Reply to Study shows that 350k/year is barely scrapping by as middle class

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Reply to "Study shows that 350k/year is barely scrapping by as middle class"

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[quote=Anonymous][quote=Anonymous]I don’t know of any economist or demographer that would say a household’s class level is determined by their itemized monthly budget. By all accounts, a household’s INCOME RELATIVE TO OTHER EARNERS OF THE SAME HOUSEHOLD SIZE AND IN THE SAME GEOGRAPHIC AREA determined class. Yes, the cities mentioned in the article are high cost of living areas. But it’s very clear that spending almost $6,000 a month on PITI, which would equate to a $1.6 million dollar home, is absolutely unnecessary. There are plenty of suitable homes far, far below this price in the DC area. Whether a household inefficiently allocates its scarce resources among its spend categories is their decision to make. But it does NOT change the fact that, as noted above, class is not determined at the itemized budget level.

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This should have been brought up more often in this thread. Class isn’t determined by how you feel at the end of the month after you’ve paid for all your stuff. Class is an objective economic indicator, and some people are having a really hard time understanding that. [/quote]

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