200k HHI is just getting by Six-Figure Salary No Longer Means You're Rich 5k leftover see this chart

[Anonymous]

Anonymous wrote:If you live in a true hcol city (sf, by, dc) then you shouldn't need a car, especially one with a car payment and that much money spent on gas. So that frees up over 15k right there.

In SF, 700K gets you a house far out of the city. Public transit is great within city limits, and almost nonexistent outside the limits. Traffic is also horrendous.

[Anonymous]

When was $200k considered rich? Rich as in I live in a mansion and drive fancy cars and have servants. The whole "six-figure salary no longer means you're rich" in the title of the post seems to be a red herring. I grew up here in DC with two gov't lawyers as parents. At some point, I am quite sure we became a six-figure household. By the time I was in college, I know we were over $200k HHI (one parent had left the gov't), and this was in the '90s. But we were definitely not rich! In fact, even with help from my grandparents, my parents still couldn't afford to send us to any private college we wanted.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:House poor does not equal middle class if you are choosing to live in a $700K+ house.

In SF area, 700K is considered "poor" or just "middle class". It's certainly not rich or even well off. I used to live there.

So a city gets so expensive that no one but the rich can afford to live there, and then the rich people who live there claim they are not rich because they spend all their money living there. Hmmm.

this is actually a major crisis affectino several cities, DC among them. public officials are very concerned
any softness in the job market and you lose a bunch of people. young people are flocking to submarkets where costs are more afforsable.

[Anonymous]

Anonymous wrote:When was $200k considered rich? Rich as in I live in a mansion and drive fancy cars and have servants. The whole "six-figure salary no longer means you're rich" in the title of the post seems to be a red herring. I grew up here in DC with two gov't lawyers as parents. At some point, I am quite sure we became a six-figure household. By the time I was in college, I know we were over $200k HHI (one parent had left the gov't), and this was in the '90s. But we were definitely not rich! In fact, even with help from my grandparents, my parents still couldn't afford to send us to any private college we wanted.

Were you rich compared to this guy?

[Anonymous]

Anonymous wrote:

Anonymous wrote:When was $200k considered rich? Rich as in I live in a mansion and drive fancy cars and have servants. The whole "six-figure salary no longer means you're rich" in the title of the post seems to be a red herring. I grew up here in DC with two gov't lawyers as parents. At some point, I am quite sure we became a six-figure household. By the time I was in college, I know we were over $200k HHI (one parent had left the gov't), and this was in the '90s. But we were definitely not rich! In fact, even with help from my grandparents, my parents still couldn't afford to send us to any private college we wanted.

Were you rich compared to this guy?

by that definition, we are all "rich" since I'm guessing none of us are homeless, even those making $50K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For starters, do not get a 3K mortgage (that is 36K/12 months).

You can save money on food simply by digital/paper coupons.

At 200k you don't want to be in bad school districts or a shack.

I knew someone would say this.

I grew up in the DC area, elementary through HS, and I felt all the public schools were the same. I have friends in the town I grew up in and they do not complain about schools, and their mortgage is not 3K or remotely close to it.

Define shack, in terms of square footage. I have seen houses under 2K in square feet that are a lot nicer than the houses that are valued at 500K simply because of where it is.

There is a poster here who's obsessed with shitshacks, Great Schools, and says that $350K is the "minimum" needed to get by. That's probably who OP is.

You just described 75% of dcum

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When was $200k considered rich? Rich as in I live in a mansion and drive fancy cars and have servants. The whole "six-figure salary no longer means you're rich" in the title of the post seems to be a red herring. I grew up here in DC with two gov't lawyers as parents. At some point, I am quite sure we became a six-figure household. By the time I was in college, I know we were over $200k HHI (one parent had left the gov't), and this was in the '90s. But we were definitely not rich! In fact, even with help from my grandparents, my parents still couldn't afford to send us to any private college we wanted.

Were you rich compared to this guy?

by that definition, we are all "rich" since I'm guessing none of us are homeless, even those making $50K.

Now your getting it, "rich" is a relative term. Of course your not "rich" if you compare yourself to those of equal or greater income. What then is the proper income to base "rich" from?

[Anonymous]

Anonymous wrote:

Anonymous wrote:
by that definition, we are all "rich" since I'm guessing none of us are homeless, even those making $50K.

Now your getting it, "rich" is a relative term. Of course your not "rich" if you compare yourself to those of equal or greater income. What then is the proper income to base "rich" from?

I've been stating this on this thread. "Rich" is a relative term. So, it is possible that $250k in a hcol area is not "rich".

[Anonymous]

A friend of mine went to a country in West Africa. Friend was talking to a local and friend told this local how much this friend makes. The local stated: "wow, you are rich". Friend stated, well, not really. My rent is X. The local guy was floored. So you see people, "rich" is relative.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
by that definition, we are all "rich" since I'm guessing none of us are homeless, even those making $50K.

Now your getting it, "rich" is a relative term. Of course your not "rich" if you compare yourself to those of equal or greater income. What then is the proper income to base "rich" from?

I've been stating this on this thread. "Rich" is a relative term. So, it is possible that $250k in a hcol area is not "rich".

If your comparing yourself to the neighbors on your street then yes $250k could very possibly be not "rich". If someone's income is twice that of yours would you consider them "rich"?

[Anonymous]

Here is some errors: with a 36K mortgage, 7K in property tax, 182K will not have a 30% rate.

In Va, assuming some other deductions, ~26K feds, ~8k state, so you are paying 34K in taxes, not 54K.

So you will have 20K more left over.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you live in a true hcol city (sf, by, dc) then you shouldn't need a car, especially one with a car payment and that much money spent on gas. So that frees up over 15k right there.

In SF, 700K gets you a house far out of the city. Public transit is great within city limits, and almost nonexistent outside the limits. Traffic is also horrendous.

I didn't say a house. An apartment. Ok so in nyc live in queens. Again you don't need a car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
by that definition, we are all "rich" since I'm guessing none of us are homeless, even those making $50K.

Now your getting it, "rich" is a relative term. Of course your not "rich" if you compare yourself to those of equal or greater income. What then is the proper income to base "rich" from?

I've been stating this on this thread. "Rich" is a relative term. So, it is possible that $250k in a hcol area is not "rich".

If your comparing yourself to the neighbors on your street then yes $250k could very possibly be not "rich". If someone's income is twice that of yours would you consider them "rich"?

It depends. If the house prices in the area average $2mil+, and property taxes are 2%, maybe $500K isn't really "rich" in that area.

To me, "rich" means you can afford to fly first class, heck, even business class, on vacations. I can't afford that even though our HHI is $200K, well I suppose I could if I went into debt and didn't want to contribute to my 401k, kids' college funds and savings.

[Anonymous]

Anonymous wrote:There is a lot of fat in that budget. $5k in children's lessons and $8k on vacations? This person is hardly struggling.

The childcare is a bit steep as well, even if I had to pay a full year of infant care at my downtown center (which no one does since you can't start a 0 day old in daycare) it's still only $21k for a full year.

That's a hefty car payment as well and the $3k in consumer debt on top of everything else?

And the budget makes no sense since it appears to only be one income with the one 401k, yet they have childcare.

Infant daycare doesn't end until 24 months. So yes, it is possible to pay one full calendar year for infant daycare. Are the rules different in DC? There's no price drop until 24 months in MD.

[Anonymous]

We just paid 2800 for plane tickets for a family of four to visit family on the west coast, in coach , not feeling very rich