Is 100,000$a year a high income in the year 2013? (employment, unemployment, work)
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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by Tone509
It definitely depends on where one lives.
Back in my hometown Philadelphia, a $100K would allow for a upper-middle/lower-upper class lifestyle.
Here in DC, it's almost lower-middle class unless one is willing to accept a condo or rancher close-in, or commute an hour or more for the "traditional" SFH.
Yes. In our area there are cities where the median income is $135,000 or more, and at only $100,000 it would be very hard to afford the average priced home at close to $600,000. Meanwhile there are other towns where the median income is closer to $45,000 and the home prices are down to about $200,000.
Making $100,000 there would be far more than enough to live very comfortably.
$100,000 a year is not that much anymore. I am past that point and live a basic life. Then again our choice was to have kids and we still have 5 at home. Kids can cost you a lot of money. I would say that to live a middle class lifestyle where I live you would need closer to $200,000. Growing up as a kid in the same area that I live in now I can tell you that the airport was full of private aircraft, just on my street alone at least 2 families owned airplanes. Many people owned boats, and I am talking ocean going boats of 30' or longer. New cars were something that happened more often. trips and vacations were a part of most familes life. Most people back in the 70's and 80's could do things on much less than what we need now. To match the lifestyle of the neighborhood that I grew up in I would need at least $200,000 a year in income.
Here in DC, it's almost lower-middle class unless one is willing to accept a condo or rancher close-in, or commute an hour or more for the "traditional" SFH.
I'd gladly take the one hour commute for a comfortable lifestye with $100.000/yr over living in a ridiculously expensive neighborhood (in DC) with expensive tiny houses and condos.
I say, people who are struggling on this type of income, either need to reduce the expenses or relocate to an area that is more affordable, and/or stop having kids.
It is for most of America. If the average salary is 52K I would say that 100K is a lot more than "slightly above average."
The average household income is 52k a year. Not the average income, unless you are working under the assumption that the average household is 1 earner.
During my long career in personal finance I discovered struggling people regardless of their incomes. At the same time, no matter where I worked, I had no idea how to spend $50,000 per year on a family of three (in 2013 equivalent dollars) – excluding major purchases.
100,000$ use to be some grand number growing up. It seems like making 100,000$ is slightly above average. A million doesn't even seem like a lot. To buy a brand new Nissan maxima fully loaded is 44,000$. That's just a car.. It's not even a luxury one.
It just seems everything is inflated food, taxes, gas, rent etc. etc.
I think I read somewhere that the new average income is 52,000$ a year.
Not really. In California and New York, it's the new minimum wage. I don't think you're starting to be considered high income until you're in the 150-170+ bracket for a single earner.
For a family with 2 kids, I think you need $280-$300k to be considered high income. (Again, this is for coastal cities).
Our image of wealth today is heavily influenced by leveraged income -- many with a household income of 100k have leveraged that into 300k or 400k of goods with debt instruments.
How do people do this? I'm very curious because I've never done it before.
Sorry, I should of clarified and said $100,000 per year if you are single with no children. $200,000 per year total household income if you have a family of four.
It really comes down to the lifestyle you chose to live too. Do you live in a very expensive area? If you are struggling than maybe you shouldn't be living there? Do you buy new luxury cars, clothing, jewelry, and merchandise?
The majority of people out there earn less than $100,000 a year and still manage to rear a family. There is also a big difference between want and need.
I know for me,moving would be detrimental to my 100,000 income.
Once,I moved and guess what? I was able to qualify for food stamps;that's how much my income dropped.
High cost of living = higher pay
Low cost of living = lower pay.
I don't know how people don't understand that!
Even the Feds don't,geez
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. It's not even a luxury one. 
