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Old 03-20-2015, 11:26 AM
 
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Considering how high the cost of living here it is...this really got me thinking about how much a large chunk of nyers struggle to get by, not to mention to save any towards their retirement safety net when they need it when time comes...it looks dismal today, but will become catastrophic when many workers today reach their retirement 10 years later...



What Is Middle Class?

Family income by city, 2013

http://www.npr.org/blogs/money/2015/...ntent=20150320
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Old 03-20-2015, 12:04 PM
 
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Median Income does not denote 'Middle Class'.
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Old 03-20-2015, 01:25 PM
 
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Quote:
Originally Posted by leoliu View Post
Considering how high the cost of living here it is...this really got me thinking about how much a large chunk of nyers struggle to get by, not to mention to save any towards their retirement safety net when they need it when time comes...it looks dismal today, but will become catastrophic when many workers today reach their retirement 10 years later...



What Is Middle Class?

Family income by city, 2013

How Much (Or Little) The Middle Class Makes, In 30 U.S. Cities : Planet Money : NPR
As the last of the boomers retire, there are clearly many people in the city who worked jobs that had no retirement benefits (in addition to having no savings). This bad combo means even their rent stabilized apartments won't be able to save them.

It's pretty bad.

Well NYC continue to be able to dump these old poor people on Southern states, or will they go homeless here? Soon with the baby boomers full retire the city will have driven out the last vestiges of a certain type of working class person (I'm sure they'll take their social security checks and move). To make way for the upscaling of the city/gentrification.
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Old 03-20-2015, 01:29 PM
 
Location: NYC
5,208 posts, read 4,666,583 times
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Quote:
Originally Posted by WithDisp View Post
Median Income does not denote 'Middle Class'.
Exactly. If you take a small wealthy community with a high average income, the family with the median income doesn't automatically become middle class. That's like saying the professional athlete with the 500k first year contract is living in poverty.
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Old 03-21-2015, 09:40 AM
 
Location: Manhattan
25,368 posts, read 37,053,451 times
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Median Income is a precise term. "Middle Income" is meaningless babble that comes out every election cycle. It can make a politician sound like he is saying something when indeed he is saying NOTHING.

"Gotta help out the Middle Income folks...vote for ME."
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Old 03-21-2015, 01:10 PM
 
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Median incomes only mean that is what the bulk of foks have. Many may hate the life it provides.
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Old 03-22-2015, 03:52 AM
 
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the new york times lookerd at what it takes to live a middle class life in ny.

" Most researchers define the middle class by calculating the median income for a place, and grouping people into certain percentages above or below the absolute 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. "




http://www.nytimes.com/2013/01/20/re...ttan.html?_r=0
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Old 03-22-2015, 05:22 AM
 
Location: Bronx
16,200 posts, read 23,033,564 times
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Quote:
Originally Posted by mathjak107 View Post
the new york times lookerd at what it takes to live a middle class life in ny.

" Most researchers define the middle class by calculating the median income for a place, and grouping people into certain percentages above or below the absolute 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. "




http://www.nytimes.com/2013/01/20/re...ttan.html?_r=0

I also notice that they say middle class families so I'm assuming a family with a husband and wife who both works which gives higher purchasing power over some who is single or even worse a single parent. The downfall of the American middle class can be contributed to the decline of the family unit in the past couple of decades. NYC is increasingly being dominated by singles and single parent households these days which many do not get factored in to middle class status.

Last edited by Bronxguyanese; 03-22-2015 at 05:31 AM..
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Old 03-22-2015, 05:39 AM
 
106,579 posts, read 108,713,667 times
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so many children without fathers is likely the biggest cause of poverty in our area. but that is not the point . the discussion really is the fact median income and middle class lifestyle are 2 very different things and for lots of reasons.

you will see in the retirement forum here all the time how someone says the median income in the usa for retiirees is like 39k so how could anyone need more.

it is a silly comment and all it means is that is what folks have to work with . it does not mean they like the lifestyle at all.. in fact lower incomes do better . they may get tax credits , paid medical subsidy's and all sorts of perks.

my sons father inlaw is getting 1600 bucks a month rent for section 8 housing . that median income person may get none of that. the effective income from many of these lower income folks can easily equal 50 or 60k .
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