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Old 03-27-2018, 08:57 PM
 
1,192 posts, read 875,253 times
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Quote:
Originally Posted by NOVA_guy View Post
Disagree - I don't think it's silly. I'm a data junkie, so I always find lists like this interesting, data like median income, population, etc is important, it tells a story.
I'm not saying the data is silly, I'm saying the premise behind the way the data was presented is silly. Having 2x the median income makes you rich? That's a nurse married to a teacher. Definitely not poor, but not rich either. Not factoring in COL? This list doesn't present what the title says it will. I saw the same listicle the author got the data from a few days ago and had the same thoughts.
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Old 03-27-2018, 09:19 PM
 
Location: Brooklyn the best borough in NYC!
1,991 posts, read 865,245 times
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Quote:
Originally Posted by Texamichiforniasota View Post
This is kind of a silly list. It is using metro areas, which is its own issue. I get it, some cities like NYC have most of the wealth concentrated in the city, while others like Detroit have most of the wealth in the suburbs, so you need something to even out the comparison. Still, a lot of poor, rural areas sit in counties that are included in MSAs, especially in the West, where counties tend to be bigger.

Second, just to say that someone who has twice the median income is rich is not only lazy, it is incorrect. That person is probably upper middle class, but they certainly have to think about how they spend their money. The 1% salaries are probably more in line with people not having to think about they spend on a day to day basis, and that is where I would draw the line for rich. Still, costs of living has to be factored in as well, as someone making 411K in Minneapolis (MN 1% income) probably is in better financial shape than someone making 453K in San Francisco (CA 1% income).
99 percent of these list are silly especially when you think people use them as reliable source when moving.

But they are interesting list to look at if you are able comprehend them correctly!
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Old 03-28-2018, 07:48 AM
 
Location: East Tennessee and Atlanta
3,667 posts, read 8,772,625 times
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Quote:
Originally Posted by Texamichiforniasota View Post
This is kind of a silly list. It is using metro areas, which is its own issue. I get it, some cities like NYC have most of the wealth concentrated in the city, while others like Detroit have most of the wealth in the suburbs, so you need something to even out the comparison. Still, a lot of poor, rural areas sit in counties that are included in MSAs, especially in the West, where counties tend to be bigger.

Second, just to say that someone who has twice the median income is rich is not only lazy, it is incorrect. That person is probably upper middle class, but they certainly have to think about how they spend their money. The 1% salaries are probably more in line with people not having to think about they spend on a day to day basis, and that is where I would draw the line for rich. Still, costs of living has to be factored in as well, as someone making 411K in Minneapolis (MN 1% income) probably is in better financial shape than someone making 453K in San Francisco (CA 1% income).
Great points. I totally agree--if living in San Fran on $453k, you are essentially not living close to as well off as someone in the midwest. San Fran is outrageously expensive in terms of housing costs--almost laughably so these days.
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Old 03-28-2018, 09:16 AM
 
2,164 posts, read 1,461,720 times
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Being rich is really based on net worth, not income. Although if an income is high enough it could make you rich very quick.
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Old 03-28-2018, 12:07 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,347 posts, read 55,157,123 times
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Quote:
Originally Posted by Texamichiforniasota View Post
Still, costs of living has to be factored in as well, as someone making 411K in Minneapolis (MN 1% income) probably is in better financial shape than someone making 453K in San Francisco (CA 1% income).
Well first of all the data is wrong. The top 5% in SF earns over $500,000 according to the census bureau which means the top 1% is likely well over $1 million.

But I suppose my primary issue with your post is 1 percenters in MN being in better financial shape than 1 percenters in SF.

How on earth is that possible? 1 percenters be they in MN or NY are generally not financially reckless and quite responsible and SF is no different.

If you mean housing is cheaper in MN, fine, but my home's value has increased by $1.5 million since I bought it 5 years ago. Why would I feel worse off than someone in MN?

ijs
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Old 03-28-2018, 12:10 PM
 
Location: Brooklyn the best borough in NYC!
1,991 posts, read 865,245 times
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Quote:
Originally Posted by 18Montclair View Post
Well first of all the data is wrong. The top 5% in SF earns over $500,000 according to the census bureau which means the top 1% is likely well over $1 million.

But I suppose my primary issue with your post is 1 percenters in MN being in better financial shape than 1 percenters in SF.

How on earth is that possible? 1 percenters be they in MN or NY are generally not financially reckless and quite responsible and SF is no different.

If you mean housing is cheaper in MN, fine, but my home's value has increased by $1.5 million since I bought it 5 years ago. Why would I feel worse off than someone in MN?

ijs
Much respect to the homie 18monclair speaking facts!
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Old 03-28-2018, 12:12 PM
 
Location: Mars City
5,091 posts, read 2,140,934 times
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"Rich" is subjective. There are those with more money than they'll ever know what to do with, and still don't consider themselves "rich", while their are others with very little money / income who would count themselves as rich. Numbers and statistics don't tell the full story. Also, some earn high amounts of money and spend it like crazy, while others make less but are vastly more efficient and save. Income stats says nothing of spending habits and patterns. Some areas are more materialistic and possession-heavy, while others downplay it.

Last edited by Thoreau424; 03-28-2018 at 12:24 PM..
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Old 03-28-2018, 12:40 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,347 posts, read 55,157,123 times
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Since I was talking about MN and SF, here is data and I added Manhattan and DC.

To be in Manhattan's top 5%, the household income is $871,810
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Old 03-30-2018, 04:23 PM
 
17,682 posts, read 4,066,013 times
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i think income is a poor measure of whether someone is rich or not...i think net worth is better.....lots of lower to middle income people actually are richer than lots of medical doctors and lawyers.
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Old 03-30-2018, 04:41 PM
 
Location: BMORE!
7,735 posts, read 6,139,094 times
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Baltimore seems kinda high. I expected places like LA, NYC, SF, SJ, Chi, DC, Boston to be way higher than Baltimore.
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