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Old 01-10-2012, 09:19 AM
 
2,779 posts, read 5,489,182 times
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I think the problem with this thread is the focus on an annual income. You can live in Nashville, TN, make 65K a year without any consumer or student debt and live a solid middle class lifestyle. Of course you can live in Nashville, TN, make 120K a year and have 85K in student loan debt, two car loans and six credit cards and NOT live a middle class lifestyle. You could live in Nashville, TN, make 35K a year and live in a nice paid for inherited house and drive a car your daddy bought you and live a nice middle class lifestyle.
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Old 01-10-2012, 09:53 AM
 
5,730 posts, read 10,108,066 times
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Quote:
Originally Posted by glass_of_merlot View Post
People fail to realize that the more money you have the higher bills you have. Just because someone makes 500k does not mean that they are debt free. I would say, that if you make 60k a year and are debt free, you might be better off than someone making 500k a with millions of dollars in debt
No, those people often CHOOSE to have higher bills!
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Old 01-10-2012, 11:07 AM
 
Location: West Orange, NJ
12,546 posts, read 21,368,110 times
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Quote:
Originally Posted by denverian View Post
I feel like our family (two parents, two kids) live a middle class lifestyle and we made around $170K last year. I'd feel rich if we had no kids and lived in a cheaper city, but we have a $380K mortgage (house is worth around $500k at 2100 sq. feet, so no McMansion) and twins in pre-school ($2K a month) so I don't feel any more than middle class. Of course I think the middle class "lifestyle" is something that's been inflated by television (sitcoms, movies, commercials) where "average" Americans are portrayed as living in "average" homes that are in fact, a lot bigger/nicer than average. The house the "Cleavers" lived in in the '50s sitcom, if kept up and updated, would probably be worth well over a half million today.
what city did the show take place in? my parents have a house far nicer than that one in Northeast PA, and the house is worth around $250,000
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Old 01-10-2012, 01:25 PM
 
Location: West Orange, NJ
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Quote:
Originally Posted by MaseMan View Post
That's a solid middle class income, unless you live in a very high cost of living area like NYC or LA.
i personally know people who live IN manhattan and make $50k per year, and I would certainly call their lifestyle middle class. i really cannot comprehend how people define middle class if $50,000 isn't middle class.
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Old 01-10-2012, 01:31 PM
 
Location: Woodinville
3,184 posts, read 4,835,923 times
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Quote:
Originally Posted by bradykp View Post
i personally know people who live IN manhattan and make $50k per year, and I would certainly call their lifestyle middle class. i really cannot comprehend how people define middle class if $50,000 isn't middle class.
50k can certainly be middle class even in high COL areas. If you're young, single, the car your parents bought you for your 16th birthday still runs well, your parents paid ALL your college expenses so that any paychecks you made went straight to your savings etc etc.

Some of us aren't so lucky . . .
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Old 01-10-2012, 01:37 PM
 
Location: West Orange, NJ
12,546 posts, read 21,368,110 times
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Quote:
Originally Posted by Garfunkle524 View Post
50k can certainly be middle class even in high COL areas. If you're young, single, the car your parents bought you for your 16th birthday still runs well, your parents paid ALL your college expenses so that any paychecks you made went straight to your savings etc etc.

Some of us aren't so lucky . . .
i call bullcrap. going back to NYC...you can find a roomate and rent an apartment for somewhere around $1500/month, even less. there's 0 reason to have a car, but you have $90/month for your metrocard. throw in something like a $300/month student loan payment. this describes most people i know. they go out to happy hour once or twice a week after work. they go out on fridays. they buy lunch at delis 5 days a week.

my starting salary in NYC was around $50,000/yr in 2004. i have student loans. that year i bought myself bedroom furniture. the next year i bought myself a 46 inch LCD television. went on at least 1 vacation every year. went skiing, golfing, etc. and frequented bars. my rent was $1,000/month for 04, 05. in 06, it went up to 1100, then in 07, up to 1200.

if you can't live a middle class lifestyle in NYC on $50,000, you should buy yourself a subscription to Kiplinger Magazine and learn why...

and if you're not single - and both people are working, you'll have more money in household income. there's people living middle class lifestyles on these incomes in the NYC area every day.
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Old 01-10-2012, 01:54 PM
 
24,488 posts, read 41,065,671 times
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Quote:
Originally Posted by Garfunkle524 View Post
50k can certainly be middle class even in high COL areas. If you're young, single, the car your parents bought you for your 16th birthday still runs well, your parents paid ALL your college expenses so that any paychecks you made went straight to your savings etc etc.

Some of us aren't so lucky . . .
$50k is by no means middle class in high COL areas.
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Old 01-10-2012, 03:45 PM
 
Location: Vermont
5,439 posts, read 16,832,985 times
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Here is what it comes down to DRUM ROLL....

If you feel that you are poor you need to either make more money, or cut expenses.
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Old 01-10-2012, 11:13 PM
 
Location: Los Angeles area
14,017 posts, read 20,871,119 times
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Default New York City - request for clarification

Quote:
Originally Posted by bradykp View Post
i call bullcrap. going back to NYC...you can find a roomate and rent an apartment for somewhere around $1500/month, even less. there's 0 reason to have a car, but you have $90/month for your metrocard. throw in something like a $300/month student loan payment. this describes most people i know. they go out to happy hour once or twice a week after work. they go out on fridays. they buy lunch at delis 5 days a week.

my starting salary in NYC was around $50,000/yr in 2004. i have student loans. that year i bought myself bedroom furniture. the next year i bought myself a 46 inch LCD television. went on at least 1 vacation every year. went skiing, golfing, etc. and frequented bars. my rent was $1,000/month for 04, 05. in 06, it went up to 1100, then in 07, up to 1200.

if you can't live a middle class lifestyle in NYC on $50,000, you should buy yourself a subscription to Kiplinger Magazine and learn why...

and if you're not single - and both people are working, you'll have more money in household income. there's people living middle class lifestyles on these incomes in the NYC area every day.
I didn't realize apartment rentals were that reasonable in New York City. Is what you get for $1500 a month pretty small (cramped) and minimal? That's what we would pay in many parts of Los Angeles for a nice two-bedroom, two-bath apartment in a reasonably safe but not upscale neighborhood. How about all the horror stories about housing in NYC? Urban legends? Very interesting post.
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Old 01-10-2012, 11:58 PM
 
24,488 posts, read 41,065,671 times
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Quote:
Originally Posted by Escort Rider View Post
I didn't realize apartment rentals were that reasonable in New York City. Is what you get for $1500 a month pretty small (cramped) and minimal? That's what we would pay in many parts of Los Angeles for a nice two-bedroom, two-bath apartment in a reasonably safe but not upscale neighborhood. How about all the horror stories about housing in NYC? Urban legends? Very interesting post.
The prices vary quite a bit based on where in NYC you are renting. I own an apartment in Jersey City (across the river from NYC) and I rent it for $4200/month. It's a nice modern 3 bedroom, 2 bath with a nice skyline view. I have another one a few blocks in without a view.. same size, that I rent for $2450/month.
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