Income needed to live middle class lifestyle (Stony Brook, Hampton: houses, to buy)
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Yes, I read the job descriptions and unfortunately these banks are looking for people with very specific skills to fill these vacancies. I work for a large bank in NYC yet even I would not qualify for these openings. There was a time when community banks hired people of all backgrounds and trained them, but not anymore.
i think you are going to find everyone's idea of what constitutes a middle class lifestyle is so different that it is like asking how long a rope should be.
I said it many times, including earlier in this thread, that a true upper middle class life will cost in excess of $150k per year. And there's no way that the gap between upper middle class and traditional middle class is actually $68k (the difference between $150k and $88k). Middle class life in Suffolk County is right around $120k annually.
Is that per person if you're married? My definition of middle class for a family (not lower/not upper/middle middle class)
Own a home where you can afford the mortgage
Can pay your utilities no issues
Can pay for auto repairs no issues and/or be in the position to finance a new vehicle when needed
Can pay for auto gasoline no worries
Can pay for kids' extracurricular activities no worries
Have savings that is growing
Can send your children to college
i think you are going to find everyone's idea of what constitutes a middle class lifestyle is so different that it is like asking how long a rope should be.
Exactly! That is the point that I keep making, that everybody defines middle class differently. Usually it is dependent on the lifestyle that you had growing up. And, as I have said many times, if I had to commute to the city, since my life would be nothing but commuting, working, and sleeping, I would never feel that I was living a middle class lifestyle, no matter how much money that I made. But there seem to be plenty of people happy with that lifestyle who consider themselves successful, and even a few people on this board who said that they would never work on Long Island, even for the same money, since they prefer working in the city.
As people gain perspective and grown beyond their own limited point of view, they often find that the lives of their loved ones and what they can provide for them factor into this.
I said it many times, including earlier in this thread, that a true upper middle class life will cost in excess of $150k per year. And there's no way that the gap between upper middle class and traditional middle class is actually $68k (the difference between $150k and $88k). Middle class life in Suffolk County is right around $120k annually.
I mentioned we did a very easy middle class life on $80k, without kids. Are kids a requirement to be middle class? Nope. And neither is a $3k mortgage. We even saved enough to buy a bigger house after 7 years (which also happens to be the avg for staying in a home).
Upper middle class is definitely $150k+, if you consider kids and their expenses. The gap is real and dependent on many factors (monthly costs).
It absolutely matters how you grew up to how you view all aspects of life. Many people aren't sociable and don't leave the house unless it's necessary. Some eat out often. Some try to nickel and dime the electric they use while others only turn on every light and don't worry over an extra 20-30/month. Vices vary from one to the other. IMO 5-10k a year in vacation is necessary for my happiness. Others are happy with a couple weekends in the Poconos. Everyone is different but, true middle class is way above 90k for anyone raising a family in a home purchased in last 14 years
^
This.
Only difference is we bought a real POS 19 years ago. Have a 30 year mortgage, paid an extra $100 per month until the taxes started going up, up, up and ate away at the additional $100. My mortgage will be paid off in 11 months -- 1 month shy of 20 years. Since we own our own business, expensive, long vacations far away aren't doable. So I figured what I would spend for such a vacation, and instead I bought a place in New England. The money I would have spent on the vacations is spent on that instead.
I don't like to waste electric, turn down the thermostat, and cook quite a bit. While we enjoying going out to eat, it's not a priority. We own several cars, no leasing. We have retirement accounts and 529's for the kids.
Right now we're a family of four living what would appear to be a middle class life on LI with a gross household income under $130K
$88,000 or $98,000 is far from middle class on Long Island. I lived on Long Island most of my life and in 2004 I bought a home in Stony Brook. I was earning $130,000 and was priced out. Our taxes were $20,000. Dream on. There are more reasonable states than NY. Don't get caught up in "NY is the only place to live." We moved to NE Ohio and for under $200,000, you can live the "life of Riley". I really wished we moved to Ohio back in 2004. We could have bought our home for cash and still have $150,000 left.
Not disputing your numbers, but in 2004 there were many homes in Stony Brook with taxes under $20K, and there still are today. My taxes are not even close to that, and I've built a garage the size of a house, as well as an addition onto my home. My neighbor across the way has a huge house that was built where a cottage once stood. She's currently pushing past $20K.
That said, it will be nice to use the equity in this house to buy elsewhere when the time comes.
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