Reply to If you are middle class (<150k HHI), how would things be different if you were rich (>400k HHI)

Forum Index » Money and Finances

Reply to "If you are middle class (<150k HHI), how would things be different if you were rich (>400k HHI)"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Yes it is middle class. I standard government or military salary is middle class. If you have to live far from the city and have a long commute to work in order to comfortably afford housing, you are middle class.

The point is that people in the &gt;400k range don’t need to make those compromises. That is the difference. Whdd we n you are rich you can have what you want.[/quote]

$150 is Not middle class.  You don't have to have a far commute, you just get a smaller house, like we did.  And very few people need to live close to DC/city.  We don't.

At under $150K we live very comfortably.  Kids are in multiple activities (expensive), private weekly music lessons, almost paid off house, college savings (at this point enough to pay for a state school, room and board and extras), retirement savings, paid cash for our last vehicle and will for our next.  And, we do things like carry out a few times a week.  Its how you spend your money.  If you choose crazy high housing costs, sure, you can be house poor but is poor financial decisions not middle class.[/quote]

PP, when did you buy your home? You say it's almost paid off, so did you buy a long time ago, put down a huge downpayment, or double-up on payments? What is your PITI? [/quote]

100% thus person bought 20+ years ago. That is not the reality of someone today warning 150K. There are 0 homes or condos under 400K.[/quote]

There are plenty of houses in Wheaton, Silver Spring and other areas of MoCo for that price.  We have a 900 square foot house.  Its very doable.  Buying a condo is dumb as you have HOA fees. But, there are plenty of condos for that price or less too.  Maybe not in DC but not everyone wants to live in DC and you live where you can afford, not always where you want.  We also bought a shack that no one else except builders and flippers wanted and had to invest money in repairs.[/quote]

I'm not sure this is true. I was just looking at Redfin in SS/Wheaton yesterday and the only house under 400k was a clear fixer upper (which may work for some but is not feasible/affordable for people who lack the ability, childcare/family help, or time to DIY).

I live in Frederick, where most single family homes are $400k or over even here. You can get a rowhome, townhouse, or 900 sq ft SFH for less. But most people, understandably, would not consider a 2 hour commute reasonable if they work in DC. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics