What net worth at 40 to be considered middle class?
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Poast new message in this thread
Date: January 20th, 2022 10:44 PM Author: multi-colored electric furnace
By middle class I mean, you’re well off enough to have a decent house in a good suburb. Not a shit house in a black suburb.
Dad can afford to drive a Honda Accord. Mom is in an Odyssey.
Mom and Dad have iPhones.
Kids all have 529s and you’ve got at least 3.
Go to church.
Boys are in little league.
Girls go to dance.
In the summertime you can afford camps and a week away to a shore house.
What do you think?
NW $2.5m at 40 on $450k HHI?
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43819027) |
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Date: January 21st, 2022 6:28 AM Author: Hateful Hell
The cars depreciate immediately and are functionally worth half of those figures. The family bought them used anyways, 3 years old and about 40,000 miles on them. They plan to use them until 130,000 miles or so, about 7 years' worth of driving.
Middle class families are not in $750k houses, they are in houses that they paid $300k for and are now worth $425k. They probably paid 10% down, were paying PMI until the boom earlier this year, and are 6 years into a 30 year mortgage and have paid down less than 5% of the principal at this point. So their equity is likely closer to $175k.
The retirement accounts are at $100k each, if they've been disciplined and diligent in putting away whatever their company's match is. In all likelihood the number is even lower. Most people have little to no retirement savings.
The kids 529 accounts probably have $30k, $20k and $10k in them based on age and gifts from family, and again this is assuming a fair bit of diligence and discipline.
Most people have next to nothing in savings and don't even know what the fuck a bond is except that their grandma got them one when they were like 4.
And reno fund? LMAO. People use the equity in their homes to pay for renovations.
The family you are describing is probably top 1% in all facets except home equity and top 4-5% overall.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43820066) |
Date: January 20th, 2022 10:48 PM Author: translucent hunting ground locus
700k in Midwest.
$1.75M in NYC/BOS area
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43819060) |
Date: January 20th, 2022 11:37 PM Author: Galvanic Vermilion School
Decent house in a good suburb is becoming prohibitively expensive if you don't already own a home. Like that's not even a thing most "middle class" people can do anymore.
The cheapest 4 bedroom house on the market in my town right now is $800k and has no yard and i don't even live in a particularly fancy town.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43819438) |
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Date: January 21st, 2022 8:19 AM Author: multi-colored electric furnace
This is my experience. My wife and I bought a house too early and had no real guidance other than some scam artist realtor that just wanted a quick sale. Wife was pregnant and irrational and wanted a house now. We bought in a black suburb which isn’t terrible, it’s just the schools are shit, property values are low, you have to drive to everything because things like grocery stores go up on the main thoroughfare interchange, but not in the black suburbs themselves. We have a pretty good park about 2 miles away, but there’s always lots of kids there speaking Spanish and other languages that I don’t know. It’s hard because my kids want to play with them and they just stare back blankly with the cold dead eyes of incomprehension.
So our house is going nowhere, I’d like to look at an upgrade in my 40s here now that the kids are older but my earnings have been a complete shit show and the housing market is just complete batshit crazy. Go spend all your money on a depreciating asset that you have to pay a fuck ton of tax on every year, maintain, repair, and remodel at exorbitant expense and time just to sell! What a wonderful idea!
America is such a fucking scam country. I fucking hate it. Everything is always just out of grasp.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43820231) |
Date: January 21st, 2022 6:37 AM Author: Hateful Hell
true middle class is around $80k HHI, this would be like one parent with a middle-tier job at a small company making $60k-$65k and the other parent working part-time making $15k-20k.
If they were lucky they bought a small house in an exurb or countryside for under $250k and their mortgage is around $1400 which feels like a lot. Or possibly they got help from their parents and splurged for a $350k house.
The cars are purchased used.
The 529 savings are likely not on the radar until later, if if anything is getting deposited it's like $100/mo per child.
They split the beach house with another middle class family, possibly several.
Camps are local, generic, camps and are not sleepaway.
They make enough to make ends meet but are not able to substantially save. Whenever they try, something comes up and wipes out all their progress. A kid gets hit in the mouth with a baseball, the axle on the Honda snaps, the basketball pole in the drive falls over and breaks a window, etc.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43820078)
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Date: January 21st, 2022 9:36 AM Author: Galvanic Vermilion School
I suppose it's geographically driven, but where I live, NJ, there's no way anyone is buying a home that has enough space for kids (i.e. at least 3 bedrooms) for $250k. That's what my parents paid for the house I grew up in in 1986, though it did have a 4th, if small, bedroom.
I think it also depends on your definition of middle class. I think of the classes broadly as Poverty > Working Class > Middle Class > Upper Class.
Obviously there's a broad range of financial circumstances making up the middle class, but I think the glue is a level of comfort beyond living paycheck to paycheck and opportunity for home ownership but still needing to work.
A family of 4 in NJ with a HHI of $80k is barely scraping by. If they live in a safe town, their rent/mortgage payment for a 3 bedroom home is going to be at least $2,500 per month. That's half of this family's net income leaving $2,500 for utilities, cell phones, food, clothing, car payments/insurance, kids' activities.
Not only are these people living paycheck to paycheck, they are racking up credit card debt just to make ends meet.
I think a family a 4 to be considered "middle class" would have a HHI of at least $120k. This is basically 2 youngish teachers.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43820409) |
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Date: January 21st, 2022 10:00 AM Author: Hateful Hell
>A family of 4 in NJ with a HHI of $80k is barely scraping by. If they live in a safe town, their rent/mortgage payment for a 3 bedroom home is going to be at least $2,500 per month. That's half of this family's net income leaving $2,500 for utilities, cell phones, food, clothing, car payments/insurance, kids' activities.
Yes, this is why they move to Pennsylvania and commute.
$120k HHI in New Jersey is around the 70th percentile. It's over 80th percentile nationwide. Middle Class is typically defined as the middle quintile of earners, i.e. 40th-60th percentile. Your two young-ish teachers making $120k combined are not middle class, they are at the lower end of upper middle class and will soon be considered upper middle class if they have normal career progression.
This is the point I am trying to make ITT. It's fucking rough out there. Most us of seem to have this notion that middle class means a decent home in good repair, decent and reliable cars, a bit of a financial cushion, and general stability. In reality that is like a top-third or even top-25th percentile outcome in 2021 clown world America. Most people who want that ideal can't afford it anywhere near a city center so they go as far out as they can tolerate.
This is what people mean when they say the middle class doesn't exist anymore. People cannot have the lifestyle that you grew up with on the salaries that are available now.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43820522) |
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Date: January 21st, 2022 8:59 AM Author: Hateful Hell
Is everyone here flaming or just really this out of touch?
Less than 15% of all jobs offer a pension. Most people won't get one and most people aren't able to save for retirement.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43820324)
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Date: January 21st, 2022 9:37 PM Author: Brilliant marvelous internal respiration hospital
exactly. ljl @ fat fuck dupa buying each of his soon to be russian kids a house.
my parents gave nothing. my wife's parents chipped in $50k. people on xo and lawyers generally put too much pressure on themselves.
it's fine. they will be fine. they'll make their own luck.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43824774) |
Date: January 21st, 2022 11:54 AM Author: amethyst useless trailer park faggot firefighter
Given those standards the question of "where" is extremely important. The NW needed to do that in the SF Bay area is very different than in Cleveland. For the former you're looking at a $1.5-2m+ house, for the latter you're looking at maybe a $400k house (or even less). You could meet all of those requirements on a $200k net worth.
Also, words like "a good neighborhood" (which, in some places is top whatever percent) doesn't imply middle class. Middle class = not poor. If you are talking about top 5-10% of a location, then that's not really middle class. It sounds like this is really talking about UMC.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43821154) |
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Date: January 22nd, 2022 4:08 PM Author: multi-colored electric furnace
I would consider my neighborhood very safe. Yes, the police come around and search for people every now and then. It's always a little alarming to see them going up and down the streets with their brights on late at night. Yes, we have break ins. Yes, lots and lots of my neighbors smoke pot and you can smell it all the time. Yes, sometimes the kids roll around and are up to no good. Yes, there are trash collectors that come by the night before trash collection to rummage through whatever gets put out at the curb.
My neighborhood is also very black. I'd say every other house is a black family. about 25% of the houses are rentals. Some of them are Section 8 rentals with like 10 people living in a 4 bedroom, 2250 sq foot house.
Is this a safe well-to-do suburb? Probably by some people's standards.
But it is also an undesirable black suburb with shit schools.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43828629) |
Date: January 21st, 2022 7:35 PM Author: dun big factory reset button
For median COL (Charlotte or what have you) it’s $1,000,000k because that’s 92nd percentile, which is the official middle class net worth percentile cutoff for xo
https://dqydj.com/net-worth-by-age-calculator-united-states/
Higher-COL areas have fucked-ass net worths imo unless they own a home with lots of equity which requires $$$$. So 92nd percentile net worth in mfh might not be that high at all
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43824156) |
Date: January 22nd, 2022 4:18 PM Author: mind-boggling glassy old irish cottage casino
strictly regional and not exclusively tied to net worth. middle class means financial stability, access to home ownership is likely, higher education is on the table, you can reasonably expect to retire one day, and you are reasonably in line with civic society of some sort. it increasingly has less to do with two cars, a pension, etc. those are all working class trappings for many. educational tracks and social ties matter more for middle class status than simple dollar amount. there Staten Island families where dad makes $160k annually as a NYC firefighter and mom makes another $66k at the DMV or something, kids go to shitty public schools and home is modest, but overall fine financial security and fully insured. kids can go a to a college if it’s not full-sticker private and they work part-time. this doesn’t fit with XO’s broad definition of working or middle class.
there are millions of families in he US where the father is enlisted military and the mom doesn’t work. kids are retards, no books in the house, $56k leased Tundra in the driveway. no grandparents around and mom and dad get drunk every weekend watching TV. HHI is $60K and good military housing subsidies. this is the current ‘lower tier’ fabric of working class America and these people are everywhere, shopping at target right next to you.
or just think about it like actual upper class people and realize that middle class means comfort but no generational money or real options in life but to keep comfortably grinding. working class means you have to do shitty jobs and prole social networks.
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43828694) |
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Date: January 22nd, 2022 7:55 PM Author: cobalt associate
>Also, you have to be a multimillionaire to drive a truck like that because they are so expensive
I personally know a ton of hicks who drive those trucks and make five figures annually, this includes my brother who earns around 50K/yr in his mid-30s, has a 225K house under contract right now, and drives a truck just like that
he also took 10 years to graduate from community college
you have no idea the degree to which the middle class is utterly FUCKED in this country, and why insanely high income taxes + single-payer is an inevitability while we're still alive, bc millennials and gen z are royally raped in the asshold from glocap
(http://www.autoadmit.com/thread.php?thread_id=5012505&forum_id=2#43829720) |
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