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I know. I would buy now but it will take a few years before that's financially possible.
But just 3 years ago, Bronx rents (not sure about property values) were way lower so I'm scared I won't be able to afford anything in just a few years.
Household income more than 170k less than 190k. Own house in a none sexy, cheap neighborhood. Both have pensions from our jobs. Both make additional retirement contributions. Both have Life insurance to cover the balance of mortgage if one passes. Both have disability insurance to cover the bills for a period in the event that we fall ill. Both have medical insurance and dental. Atleast 5 months household bills emergency funds. 2 vacations a year. When I make my final car payment next year I will be truly happy. It is my first time paying a car note and that is one debt I loathe. I think I have covered the important bases to claim middle class. I think when we have kids we will fall back to struggling. I heard they are expensive.
Wait a minute... With that income I don't see how you are struggling. The kid is public school and you're in the Bronx. I have to ask what area of the Bronx are you in because your household income bracket is not the norm there. Our household income combined is a little less than what you quoted, and we are just fine, though we don't have any kids, but still.
I corrected my post. I meant to say others are struggling. I dont know how people make it. We own a tiny home in Unionport off Castle Hill. Lots of our income is taken up by health insurance, taxes, and we devout lots of it to 401k.
Household income more than 170k less than 190k. Own house in a none sexy, cheap neighborhood. Both have pensions from our jobs. Both make additional retirement contributions. Both have Life insurance to cover the balance of mortgage if one passes. Both have disability insurance to cover the bills for a period in the event that we fall ill. Both have medical insurance and dental. Atleast 5 months household bills emergency funds. 2 vacations a year. When I make my final car payment next year I will be truly happy. It is my first time paying a car note and that is one debt I loathe. I think I have covered the important bases to claim middle class. I think when we have kids we will fall back to struggling. I heard they are expensive.
Tell me about it. Once you have kids you need to up your qualifying income range by another 50k-70k to pay for daycare/babysitters and other expenses. Other than that I concur with all your points for being middle class. And for those that don't have a pension I think it's important for both people to max out their 401Ks because living like you're middle class and then living off the gov't in retirement isn't middle class. At that salary range including a typical 4% company match, you should be saving about 45k a year which should hopefully translate into at least 100k of retirement income given possible low returns going forward if one starts maxing out their 401k by their 30s. So to live a comfortable lifestyle with kids, savings, decent car, moderately priced home without requiring rental income to make payments, requires 220k+ of income in NYC. Of course if you live in a cheaper place, drive a sub 40k car, have your 70 year old grandma take care of the kids, or don't save much then that budget can easily going down by 100k+ and you'd can arguably still be living a middle class lifestyle with a large screen TV in the living and all.
Last edited by bumblebyz; 10-20-2016 at 07:33 AM..
Tell me about it. Once you have kids you need to up your qualifying income range by another 50k-70k to pay for daycare/babysitters and other expenses. Other than that I concur with all your points for being middle class. And for those that don't have a pension I think it's important for both people to max out their 401Ks because living like you're middle class and then living off the gov't in retirement isn't middle class. At that salary range including a typical 4% company match, you should be saving about 45k a year which should hopefully translate into at least 100k of retirement income given possible low returns going forward if one starts maxing out their 401k by their 30s. So to live a comfortable lifestyle with kids, savings, decent car, moderately priced home without requiring rental income to make payments, requires 220k+ of income in NYC. Of course if you live in a cheaper place, drive a sub 40k car, have your 70 year old grandma take care of the kids, or don't save much then that budget can easily going down by 100k+ and you'd can arguably still be living a middle class lifestyle with a large screen TV in the living and all.
Max for me 401k is 18,000 per year. Sub 40 k cars are just fine. A 25-28 k is just fine for a midsize or 15 k for same car purchased at 3 years
BX will soon gentrify, certain areas good to invest in
That sounds like rich people want every block in the whole city.
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