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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This thread shows where the next recession is coming from.

If $275k is poor, imagine how the families making under $100k are feeling. Credit card debt creeping up, phantom BNPL loans, etc…

We make around $275k and definitely don’t feel like we have as much as we did in 2019, when our HHI was slightly less. We’ve cut out fast food for the kids, as McDonalds is even too expensive for our HHI. Or put another way, yes we can afford it, but why spend $40 for fast food for a family of 5?

But yes, the next recession will be caused by inflation and people eating out and spending less.

[/quote]

Yup. $275k is treading water. Those making $150k or below are borderline poverty to lower middle class.

Went to the store yesterday for some simple snacks for movie night at the house.  $48 for some bull crap at the store that was basically some chips, popcorn, and soft drinks.  You can't even buy a week of groceries anymore for $150 unless you're eating trash and rice and beans everyday.

The American dream is dead and most of the country is just treading or already drowning.  [/quote]

I’m the PP you’re replying to.

I wouldn’t say $275k is treading water, but how effective that income is really depends on when you bought your house.

For us, we bought in 2014 and refinanced during the recent boom. Our mortgage is only $1600 a month. $275k is more than enough, though not as much as it used to be. We are saving for retirement, saving in 529s, brokerages, etc.  We just have to be more aware of where our money goes since there are so many traps these days.

If you bought your house in 2023, $275k is a different beast.

Inflation sucks. [/quote]

Exactly, it's a lot easier to say $275k per year is enough when you had the privilege of locking in cheap housing years ago and then on top of that were given another golden ticket of refinancing to sub 3% interest rates.  For many young people, $275k is barely treading water wages because housing has doubled to tripled in price while interest rates are now 6+%.

$275k isn't such a nice income if your mortgage went from $1600 to now $4000+ per month for the same house, now would it?

$275k is crap income now that barely treads water.[/quote]

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