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Yes of course it depends on where you live. DUH!!!!!!!!!!! But for 99.9% of places in the USA $250K is MORE than enough to live comfortably.
So what aren't you understanding?
Bottom line: It depends on where you live.
You can't make a blanket statement such as "$250K is MORE than enough to live comfortably" unless you can define what everyone who makes $250K believes "comfortable" is.
Oh please...........communist class warfare? What is this the 1950's buddy? Gimme a break! There are PLENTY of hard working Americans that save, are educated, and make their money work for them hoping to retire by 65 years old and they hardly make $250K a year. Are you saying all the teachers, nurses, engineers, scientists, accountants, are all undereducated, spend thrifts, who can't save? Of course earnings does not automatically translate to wealth. That wasn't the point genius. You can make a million dollars and spend yourself into debt. The point was this $250K number is thrown around as if it's some sort average American salary and we should all feel sorry for people that make it. The average American middle class salary is far less. But most of the middle class must now be the dumb, undereducated, debtors according to your view right
And let me flip it for you..........as many people who you claim to be middle class or poor who aren't responsible, educated, or hardworking enough..........well there are PLENTY of rich who don't deserve a penny of the money that they have stolen, cheated, manipulated, or inherited away from others. But you're probably of the camp that believes there is nothing wrong for one human being to earn $30 million a year. And we wonder why America is in the situation it is in. And by the way don't coem at me with your pseudocapitalist bullcrap. I've read Adam Smith's Wealth of Nations and everything by John Locke..............so I'm well versed in what REAL capitalism should be...........America hasn't had real capitalism....since.............well NEVER! State corporatism i.e. fascism has been ruling this country for 60+ years. So much for how great capitalism is eh?
How much do you need to earn to qualify for a 750,000 home? The 1/3 rule would be ..... drum roll .......... $250,000 annual income! (225K with 10% down)
Actually a 250K income will qualify you for a 750K mortgage. That plus the down payment will make the home worth 900K or so.
hmm.. how about the entire nation? just a thought. It is senseless to model our national tax structure based on New York City.
And it's just as senseless to use $250K as a defining point for "rich".
Quote:
here in my town, for example, $50k/year for a household is an income greater than the average. $100k/year for a household puts you in the top 12%.
What's the size of your town? Where do those who make under the average live - subsidized/project housing? Are they section-8s? Who are they? Single moms? Single Dads? Dual-income households? The elderly?
What does a condo cost? A townhouse? A house?
Who are the people who earn $50K per year and do they qualify for state programs (low-income housing, subsidized utilities, food stamps, etc.) or are they living "comfortably"?
Actually a 250K income will qualify you for a 750K mortgage. That plus the down payment will make the home worth 900K or so.
Good point. So, what will that kind of money buy you in Clarksville, MD, which was previously held up as an example of an extremely expensive community? Here's an example of a house in that range. It's 7 beds/5 baths in 6000 sq. ft. on nearly four acres in a very high-performing school district. Now, who here thinks that's a middle class house?
Last edited by formercalifornian; 09-13-2010 at 08:28 PM..
As long as you have no debt and as long as you want to be house-poor.
The point is, $250K is a more than adequate income, anywhere. It is foolish to act like folks making that or more are grubbing for money for the kids' lunches.
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Well, America (it's government) is screwed up by thinking the official poverty level for a family of 4 is 24K anyway, so why would they not screw it up on the other end as well?
As long as you have no debt and as long as you want to be house-poor.
No true at all. You can have other debt and still easily qualify for a 750k mortgage.
750k mortgage 30 year fixed at 5% the monthly is barely over $4000. That would only be 20% of your gross income, way under the 28% allowed for mortgage and the 30something (36?) for all debts.
It also doesn't impact whether they are house poor they obviously could have plenty of additional cash flow and the house in relation to their net worth depends on the person, could be high could be low.
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