Reply to Where do you draw the line between upper middle class and upper class?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]https://www.yahoo.com/finance/news/line-between-middle-class-upper-110130857.html

Varies by state.[/quote]

I love that you provided actual data.

[b]Short version - upper middle class ends around 200k in DC/MD/VA[/b] (175 in Virginia as whole, NoVa would probably be closer to 200k)

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Oh yay! DH and I with our 290k HHI from 2 fed salaries and our 2,300 sq ft 1940s rambler, and 529s that will hopefully cover state schools someday are upper class! I’m so excited to hear this. We are basically the same as the people who own second homes in Nantucket and spend their breaks aboard yachts.[/quote]

Yes, you are upper class. Sorry if that offends you. Does that mean you are obscenely wealthy? Not it does not. But 95 percent of households in the US make less than yours does. I don't know how much more plainly it can be put. You (like me in my similar circumstances) are upper class.[/quote]

Yeah but the wage gap between the 95% and the 50% is multitudes closer than the 95% and 1%.

Someone making 300k/year is living a much closer lifestyle compared to a family making 125k/year than a family making $5M year with tons of investments etc. Also the family making 300k could become the family making 125k through some unfortunate circumstances. The 300k family is highly unlikely to ever make anywhere near the 1%.[/quote]

300k is not that far from the 1%.

"According to the US Census Bureau's 2020 Current Population Survey, the percentage of American households with incomes of $300,000 or more is about 3.8%. This means that approximately 3.8% of American households have an annual income of at least $300,000 before taxes and other deductions.""

And 125K?  That's about the 75th percentile.[/quote]

It depends on what state you live in.  The wealthiest states are Massachusetts, Connecticut, Washington state, California, New Jersey and New York.  The 1% income is slightly more than $1 million per year.   300k is pretty far from the 1%

On the other hand 300k is not that far from West Virginia, Mississippi, and Kentucky’s 1% population. These states top 1% incomes are $435k to $550k.    Not as big a gap.

People’s perception of wealth depends on where they live.

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+1[/quote]

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