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If a guy is living in Manhattan, not next to it in a better COL area, but living IN Manhattan, rent on a 1 bedroom apartment will be about $40,000 a year. Just renting the unit itself, not counting other expenses.
If the guy is making $50,000 a year, based on a national measurement he would be considered "the middle of the middle class", but because he's living in a high COL his final measurement is adjusted due to the higher costs of living. After taxes on that $50k, he might just have $40k left, which will ONLY be enough to pay his rent, he will have nothing left to buy food, clothes, shoes, healthcare, transportation, insurance, pay for utilities, etc, etc.
The cost of living in the area that you live in, determines what CLASS you are in. You can be making income that from a national measurement would be "considered" middle class, but if the area you live in has a distorted cost of living to where it's very HIGH to live there, your CLASS level is going to come down.
These are facts, not opinions, not speculations....these are facts. Why is this even a debate
It isn't a debate. If you can afford to live in an affluent area, you're affluent. If you can't, you're not. Simple.
Your class is determined before you choose where to live. Your class doesn't change because you have bigger or smaller bills.
What is the cost of living index for Beverly Hills? If you have that link, post it and then I can tell you. I don't have time to look it up right now, I'm lazy
Well the median home price is over 3 million. It appears that the cost of living index is over 4x higher than most places in the US.
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and looks to be almost 2x more expensive than Manhattan
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Well the median home price is over 3 million. It appears that the cost of living index is over 4x higher than most places in the US.
Moderator cut: link removed, linking to competitor sites is not allowed
and looks to be almost 2x more expensive than Manhattan
Moderator cut: link removed, linking to competitor sites is not allowed
Yes, the distorted cost of living is going to require higher than normal incomes in this area to be considered middle class. You need $140,000 as an individual in Manhattan to get to the middle of the middle class, so I would think you would need at least $300,000 in Beverly Hills to be the middle of the middle class. Again, assuming you LIVE in (not around, but in) Beverly Hills.
I can't for the life of me figure out how people can understand the point being made here that living in a hcol in and of itself is a choice and a possible luxury.
If I make 100k, pay 25k to taxes and spend 75k on my lifestyle living in NYC
Or if I lived in bfe made 100k a year, paid 25k in taxes and traveled all over the world on the 75k those are all choices, the 100k is still a good salary and where I lived didn't change that. Where I lived changed what I spent my money on
Yes, the distorted cost of living is going to require higher than normal incomes in this area to be considered middle class. You need $140,000 as an individual in Manhattan to get to the middle of the middle class, so I would think you would need at least $300,000 in Beverly Hills to be the middle of the middle class. Again, assuming you LIVE in (not around, but in) Beverly Hills.
So the fact that they could choose to live in a much more affordable area of LA or NYC is irrelevant in determining their class based off of income? So what if I choose to live in a penthouse in an area with a slightly lower cost of living, like say Chicago.
Let's say I think I work hard, I'm a lawyer in downtown Chicago and I make $300k/yr. I decide I want to live here because it's a few blocks from my office.
I can't for the life of me figure out how people can understand the point being made here that living in a hcol in and of itself is a choice and a possible luxury.
Because you are WRONG. Again, I've listed facts. Keep debating your "opinions".
Because you are WRONG. Again, I've listed facts. Keep debating your "opinions".
Your facts are a part of the debate. If I choose to live in an expensive area that's part of my lifestyle. I could choose to live in a mobile home and have a lambo as well but that would factor into your silly cnn link now would it?
Your facts are a part of the debate. If I choose to live in an expensive area that's part of my lifestyle. I could choose to live in a mobile home and have a lambo as well but that would factor into your silly cnn link now would it?
If class is determined by disposable income left after basic living expenses this guy must be considered very wealthy.
So the fact that they could choose to live in a much more affordable area of LA or NYC is irrelevant in determining their class based off of income?
I already answered this. You would compare the cost of living of that area v.s. the national measurement which is usually "100".
Quote:
Originally Posted by mizzourah2006
So what if I choose to live in a penthouse in an area with a slightly lower cost of living, like say Chicago. Let's say I think I work hard, I'm a lawyer in downtown Chicago and I make $300k/yr. I decide I want to live here because it's a few blocks from my office.
Am I lower middle class? I definitely don't have a ton of disposable income left after paying for this very nice rental.
If you as an individual, make $300,000 per year in Moderator cut: link removed, linking to competitor sites is not allowed, you are in the higher class and in the Top 1% of individual income earners in the country.
FACT.
Now, if you choose to spend a significant amount of money on real estate, that's your choice based on preference. But you don't have to buy a penthouse, that's what you preferred to buy as a form of recreation, not a necessity.
The guy living in Manhattan where the cheapest apartment is $3,000 a month, has NO CHOICE but to pay that, that's not a preference, it's a necessity IF he's going to live in Manhattan. If he doesn't like that necessity, he should not live in Manhattan.
Living in Chicago, you do NOT have to stay at a $3,000 a month residence or apartment. If you do so, that's solely your choice.
I already answered this. You would compare the cost of living of that area v.s. the national measurement which is usually "100".
If you as an individual, make $300,000 per year in Moderator cut: link removed, linking to competitor sites is not allowed, you are in the higher class and in the Top 1% of individual income earners in the country.
FACT.
Now, if you choose to spend a significant amount of money on real estate, that's your choice based on preference. But you don't have to buy a penthouse, that's what you preferred to buy as a form of recreation, not a necessity.
The guy living in Manhattan where the cheapest apartment is $3,000 a month, has NO CHOICE but to pay that, that's not a preference, it's a necessity IF he's going to live in Manhattan. If he doesn't like that necessity, he should not live in Manhattan.
Living in Chicago, you do NOT have to stay at a $3,000 a month residence or apartment. If you do so, that's solely your choice.
So explain the difference between choosing to live in Manhattan and choosing to live in an apartment on the magnificent mile in Chicago? Why is one somehow different than the other? Both are the most expensive areas to live in a large metro area where there are any number of other cheaper options. They seem like the same thing to me.
Living in New York City you do not have to choose to stay at a $3,000 a month residence or apartment. If you do so, that's solely your choice.
Here you go, I found a 2 bedroom for rent for $1.35k/month in NYC. So why does the person living in NYC have to pay $3k/month again?
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. Look, for the last time man. 
