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Is $250k a typical UMC salary?
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Date: June 29th, 2017 11:03 PM Author: Slippery Den Hunting Ground http://www.equality-of-opportunity.org/assets/documents/coll_mrc_paper.pdf
"First, access to colleges varies substantially across the income distribution. Among “Ivy-Plus” colleges (the eight Ivy League colleges, University of Chicago, Stanford, MIT, and Duke), more students come from families in the top 1% of the income distribution (14.5%) than the bottom half of the income distribution (13.5%)."
I'll take attendance at those schools as signals of UMC status.
"For children in the 1980 cohort, median individual earnings in 2014 (at age 34) are $28,000. Roughly 20% of children have 0 individual earnings. The 80th percentile is $58,000, and the 99th percentile is $197,000 (Appendix Figure Ib)."
$250k is a helluva lot of money it seems, > 99th percentile.
Figure IIa shows the average income percentile for 34 year old Ivy Plus graduates. It's less than the 80th percentile, which is $58,000 per year. |
Date: June 29th, 2017 11:43 PM Author: Salmon Range Pozpig The problem is that people don't get to choose where they live to make that cash. People with those salaries (like me) live in one of a few super expensive places: NYC, SF/SV, LA, or DC. And in those places that isn't really even UMC. It is more middle-middle class.
Sure, $250k in Montgomery, Alabama would be amazing cash. But that isn't reality. |
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Date: June 29th, 2017 11:46 PM Author: Slippery Den Hunting Ground So what? You're making more than 99% of your peers, of whom > 1% live in the same places you do. Now imagine you make $60,000 and live in NYC, a far more likely scenario. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673560) |
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Date: June 29th, 2017 11:52 PM Author: ebony stubborn ceo 250k is a lot of money. Even in the cities u listed. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673584) |
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Date: June 29th, 2017 11:56 PM Author: Stimulating Brass Boltzmann Boiling Water Look up what $800K gets you for house in LA (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673594) |
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Date: June 29th, 2017 11:57 PM Author: Slippery Den Hunting Ground You can afford a $1.25 MM house on a $250k salary. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673599) |
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Date: June 30th, 2017 12:00 AM Author: Stimulating Brass Boltzmann Boiling Water (realtor) (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673612) |
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Date: June 30th, 2017 12:02 AM Author: beta navy feces bawdyhouse LOL (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673626) |
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Date: June 30th, 2017 12:08 AM Author: Slippery Den Hunting Ground 5x price to income multiple is low for LA (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673651) |
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Date: June 30th, 2017 1:57 AM Author: lime unhinged market wagecucks srsly? jfc.
i agree that it's manageable, but LOW? i mean, the more you make, the higher the multiple you can afford, i guess... |
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Date: July 12th, 2017 3:13 PM Author: irradiated sienna shrine (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758584) |
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Date: June 30th, 2017 8:59 AM Author: cordovan bateful locale Lol no. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33674661) |
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Date: June 30th, 2017 12:35 PM Author: lime unhinged market wagecucks so 250k is like 12k/month after tax, conservatively.
mortgage on the 1.25m place is probably like 4500-5000/month.
add another 1.5k for taxes.
you have ~6k per month left over (before dealing with tax savings on interest). it's doable, but don't expect to save much. |
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Date: July 12th, 2017 8:27 AM Author: drab station rigor You are a huge fucking faggot. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756059) |
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Date: July 12th, 2017 9:16 AM Author: Vivacious Digit Ratio Dilemma wtf? (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756173) |
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Date: July 12th, 2017 11:17 AM Author: lime unhinged market wagecucks seriously. wtf? (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756827) |
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Date: July 12th, 2017 11:43 AM Author: multi-colored crusty sanctuary The issue is less with stretching yourself to pay a recurring mortgage payment and more with saving up $250,000 for 20% down. By the time you've saved that much, housing prices would have been hyperinflating by 5-6% a year for 10 years and now you need $400k down instead of $250k down (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33757003) |
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Date: July 12th, 2017 12:16 PM Author: lime unhinged market wagecucks the assumption was that you have the down payment saved already, which isn't too much of a stretch for someone making 250k.
obviously, it's hard to discuss the hypothetical where you can't buy for another half decade. |
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Date: July 12th, 2017 12:22 PM Author: multi-colored crusty sanctuary just assume 250k saved
also just assume wealthy parents put forward 1 mill towards purchase price
viola, 1.25m house is pretty affordable
lol just lol |
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Date: July 12th, 2017 2:34 PM Author: lime unhinged market wagecucks Assuming 1x annual income in savings by the time you want to buy a house is not that crazy. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758333) |
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Date: June 29th, 2017 11:59 PM Author: ebony stubborn ceo Keep in mind, you don't necessarily lose the 800k. You probably get it back when you sell, potentially with significant appreciation that isnt taxable. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673607) |
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Date: June 30th, 2017 12:42 PM Author: lime unhinged market wagecucks (boomer) (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33676077) |
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Date: July 12th, 2017 10:42 AM Author: disgusting house new version Seriously (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756603) |
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Date: July 12th, 2017 2:21 PM Author: Salmon Range Pozpig (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758217) |
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Date: July 12th, 2017 2:28 PM Author: Yapping internet-worthy roast beef space (guy who bought gold and guns in 2009) (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758277) |
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Date: July 12th, 2017 11:34 AM Author: deranged self-centered nursing home TCR (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756954) |
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Date: June 30th, 2017 2:25 AM Author: sick maize pervert chad People with those salaries (like me)
Lmao |
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Date: June 30th, 2017 8:37 AM Author: Soul-stirring Kitchen "People with those salaries (like me) live in one of a few super expensive places: NYC, SF/SV, LA, or DC. And in those places that isn't really even UMC. It is more middle-middle class."
This. I always saw $200-$250k as a nice amount for a single person with little debt and no dependents (spouse, kids, family obligations) to be able to live comfortably in one of those cities, but it's solidly middle-middle class.
It's also a nice supplementary salary for someone who isn't a primary income-earner, but LOL at being the breadwinner if you make that little in NYC/LA/SF/SV.
Of course the calculus changes if you live in Kansas City. |
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Date: July 12th, 2017 8:42 AM Author: Misanthropic dashing church 250k is a "nice supplementary salary" thanks xo (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756103) |
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Date: July 12th, 2017 9:14 AM Author: Charismatic address I almost lost it at that line (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756159) |
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Date: June 30th, 2017 8:57 AM Author: cordovan bateful locale You kind of choose to live in a very expensive place. There are definitely cheaper options for you but you made a lifestyle choice. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33674654) |
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Date: June 30th, 2017 12:37 PM Author: Obsidian Galvanic Pisswyrm Hie thee to Texas. If you make $200k+ here, you're in high cotton. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33676052) |
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Date: July 12th, 2017 2:26 PM Author: Bronze swashbuckling karate there is a wide disparity between 250K in the places you mentioned.
250K in NYC or SF/SV is not great.
250K in LA is pretty good.
250K in DC is definitely UMC. |
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Date: June 30th, 2017 12:09 AM Author: know-it-all irate indian lodge cuckoldry $250k is hardly a "typical" salary. A very small percentage of the population makes that much. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673659) |
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Date: June 30th, 2017 12:10 AM Author: Slippery Den Hunting Ground There was another thread claiming it wasn't a lot of money. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673661) |
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Date: June 30th, 2017 12:13 AM Author: know-it-all irate indian lodge cuckoldry That's cuz a lot of weirdos with warped views of things poast on XO. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673671) |
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Date: July 12th, 2017 6:08 AM Author: Vigorous kitty center (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33755919) |
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Date: July 12th, 2017 6:07 AM Author: Vigorous kitty center (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33755913) |
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Date: June 30th, 2017 12:23 AM Author: lime unhinged market wagecucks yeah, a 96th percentile household income is a typical umc salary. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673722) |
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Date: June 30th, 2017 12:26 AM Author: Bipolar Aromatic Church Building Puppy The median or middle household income in the US is 60,000. If you make four times that much, you are "upper." (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673733) |
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Date: June 30th, 2017 12:27 AM Author: lime unhinged market wagecucks i should move to iowa. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33673737) |
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Date: June 30th, 2017 12:31 AM Author: Bipolar Aromatic Church Building Puppy Move to Queens. Median household income there is 43,000.
Brooklyn, 36,000.
Bronx, 34,000. |
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Date: June 30th, 2017 12:49 AM Author: Stimulating Brass Boltzmann Boiling Water lol jfc how is this possible
brooklyn real estate is same $$ as the city |
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Date: June 30th, 2017 8:56 AM Author: Aqua Regret Step-uncle's House (Guy who hasn't been to East New York or Canarsie) (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33674647) |
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Date: July 12th, 2017 6:07 AM Author: Vigorous kitty center cr (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33755916) |
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Date: June 30th, 2017 3:59 AM Author: trip seedy library trump supporter What else could it be? It's too much for middle middle class and its certainly not upper class. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33674287) |
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Date: June 30th, 2017 4:27 AM Author: Orange rigpig dingle berry (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33674311) |
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Date: July 12th, 2017 9:15 AM Author: Saffron Travel Guidebook Native (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756165) |
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Date: July 12th, 2017 2:23 PM Author: Salmon Range Pozpig (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758235) |
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Date: June 30th, 2017 8:39 AM Author: Henna chapel Class is based far more on wealth than income, and while wealth and income correlate positively, the relationship is weaker than most expect.
My wife is smart (for a chick) but struggles with this one.
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Date: July 12th, 2017 6:02 AM Author: Twinkling vibrant shitlib (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33755905) |
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Date: July 12th, 2017 9:17 AM Author: Charismatic address wealth is inheritable, income is not.
This is how a lot of UMC kids get pwned. Dad makes $200K and they're smart, so they assume they can fall into $200K just like dad did. After all, money isn't that important and I'd rather follow your dreams, so even if I do half as well as Dad I'll still make $100K. But it doesn't even remotely work like that. |
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Date: July 12th, 2017 10:44 AM Author: fantasy-prone reading party hell (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756612) |
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Date: March 26th, 2018 8:40 PM Author: Learning disabled curious resort (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#35695595) |
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Date: June 30th, 2017 9:02 AM Author: nofapping provocative forum yeah thats like quintessential umc. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33674676) |
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Date: July 12th, 2017 8:00 AM Author: arrogant plaza immigrant 250k is the new "six figures" (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756025) |
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Date: July 12th, 2017 10:38 AM Author: sick maize pervert chad Cr
250 is just above starvation in big cities. It's nice umc in flyover |
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Date: July 12th, 2017 2:21 PM Author: Salmon Range Pozpig Yep. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758219) |
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Date: July 12th, 2017 10:44 AM Author: disgusting house new version (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756611) |
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Date: July 12th, 2017 11:11 AM Author: Salmon Range Pozpig (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756783) |
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Date: July 12th, 2017 11:22 AM Author: Glittery candlestick maker stage I grossed $210K last year in ARE country. Feels like I'm doing pretty well. I don't worry about money, I waste a lot, travel quite a bit.
I would feel poor if I only made 210 in a major metro. I really don't think X dollar amount is a good brightline indicator of UMC. |
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Date: July 12th, 2017 11:38 AM Author: deranged self-centered nursing home It's pretty high to be honest. As a singlemo, you can have a good life anywhere in the U.S. on that (even MFH). I would say the new dividing line for the upper middle class is about $120-150k. A decade ago, I would have said $80k, but housing in urban areas that have jobs that pay those salaries is expensive.
BTW, outside of law and finance, there are very few people making that much cash. Unless you are in the c-suite, it's not common to make $250k+ at a mega corp. |
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Date: July 12th, 2017 11:43 AM Author: Big therapy area (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33757008) |
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Date: July 12th, 2017 11:38 AM Author: Aqua Regret Step-uncle's House $250k household is approximately top 3% in the country and top 5% in NYC.
http://www.nytimes.com/interactive/2012/01/15/business/one-percent-map.html
As an individual salary, it is top 2% nationwide. Even among white males with advanced degrees, it's top 11%.
http://graphics.wsj.com/what-percent/ |
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Date: July 12th, 2017 11:40 AM Author: deranged self-centered nursing home NYC =/= manhattan south of 110th street and park slope/dumbo/cobble hill/brooklyn heights, which is presumably where XO poaster lawyers who work 60-70 hours a week want to live so they do not have a terrible commute. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33756990) |
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Date: July 12th, 2017 2:22 PM Author: Salmon Range Pozpig Tcr. Even there numbers are skewed because a bunch of people don't really work in mfh. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758230) |
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Date: July 12th, 2017 11:50 AM Author: Wonderful Fluffy Gas Station Electric Furnace $250k/year as individual salary (not household) is pretty rare even for a large city. Typical for UMC is prob around $150k for an individual. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33757042) |
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Date: July 12th, 2017 11:55 AM Author: Hateful bonkers liquid oxygen middle middle class (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33757067) |
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Date: July 12th, 2017 2:30 PM Author: supple painfully honest circlehead school This board's definition of "middle class" has always been laughably expansive. Everyone in America pretends they're middle class.
Protip: If you're a corporate attorney or banker in Manhattan making 200k, 300k+ in your 20s or early 30s you aren't "middle class". |
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Date: July 12th, 2017 2:36 PM Author: Aqua Regret Step-uncle's House So you mean lower class? (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758363) |
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Date: July 12th, 2017 2:47 PM Author: Salmon Range Pozpig Essentially, it is everything between lower/working class and upper class. It means you can afford a family, a normal home, but ultimately are living on a salary and if it stopped you would be screwed. Most of the visible stratification in America is the difference between lower middle class, middle middle class, and UMC. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758435) |
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Date: July 12th, 2017 3:21 PM Author: multi-colored crusty sanctuary The problem (as identified by someone upthread) is that it's not income that matters, it's wealth. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758636) |
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Date: July 12th, 2017 3:25 PM Author: supple painfully honest circlehead school cashflow is what matters. Wealth matters insofar as it helps generate cashflow (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758654) |
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Date: July 12th, 2017 3:49 PM Author: multi-colored crusty sanctuary Lol no
Cash flow alone does not let you buy a house or pay for your kids college. |
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Date: July 12th, 2017 2:49 PM Author: Salmon Range Pozpig Also, family situation matters a ton. The guy with an HHI of $400k and no kids is living very differently than the guy with $250k, a stay at home spouse and 4 kids. (http://www.autoadmit.com/thread.php?thread_id=3662055&forum_id=2#33758446) |