How much money you have to earn to be considered rich in DFW? (Dallas: middle-class, rentals)

[UnfairPark]

https://www.google.com/amp/s/amp.bus...y-state-2018-4

"Rich" is defined by some Americans as having an average of $2.4 million, according to a Charles Schwab survey. But how much money you need to earn to be considered "rich" by the government's standards depends on the city you live in.

[turf3]

Considered rich by whom? By Ross Perot's neighbors on Strait Lane, or by my yard man's neighbors off Samuell Blvd.?

[NTXPerson]

I think everyone has a different idea what "rich" is. I believe a lot of people see rich as having a big mansion, expensive cars, fancy clothes, and expensive vacations. However, a lot of people don't realize that a lot of these "rich" people have more debt than what's in the bank.

Here is another article that touches on this topic. You can input your own information to see where you fall on the spectrum.

https://www.pewresearch.org/fact-tan...-middle-class/

[stan4]

Originally Posted by UnfairPark

https://www.google.com/amp/s/amp.bus...y-state-2018-4

"Rich" is defined by some Americans as having an average of $2.4 million, according to a Charles Schwab survey. But how much money you need to earn to be considered "rich" by the government's standards depends on the city you live in.

Lol...2.4 million is not rich anywhere in the U.S.

[Katana49]

Originally Posted by stan4

Lol...2.4 million is not rich anywhere in the U.S.

Sure it is... Where my family is from, you could spend $500k and buy up an entire city block of houses, knock them all down, and still have about $250k left over to build a rather large house on your 10 acre lot.


That would leave you with 1.9 million to spend on booze and the local Indian casino, because there's nothing else to do there.

[UnfairPark]

Originally Posted by stan4

Lol...2.4 million is not rich anywhere in the U.S.

I know but what’s even more silly is annual income list in that article but it would be interesting to hear who qualifies as rich in DWF. Imho $2.4 million in assets and $240k/month would make one comfortably upper middle class at best.

[mastershake575]

Upper middle class usually starts at double the median salary of the metroplex so in this case upper middle class would start around $125-130k which sounds about right.

Usually in upper middle class you aren't rich but can realistically afford things that 80% of families can't like a nicer house, country club membership, luxury car......ect


Back to the exact question how much money do you have to be to be "rich in Dallas". It's hard to say. There's so many definitions of what's upper class. Some say being in the top 5% is upper class, some say top 1%. Classical definitions says upper class wealth is passed on from generation to generation or the wealth is so strong that you actually have political influence/power. In the classical definitions I think there leaning more towards the top 1%

Guess it depends on where you want to cut off upper middle class. Upper middle class usually starts like i said earlier around $130k. Me personally once you get 3x the median household income your kinda leaning more towards upper and when your at 4x your probably there. Dallas specifically it's a tough one because there are tons of Rich but then again there's tons of poor that bring the average down

[turf3]

Class is not defined by how much money you have (whether income, net worth, or a combination). "Rich" and "upper class" are not the same thing. While most "upper class" people would qualify as "rich", few "rich" would qualify as "upper class".

At any rate, without further definition the question is meaningless. What seems "rich" to someone who works as a housekeeper at the Motel 6 probably wouldn't seem "rich" to the person who just finished up lunch at the Petroleum Club.

[cordata]

What would anyone say is an upper middle class lifestyle or an upper class lifestyle in the Dallas area ?


Big house, pool, kids in private school, one spouse not working, country club memberships, big vacations ?

[DFWUser1]

Originally Posted by mastershake575

Upper middle class usually starts at double the median salary of the metroplex so in this case upper middle class would start around $125-130k which sounds about right.

Usually in upper middle class you aren't rich but can realistically afford things that 80% of families can't like a nicer house, country club membership, luxury car......ect


Back to the exact question how much money do you have to be to be "rich in Dallas". It's hard to say. There's so many definitions of what's upper class. Some say being in the top 5% is upper class, some say top 1%. Classical definitions says upper class wealth is passed on from generation to generation or the wealth is so strong that you actually have political influence/power. In the classical definitions I think there leaning more towards the top 1%

Guess it depends on where you want to cut off upper middle class. Upper middle class usually starts like i said earlier around $130k. Me personally once you get 3x the median household income your kinda leaning more towards upper and when your at 4x your probably there. Dallas specifically it's a tough one because there are tons of Rich but then again there's tons of poor that bring the average down

I would say those who get that income $130k soley from salary or a job cannot consider upper middle class or rich. Because one can lose a job at any time for various reasons. And can run risk of running out of savings in no time with health insurance/health care costs etc. without a job for long time. You are upper middle class as long as you have a job

However, if one has a paid up house (inheritance or some other means) AND access to $130k without being tied to a job - like say those who get that money through paid up rentals or properties/investments or business (constant money irrespective of economy etc.) - then they can consider upper middle class/rich in my opinion.