA
-600 Health Insurance
-200 Car Insurance
-1500 rent or house payment
-400 Utilities
-1000 Groceries
-400Transportation
-1000 Child Care
Total expenses: 5549
That’s not new cars, no vacations, not much eating out, cheap health insurance.
One emergency and they are breaking out the credit card.
This post was edited on 3/6/22 at 11:26 am
Posted on 3/6/22 at 11:23 am to Ezzard
quote:Not when it's paid for
A 2000 sq ft home is now $1500-2500 per month.
Posted on 3/6/22 at 11:27 am to Dawgfanman
Oh I know, I'm agreeing with you.
Posted on 3/6/22 at 11:36 am to LSUwag
Enjoy now, because when the bubble pops it will be brutal
Posted on 3/6/22 at 11:45 am to LSUwag
quote:Monopoly money. You make a ton of money when you sell but whatever you buy is appreciating at the rate.
I’m remodeling our master bathroom right now. Labor is $16,000 and materials are slightly over $20,000. Things are incredibly expensive. We decided to go ahead and do it because our home is now worth a fortune so what the hell. They go up 15-20 thousand dollars a month right now. There’s no end in sight.
Posted on 3/6/22 at 11:56 am to Diamondawg
The problem in urban Texas or Florida is the house/condo went from 300 to 600 in 2 years, but you are paying 2% property tax. The tax assessments are also being set above true market value.
Posted on 3/6/22 at 11:57 am to Big Scrub TX
quote:
Your home goes up $250K/year
Easily in some places. We’re building right now in Williamson county TN. Builder is only signing 2 contracts per month because that’s all they can do with labor and material shortages. From September when we got on their list to November when they let sign the contract, the base price went up $60k. It’s gone up another 100k since.
Posted on 3/6/22 at 12:50 pm to oldskule
quote:Do you think things would be better if wages were lower?
The DEMS cry "wages are up, things are great" while you can't afford to eat and drive your car.
Posted on 3/6/22 at 12:52 pm to Ezzard
Not a good area now... maybe so 30 years ago
Posted on 3/6/22 at 1:01 pm to Ezzard
A family of 4 (or more) pulling in only 100k is going to be poor.
Posted on 3/6/22 at 1:09 pm to LRB1967
What rurals towns have 6 figure job openings? Asking for a friend
Posted on 3/6/22 at 1:10 pm to DeltaHog
(no message)
This post was edited on 8/22/22 at 3:08 pm
Posted on 3/6/22 at 1:11 pm to Smokeyone
quote:
Smokeyone
You have a message on the VolTalk forum.
Read ASAP.
Posted on 3/6/22 at 1:16 pm to Ezzard
In a place like Baton Rouge, $100K gets you a lot.
Posted on 3/6/22 at 1:19 pm to Nado Jenkins83
What rural towns have 6 figure job openings? Asking for a friend.
Brief survey of local millionaires.. One owns a country ham business, two are farmers, one has a upper management position at the Jack Daniels distillery, one is a retired surgeon, one owns a car dealership, and the other owns a construction company.
Brief survey of local millionaires.. One owns a country ham business, two are farmers, one has a upper management position at the Jack Daniels distillery, one is a retired surgeon, one owns a car dealership, and the other owns a construction company.
Posted on 3/6/22 at 1:26 pm to LRB1967
quote:
Depends on the area. 100,000 dollars is still a decent amount of money in many rural areas in the South. In my town it is still possible to rent a house for $500 a month.
You've got to tell us what town this is. There's just no way.
Posted on 3/6/22 at 1:32 pm to Dawgfanman
quote:
Middle income for a family is 70k.
Assuming zero taxes (they may well have a 0 net tax bill). Assume it’s 4 people.
5833 income
-449 FICA
-600 Health Insurance
-200 Car Insurance
-1500 rent or house payment
-400 Utilities
-1000 Groceries
-400Transportation
-1000 Child Care
Total expenses: 5549
That’s not new cars, no vacations, not much eating out, cheap health insurance.
One emergency and they are breaking out the credit card.
Most of the people in this bracket are financing at least one car.
Posted on 3/6/22 at 1:44 pm to Ezzard
The biggest problem is that to many people are not willing to live within their means. Sooner are later you’ll have to pay the piper.
Posted on 3/6/22 at 1:50 pm to Ezzard
quote:
You have a message on the VolTalk forum. Read ASAP.
No idea what that is
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