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I have no clue. I think it's different for each person. I've never made over $25/hr and I have everything I could want. Never had to stop and think if I could afford something. Of course, I'm frugal in most respects and look for good deals, especially with major purchases. Just bought a brand new Marshall full stack tube amp. After researching, I was able to save about $400 on the purchase, where most people just buy from the first option they see.
To me, it's not so much about how much you earn. It's what you do with that money that counts
I would consider $40k single, $70k for a couple, assuming no kids and manageable debt, to be middle class in this part of TN. The problem is that achieving those wages when most jobs pay in the $10-12/hr range is difficult.
I think most people can achieve middle class in bigger cities in low tax states (think Houston, Dallas, Nashville) where taxes are low but wages are higher than the surrounding rural areas, and also in high wage, reasonable cost of living states like MN, NE, and IA. Very rural areas are no-no today. Coastal areas and very high cost areas are going to be much, much tougher.
That's going to vary, of course, by geographical region. $30/hour in the Bay Area? Not so middle-class. I'd say $40/hour for the Bay and maybe $20/hour for some really inexpensive place.
I would say 50K is at least lower middle class around here. There are many wonderful suburbs and even parts of the city that are a great value. Many things can be had at cheaper prices if you know where to look, like food for example.
I would say 50K is at least lower middle class around here. There are many wonderful suburbs and even parts of the city that are a great value. Many things can be had at cheaper prices if you know where to look, like food for example.
Ok so maybe 50k-60k? I just feel in order to own property, a car, and have a good amount leftover, you would need somewhere around 60k.
Ok so maybe 50k-60k? I just feel in order to own property, a car, and have a good amount leftover, you would need somewhere around 60k.
If you want to start getting into property as a single income earner, than yes, I would agree. Even at 60K, I wouldn't jump unless I found a great deal on a small piece of property (with lower property taxes). Condos are a more financially suitable alternative.
Lots of folks own houses on less, but that leaves much less money for saving and disposable income. I love having extra money around so I don't ever have to worry about bills or affording major purchases, which is why I rent.
If you want to start getting into property as a single income earner, than yes, I would agree. Even at 60K, I wouldn't jump unless I found a great deal on a small piece of property (with lower property taxes). Condos are a more financially suitable alternative.
Lots of folks own houses on less, but that leaves much less money for saving and disposable income. I love having extra money around so I don't ever have to worry about bills or affording major purchases, which is why I rent.
Right and I agree. But to me Middle class is being able to afford to buy property, a car, etc. Doesn't have to be anything luxurious, but I feel at the middle class level at the very least you can afford to get those.
For example at $45k myself, I can afford a car, but no way can I afford property. I consider myself between lower and middle class. But I don't have a car cause I rather spend that on better stuff.
It also depends on what assets and debts you have. My mortgage is half what some pay for rent and I don't have any other debt so earning about 70K I can save about 30K and still spend all I want. Coworkers who rent and drive a POS car that keeps breaking down are in much worse shape so making 30K or so a year they are in poverty. Supporting a child if you didn't have a spouse would require a much higher income not to need charity. Supporting more than one child, paying child support and trying to save for a house would require both spouses to earn decent money maybe a total of 60K to start to break out of poverty.
Many middle class wage earners are not paid hourly. It varies greatly by location. In Texas, the per capita income is $26k. It's very low compared to California's $44k. It's cheaper to live here though.
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