Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
For a family with two kids, with zero inherited or family money buying at today's prices in a good school district that is safe and has a reasonable commute to Manhattan this is how I break it down in terms of household income:
Poor/barely hanging on = <$125,000 per year
Lower middle class = $125,000 per year - $200,000 per year
Middle class = $200,000 - $400,000
Upper middle class = $400,000 - $600,000
Rich: over $600,000
It's true. These numbers may appear high but not really if you think about it. A teacher/cop married to a teacher/cop puts you over $200K and trust me I have seen real money in my life and its not in the hands of cops/teachers. You may not like this but this is what you NEED to make in order to live accordingly in Nassau with two kids, with zero inherited or family money buying at today's prices in a good school district that is safe and has a reasonable commute to Manhattan.
The above is not true as I can personally attest to and anecdotally through my friends. The majority of people I know are in your "Lower middle class" range yet we all live in what is considered one of the nicer areas on LI. In today's market you can buy a $600k house putting 20% down for a payment of ~$2k per month.
First. Who said ANYTHING about an 800K MTG? I am not crazy or rich. I am NOT "Upper Middle Class"...."LIFESTYLE", WHO REALLY CARES? I would NEVER spend 800K for a home on L.I.
My 400K home is just fine. In another year I will have my 200K vaca home. I rather a 400K home on L.I. & 200K vaca home than a 600K home here on L.I.
Sure, forget the new car, forget the vaca, forget putting away 10%+ into retirement, Then I can afford an "Upper Middle Class Lifestyle" 800K home. I dont need the "status"
Those are your preferences, but if you were truly upper middle class on LI, you'd live in a 700-800k+ valued home (whether it was purchased years prior or today), be putting 10%+ away for retirement, saving for multiple college educations, paying for various childrens' activities, etc..
It's not about status. If you were making 500K a year, would you choose to live in a lower income neighborhood like say Central Islip or Hempstead?
In today's market you can buy a $600k house putting 20% down for a payment of ~$2k per month.
Huh? A $480k mortgage even at a stellar 3% is over $2k per month. Add at least a grand per month for taxes and insurance and it's more like $3050 per month.
Those are your preferences, but if you were truly upper middle class on LI, you'd live in a 700-800k+ valued home (whether it was purchased years prior or today), be putting 10%+ away for retirement, saving for multiple college educations, paying for various childrens' activities, etc..
It's not about status. If you were making 500K a year, would you choose to live in a lower income neighborhood like say Central Islip or Hempstead?
The above is not true as I can personally attest to and anecdotally through my friends. The majority of people I know are in your "Lower middle class" range yet we all live in what is considered one of the nicer areas on LI. In today's market you can buy a $600k house putting 20% down for a payment of ~$2k per month.
Where are you finding this 600k home? Does it need to be updated? What are the taxes in this neighborhood?
Those are your preferences, but if you were truly upper middle class on LI, you'd live in a 700-800k+ valued home (whether it was purchased years prior or today), be putting 10%+ away for retirement, saving for multiple college educations, paying for various childrens' activities, etc..
It's not about status. If you were making 500K a year, would you choose to live in a lower income neighborhood like say Central Islip or Hempstead?
I live (what I consider) a "MIDDLE CLASS" area. Homes 350-500K
Its not what you make, its what you save.
I only go on vacation for my wife and the kids. If I have a week off, I'd rather paint, draw, go to the gym twice a day and cook. I enjoy my reality so I don't have to escape it.
Quote:
Originally Posted by TheImportersWife
you sound like my 4 and 6 year old.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.