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Old 07-26-2016, 02:21 PM
 
Location: PNW
493 posts, read 358,027 times
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I saw an article where the average median household income for high achieving millennials is about $350k. This would imply that both partners are working at high level professional technology or medical/legal type jobs. Is this the kind of income you really need to make it there? I mean really make it, by being able to live comfortably, own a home and raise a family. And not living paycheck to paycheck in a run down apartment. When we our both working Full Time, our Household income is 135k, and we have no net worth (when you subtract our debts minus equity). I just wanted to know if it's worth it to think about relocating there vs another area which has a much cheaper COL (Seattle being one of the last affordable West Coast Cities). I have some in-laws there and every time we visit it is appearing ever more Yuppie and less middle class than I remember the city was in the 90s.


Seattle is rich in superrich millennials: top 5 in U.S. | The Seattle Times
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Old 07-26-2016, 02:47 PM
 
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Not sure how medium income and $350k are in the same sentence, even if its for a specific group, in this case millennials. $350k nearly puts you into the top 1% in this country. The medium income is more around $70k here. We are a young family of 4 and do fine on well less than six figures, including saving for retirement and the like. That said we don't do car payments and have little debt. Of course it is subjective but if your lifestyle is average, $135k should be just fine and should allow you to grow your wealth substantially over the years.
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Old 07-26-2016, 03:13 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
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$350k is an unusually high income for people of any age in Seattle, though Seattle is 5th in the nation for millennials making that much. It really isn't that hard though when each of a married couple make $165k, perhaps one at Amazon or Expedia, the other at Microsoft or Boeing.
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Old 07-26-2016, 03:20 PM
 
Location: PNW
493 posts, read 358,027 times
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Yeah it seems like 350k may be a bit on the higher end, but I always hearing from transplants that are moving in with 6 figure+ salaries.
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Old 07-26-2016, 03:26 PM
 
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This gives you an idea of where that falls - $225k puts you in the top 5% in Seattle, $408k puts you in the top 1% in Seattle. So yeah, 1 out of 100 households are making that in Seattle.

Income required to be the top 1% in US cities - Business Insider
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Old 07-26-2016, 03:32 PM
 
Location: Portal to the Pacific
4,619 posts, read 4,503,458 times
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You are getting confused, so let's separate things a bit and make sure we're on the same page as far as expectations go...

First of all, I have no clue what being a millennial has to do with this conversation, but yes, $350k (base) is probably an average medium household income for 2 high level (principal or senior manager or lower director) in high tech.

Secondly, by your standard of "making it" (i.e. house, raising kids, no debt), we've done super well on a $150k (base) salary. In the past six years at $150k we've: paid off our mortgage, maxed out retirement accounts (last couple years), traveled internationally and domestically 2x-3x each year.
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Old 07-26-2016, 05:02 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
28,093 posts, read 49,828,962 times
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Quote:
Originally Posted by harrishawke View Post
Yeah it seems like 350k may be a bit on the higher end, but I always hearing from transplants that are moving in with 6 figure+ salaries.
Six figures can be $100,00, that's less than 1/3 of $350k. Many more people make 100-150k than over $200k.
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Old 07-28-2016, 09:05 AM
 
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Okay so there is a subset of individuals that make $350k... that will always happen. Heck that is on the low-end if we are going by the top 1%. To be honest someones take home income doesn't woo me. There are people who appear to be bringing in $50k who have millions in investments.
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Old 07-28-2016, 05:18 PM
 
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If everyone makes so much money why are families so small/non existent. Is it cause cost of living, or people just aren't into families that much anymore? I'm generalizing too, I know.
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Old 07-28-2016, 07:57 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
28,093 posts, read 49,828,962 times
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Quote:
Originally Posted by Seattle4321 View Post
If everyone makes so much money why are families so small/non existent. Is it cause cost of living, or people just aren't into families that much anymore? I'm generalizing too, I know.
Drive around residential areas of Ballard, Magnolia, and Queen Anne and you will see plenty of families and young kids. In the Eastside suburbs the great schools are bursting at the seams. Generally, all over, more people are waiting longer to have kids - 30 is the new 20. I see new mothers in their 40s now. Part of it is career, some a desire to travel some before settling down, and in some cases there just isn't the same urge to have a family anymore.
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