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It's upper-middle class. However, you need to be upper-middle class to have an "average" standard of living in certain metropolitan areas. These include most of New York City, San Francisco/San Jose, Los Angeles, Washington DC, San Diego, Boston and Seattle.
These places have the highest COLs in the nation. On the other end of the spectrum, many smaller cities in the midwest have much lower COLs where you don't have to earn nearly as much to have an average standard of living.
By "average" if you mean having the same sized home in a similar neighborhood from one place to another, there is indeed a huge scale of difference in the COL.
Not directed at you, but what irks me about these kind of comparisons is the assumption that people would want (or need) the same thing or situation regardless place.
A 2500 sq ft home (or apartment home) in a safe, nice neighborhood in Indianapolis might be $150,000 and the equivalent in NYC (Brooklyn or Queens) $1 million easily. In the former, you'd need $50,000/yr and in the latter $150,000+ /yr. to equalized the COL in this regard.
However, in reality, I think most people value different things and make adjustments, depending where they are. NYC is a world class city that offers immense opportunities of things to do and experiences to have compared to Indianapolis. Most people in NYC spend little time at home because they're out doing a zillion things all the time; in Indianapolis, people spend time at their home, because there's just not much happening, relatively speaking.
As such, the COL is much more influenced by subjective values and circumstances - it shouldn't be made on just an apples-to-apples comparison.
By "average" if you mean having the same sized home in a similar neighborhood from one place to another, there is indeed a huge scale of difference in the COL.
Not directed at you, but what irks me about these kind of comparisons is the assumption that people would want (or need) the same thing or situation regardless place.
A 2500 sq ft home (or apartment home) in a safe, nice neighborhood in Indianapolis might be $150,000 and the equivalent in NYC (Brooklyn or Queens) $1 million easily. In the former, you'd need $50,000/yr and in the latter $150,000+ /yr. to equalized the COL in this regard.
However, in reality, I think most people value different things and make adjustments, depending where they are. NYC is a world class city that offers immense opportunities of things to do and experiences to have compared to Indianapolis. Most people in NYC spend little time at home because they're out doing a zillion things all the time; in Indianapolis, people spend time at their home, because there's just not much happening, relatively speaking.
As such, the COL is much more influenced by subjective values and circumstances - it shouldn't be made on just an apples-to-apples comparison.
I can guarantee you people are happier and have a better quality of life in Indianapolis.
Those that make over $100,000 per year, you don't have to say where you work, but do you work a traditional job as an employee or do you own your own business? How long did it take you to work up to that salary? Has your life been less stressful or is it more stressful because you have to work so much/ Just curious.
I work for myself. When you realize that a good tax accountant can help structure things to take maximum advantage of tax savings, it took about 3 years to get to the equivalent of a $100,000 salary. When the economy is good, it's way less stressful.
It's not way off. The housing prices in NYC and Pittsburgh are that big of a difference that it offsets the savings you have shopping in Chinatown, etc.
$100,000 difference per year? I don't think so. More like $10,000
I made around 90k last year. I work in healthcare and only work 3 days/week. I'm in school to advance my career and when I'm done, I hope to be making at least 150k while still working 3 days/week.
By "average" if you mean having the same sized home in a similar neighborhood from one place to another, there is indeed a huge scale of difference in the COL.
Not directed at you, but what irks me about these kind of comparisons is the assumption that people would want (or need) the same thing or situation regardless place.
A 2500 sq ft home (or apartment home) in a safe, nice neighborhood in Indianapolis might be $150,000 and the equivalent in NYC (Brooklyn or Queens) $1 million easily. In the former, you'd need $50,000/yr and in the latter $150,000+ /yr. to equalized the COL in this regard.
However, in reality, I think most people value different things and make adjustments, depending where they are. NYC is a world class city that offers immense opportunities of things to do and experiences to have compared to Indianapolis. Most people in NYC spend little time at home because they're out doing a zillion things all the time; in Indianapolis, people spend time at their home, because there's just not much happening, relatively speaking.
As such, the COL is much more influenced by subjective values and circumstances - it shouldn't be made on just an apples-to-apples comparison.
Actually - it's not making any assumptions. It's simply comparing the median costs of a few indicators (usually housing, taxes, food etc.) between two locations. And those that use it simply needs to understand that as well as its limitations.
By "average" if you mean having the same sized home in a similar neighborhood from one place to another, there is indeed a huge scale of difference in the COL.
Not directed at you, but what irks me about these kind of comparisons is the assumption that people would want (or need) the same thing or situation regardless place.
A 2500 sq ft home (or apartment home) in a safe, nice neighborhood in Indianapolis might be $150,000 and the equivalent in NYC (Brooklyn or Queens) $1 million easily. In the former, you'd need $50,000/yr and in the latter $150,000+ /yr. to equalized the COL in this regard.
However, in reality, I think most people value different things and make adjustments, depending where they are. NYC is a world class city that offers immense opportunities of things to do and experiences to have compared to Indianapolis. Most people in NYC spend little time at home because they're out doing a zillion things all the time; in Indianapolis, people spend time at their home, because there's just not much happening, relatively speaking.
As such, the COL is much more influenced by subjective values and circumstances - it shouldn't be made on just an apples-to-apples comparison.
You make some important points. I agree that not all people living in different areas want the same things. Still, most Americans consider owning and living in a 4-bedroom, 2000 sq ft home to be a typical standard for a middle class family with school-age children. It's certainly nothing extravagant.
However, you cannot reasonably afford that lifestyle in most of the suburbs of the cities I mentioned without making at least $100,000 in household income. Even 1 hour away from New York City, homes that size go for about half a mil.
You make some important points. I agree that not all people living in different areas want the same things. Still, most Americans consider owning and living in a 4-bedroom, 2000 sq ft home to be a typical standard for a middle class family with school-age children. It's certainly nothing extravagant.
However, you cannot reasonably afford that lifestyle in most of the suburbs of the cities I mentioned without making at least $100,000 in household income. Even 1 hour away from New York City, homes that size go for about half a mil.
You can make 60k-70k in most other places that aren't right around huge cities and easily afford that house. The average house size now is about 2,100 sf and the average income of a home buyer is around 70k.
NYC is a world class city that offers immense opportunities of things to do and experiences to have compared to Indianapolis. Most people in NYC spend little time at home because they're out doing a zillion things all the time; in Indianapolis, people spend time at their home, because there's just not much happening, relatively speaking.
I have an uncle who worked in Manhattan for a couple of years, had a small ridiculously overpriced apartment there. Anyway, he said the excitement wore off after a couple of weeks. You see all of the museums, Broadway shows, and whatnot a couple of times, and then you stop doing it. The gazillion people and living in the middle of a gigantic concrete jungle really got to him, and he missed the pleasant people and open land in Texas.
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