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I don't want to sound like I'm anti immigrant but - - In SLC the Mormon elder ranted that Afghan refugees were about to come pouring in and every one of them was going to get an id, a valid id, a ss card, and $10k handed to them (I had to have a birth certificate is my beef). So all those families in one house can put the down payment on the house and the banks were giving houses away during covid.
Interesting. Are you aware that law school, while still very expensive, isn't the gateway to the good life that it used to be? Many lawyers (especially fairly newly-minted ones) are struggling. Many law schools have closed for lack of demand. How long ago did your kids go to school? Times have changed.
"NALP’s 2023 Associate Salary Survey report notes that as of January 1, 2023, the median base salary for first-year associates was $200,000, which is up $35,000 from 2021, the last time this survey came out."
"NALP’s 2023 Associate Salary Survey report notes that as of January 1, 2023, the median base salary for first-year associates was $200,000, which is up $35,000 from 2021, the last time this survey came out."
Of course, an engineering graduate from a top 10 engineering school taking a job in Silicon Valley will see a starting salary higher than that.
I'm not able to get accurate info on the source for this survey, so it sounds a bit shady. Anyway, that's sure not what I have been hearing from some top law grads in my community. And like I said, if you don't bring in the clients, you're out on your can, even if you were a top recruit. Of course, that depends a lot on who you are and who you know.
$100,000 high income? Maybe $200,000... or $250,000 $100,000 is middle of middle class, not even upper middle class.
The $100K in the chart was from 2016 - that is about $130K now. An income of $200,000 would put you in the top 10% of household income in the US so well above average.
Using Pew's Research Center criteria, they define the middle class as households that earn between two-thirds and double the median U.S. household income - the median household income is just over $65,000, according to the U.S. Census Bureau - so middle income is made up of people who make between $43,350 and $130,000 - $130K would be about the top end of the middle class.
the new york times looked in to the differences here between a middle class income and a middle class lifestyle
as the ny times said
There is no single, formal definition of class status in this country.
Statisticians and demographers all use slightly different methods to divvy up the great American whole
into quintiles and median ranges. Complicating things, most people like to think of themselves as middle
class. It feels good, after all, and more egalitarian than proclaiming yourself to be rich or poor. A $70,000
annual income is middle class for a family of four, according to the median response in a recent Pew
Research Center survey, and yet people at a wide range of income levels, including those making less than $30,000 and more than $100,000 a year, said they, too, belonged to the middle.
By one measure, in cities like Houston or Phoenix — places considered by statisticians to be more typical of average United States incomes than New York — a solidly middle-class life can be had for wages that fall between $33,000 and $100,000 a year.
By the same formula — measuring by who sits in the middle of the income spectrum — Manhattan’s middle class exists somewhere between $45,000 and $134,000.
But if you are defining middle class by lifestyle, to accommodate the cost of living in Manhattan, that salary would have to fall between $80,000 and $235,000. This means someone making $70,000 a year in other parts of the country would need to make $166,000 in Manhattan to enjoy the same purchasing power.
Using the rule of thumb that buyers should expect to spend two and a half times their annual salary on a home purchase, the properties in Manhattan that could be said to be middle class would run between $200,000 and $588,000.
On the low end, the pickings are slim. The least expensive properties are mostly uptown, in neighborhoods like Yorkville, Washington Heights and Inwood. The most pleasing options in this range, however, are one-bedroom apartments not designed for children or families.
It is not surprising, then, that a family of four with an annual income of $68,700 or less qualifies to apply for the New York City Housing Authority’s public housing.
this article was written years ago so those numbers have jumped up quite a bit , both in income and what it takes
The $100K in the chart was from 2016 - that is about $130K now. An income of $200,000 would put you in the top 10% of household income in the US so well above average.
Using Pew's Research Center criteria, they define the middle class as households that earn between two-thirds and double the median U.S. household income - the median household income is just over $65,000, according to the U.S. Census Bureau - so middle income is made up of people who make between $43,350 and $130,000 - $130K would be about the top end of the middle class.
Wouldn’t that be household income of $43k - $130k? So a two income household would need to make roughly $21.7 each to qualify?
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