6 figures used to be ‘you made it money’. Like if you were making $100k a year, you were decidedly upper class. Now this puts you probably right smack in the middle of middle class, especially if you have kids.
I’d say that ‘made it’ threshold is now probably around the $300k a year mark, if not higher.
Your biggest expenses as an adult tend to be kids(daycare/food/etc) then housing, so yeah its no suprise people making 60-70k who dont have to worry about those would be able to do real well.
Affording a house in California on $300k is challenging. Mortgages are $10k. Government will take half your income. Paying $10k/month for housing will take most of the rest.
6 figures used to be ‘you made it money’. Like if you were making $100k a year, you were decidedly upper class. Now this puts you probably right smack in the middle of middle class, especially if you have kids.
I’d say that ‘made it’ threshold is now probably around the $300k a year mark, if not higher.
Depends where you are and your housing situation. I know people with no kids who inherited houses and make $30-35/hour and live like kings.
Your biggest expenses as an adult tend to be kids(daycare/food/etc) then housing, so yeah its no suprise people making 60-70k who dont have to worry about those would be able to do real well.
Even then, location matters a hell of a lot for housing prices.
My 2b2b 1200sqft house in small town Texas cost me $110k in 2018, and the value really hasn’t changed a ton since (I think it’s up to 150 now).
At the time, a comparable house in Houston was at least twice that.
Affording a house in California on $300k is challenging. Mortgages are $10k. Government will take half your income. Paying $10k/month for housing will take most of the rest.