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The income is meaningless without knowing what the cost of living is for any given place
No, not really, because living in a high COL area is part of a 'lifestyle', and something that anyone can change (especially if they have a 'middle class' income, whether that is $40k or $150k. It doesn't cost that much to rent a truck. Living in Manhattan, or SF or next to a beach means you have access to a lot of things they don't have in Duluth MN and much better access to capital, and you can't declare them valueless just because your parents or whatever were born there.
If you are going to do that, then there is no definition of 'class' or even of 'income'. But that's not true. Manhattan's median income is actually pretty low compared to the rest of the US, so if you say you can't live there without making $200k well, half the people there are proving you wrong.
by the same token those with lower incomes can change those too . they can can pack up a truck and head for greener pastures in hcol areas and better jobs . it goes both ways .
lifestyle is just that , you can't separate it from income needed for that lifestyle with hypothetical moving around the country .
the reality is most folks are not leaving their family ,friends and jobs to move to lower or higher cost areas . their lives are what they are , where they are . there is zero chance we are leaving this lifestyle here where our kids and grand kids are , so expenses and the income needed are what they are .
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Originally Posted by mathjak107
by the same token those with lower incomes can change those too . they can can pack up a truck and head for greener pastures in hcol areas and better jobs . it goes both ways .
lifestyle is just that , you can't separate it from income needed for that lifestyle with hypothetical moving around the country .
the reality is most folks are not leaving their family ,friends and jobs to move to lower or higher cost areas . their lives are what they are , where they are . there is zero chance we are leaving this lifestyle here where our kids and grand kids are , so expenses and the income needed are what they are .
The last part make the most sense. Logically a lot of people would be way better off moving to an area with a lower cost of living, but it's there bonds and history that keeps them where they are at.
Then again some people can move from a high COL area to a cheaper place where they may have family or friends or at least be closer to them.
don't forget high cost of living areas are not high cost in a vacuum . they are high cost because that is where the higher paying jobs are .
that is also where homes cost the most money for the same reason .
so a 600k house that appreciates just 3% a year on average is worth a whole lot more than a 150k house that appreciates the same . so when sold the high cost of living area homeowner is in a lot better shape moving to cheapsville than most locals are financially .
in fact the higher wages in the high cost area produce a much higher social security check for the life of you and your spouse regardless if you relocate to cheapsville so staying and working in high cost of living areas and leaving at retirement can certainly be very beneficial for many .
over 400,000 long islanders said in a survey that is their plan . they will live and work in one of the most expensive areas in the country, pay off their homes , get those juicy ss checks from the higher wages and then relocate down the road to a cheaper area and live very nicely ..
Last edited by mathjak107; 05-04-2017 at 04:46 AM..
by the same token those with lower incomes can change those too . they can can pack up a truck and head for greener pastures in hcol areas and better jobs . it goes both ways .
lifestyle is just that , you can't separate it from income needed for that lifestyle with hypothetical moving around the country .
the reality is most folks are not leaving their family ,friends and jobs to move to lower or higher cost areas . their lives are what they are , where they are . there is zero chance we are leaving this lifestyle here where our kids and grand kids are , so expenses and the income needed are what they are .
You should live where you like living and just deal with it. Even though it's generally a rip off I like the NYC tri-state area and chose to live here over other metro areas where I can objectively say I had a higher standard of living. I'm not as big a spender on lifestyle stuff by choice anymore anyway...no more car payments, no more fancy overpriced apartments, so I don't find it hard to survive around here. Easier actually.
The context of this question depends so much on location.
100k/yr isnt that great in most of CA but it would be pretty awesome in a lot of other places.
by the same token those with lower incomes can change those too . they can can pack up a truck and head for greener pastures in hcol areas and better jobs . it goes both ways .
lifestyle is just that , you can't separate it from income needed for that lifestyle with hypothetical moving around the country .
the reality is most folks are not leaving their family ,friends and jobs to move to lower or higher cost areas . their lives are what they are , where they are . there is zero chance we are leaving this lifestyle here where our kids and grand kids are , so expenses and the income needed are what they are .
??? ??? ??? ??? ??? A burger flipper in a low COL area can head for greener pastures and better jobs in a high COL area? A better job flipping hamburgers wouldn't pay the rent.
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