What Do You Consider "Rich" in Atlanta? (Alpharetta: mortgage, townhouse)

[citidata18]

Me personally, anyone who earns more than the amount that, according to the AJC article below, the US Census has deemed "Upper Income" in Metro Atlanta ($109,604) is considered "rich."

https://www.google.com/amp/s/www.ajc...0XvtK/amp.html

Do you agree?

[ATLTJL]

It's all semantics.

"Upper class" is definitely not the same thing as "rich."

Yeah, earning that amount probably DOES make you upper class in Atlanta. It enables you to buy a $327,000 home... which isn't really that much, but fine if you're one person. If you are a dual income family with both parties earning that much, then you can buy a $650k home, and now we're talking. Still not rich... but definitely upper class.

[lorilove]

$109,,604 is definitely not rich in Atlanta - even for a single individual. But income is too simple of a statistic.

If you have a full pension with your job and earn $109,604 your are much better off than someone earning the same amount and totally relying on 401K contributions.

If you earn $109,604 and just starting your career and have minimal obligations your are richer than say a 50+ individual with a mortgage and kids in college.

There are lots of poor folks ( big debt, little savings) that make well into the six figures.

[AtlJan]

Originally Posted by lorilove

$109,,604 is definitely not rich in Atlanta - even for a single individual. But income is too simple of a statistic.

If you have a full pension with your job and earn $109,604 your are much better off than someone earning the same amount and totally relying on 401K contributions.

If you earn $109,604 and just starting your career and have minimal obligations your are richer than say a 50+ individual with a mortgage and kids in college.

There are lots of poor folks ( big debt, little savings) that make well into the six figures.

Yes, I think it's more about net worth than income in a given year.

[markjames68]

Originally Posted by AtlJan

Yes, I think it's more about net worth than income in a given year.

Exactly. Otherwise someone who has a job making $300K a year who loses it goes from “rich” to “poor” pretty quickly.

If you can live off the interest of your assets and don’t need an income then you are more likely to be “rich”. Otherwise you’re a high earner.

[USARoadTrip]

Rich has more to do with net worth than income from what I feel.

2 to 5M in assets in Atlanta is comfortable.

5M to 10M in assets is affluent.

10M+ in assets is rich.

These numbers are Atlanta rich. California, Miami and NYC rich are usually twice these numbers..

[Gulch]

Lol at $109k/year being “rich”

[ShenardL]

Depends on where you are.

$100k a year in Dacula, you can afford a big 5,000 square foot house with a 3 car garage.
$100k a year in Alpharetta is more of a townhouse.

When I was making $200k a year I felt rich because I had a lot of disposable income thanks to no debt (house paid off, cars paid off).

[Citykid3785]

$2+M net worth?

[Need4Camaro]

For a single:

$0 - $40k - Lower Class
$40 - $60k - Lower Middle Class
$60k - $100k - Upper Middle Class
$100k - $300k - Upper Class
$300k - $1 Mil - Wealthy
$1 Mil + - Rich