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I get that the middle class has shrunk over the last few decades but the whole "no more middle class" thing is such hyperbolic nonsense.
There is a pretty stark contrast between many folks in my area. Gone are the inexpensive, smaller sized, cared for neighborhoods like where I grew up. Those are now closer to $250k+ homes in the outlying areas or those closer to downtown are $400k-$500k.
The ones that are in the low $100's or below are really low end and in "darker" areas with the accompanying crime and disturbances that go along with that.
They still exist of course but mostly in the Midwest. On the coasts, where the majority of us live, it's pretty tough to find.
Same here in ny . A middle class lifestyle takes what would be an upper end income in other areas . A middle class income and middle class lifestyle can be miles a part
Don't worry, it's in the name of 'appreciation', since you know, the value of housing outpacing inflation of currency and wages is the breath of a healthy economy. I can see being ok on the other end though, except higher valuations mean higher property taxes. Yuck! Nobody wins!
I get that the middle class has shrunk over the last few decades but the whole "no more middle class" thing is such hyperbolic nonsense.
The middle class has largely stayed the same. What has changed is how locked in generational poverty is these days. That demographic has a high birth rate. Thus the increase in poverty. Unless the wheels fall off due to opiate addiction or a major health problem, offspring of the middle class largely don't end up poor. Contrary to the myth of the red hat people, the offspring of immigrants tend to do better than their parents.
There is a pretty stark contrast between many folks in my area. Gone are the inexpensive, smaller sized, cared for neighborhoods like where I grew up. Those are now closer to $250k+ homes in the outlying areas or those closer to downtown are $400k-$500k.
The ones that are in the low $100's or below are really low end and in "darker" areas with the accompanying crime and disturbances that go along with that.
They still exist of course but mostly in the Midwest. On the coasts, where the majority of us live, it's pretty tough to find.
I'm in an $11/hour minimum wage state. (Massachusetts) If you can fog a mirror, you make $15. A married dual income couple makes $60K. With an FHA loan and good credit, you can qualify for a 3.5% down mortgage on a $250K house. You only need to save up $8,750. You can't do that inside the Boston MSA unless it's in one of the failed mill towns with the high crime rate and lousy school system but you can find starter houses for $250K outside the I-495 belt in safe towns with Niche A- school systems. You can find things for less than that but they'd need some sweat equity added.
The problem with the economically successful parts of the country is the country isn't investing in transportation infrastructure. People pay an enormous premium to live in a town with a good school system and a commute that isn't soul-crushing. You can typically live in other parts of those states and do just fine with low wage jobs because the minimum wage is so high. Upstate NY. Vermont outside of Burlington and the resorts. The semi-rural parts of Connecticut. The non-Denver/non-resort parts of Colorado.
What separates them? Education, healthcare, services (most especially childcare), and access to information.
Like always, I'd say #1 is "Good Parents". You can prosper in a failed urban school system on CHIP kid Medicaid and get internet at the library if the local cable company doesn't offer a massively discounted means-tested broadband connection. Comcast has a low income $10/month for 10 megabit/sec product. What it takes is good parents. We have millions of immigrant families with children who become middle class.
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