Reply to Middles Class: $381K is the NEW $100k, Six Figures is no longer Suceessful based on analysis

Forum Index » Off-Topic

Reply to "Middles Class: $381K is the NEW $100k, Six Figures is no longer Suceessful based on analysis"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]As most of us suspect, middle class / rich threshold is much higher now a days, $380K nationally and $427k to $617K in the DC area

This is the reason why people in our area feel like they are barely scraping buy on $200k-$300k a year. To feel comfortable and upper middle class you would need to make about $350k-$500K in the DC area.

Some key findings from the articles:
[b]Nationally, the top 1 percent of all households had annual incomes of $387,000 or more in 2010.]/b]
The District’s threshold for a 1 percenter — $617,000
Maryland had the fifth-highest threshold, almost $477,000
Virginia’s was eighth highest, at more than $427,000.

Think Six Figures Makes You Successful? Not Anymore
http://www.cnbc.com/id/47980347

What it takes to be a 1 percenter in the Washington area
http://www.washingtonpost.com/local/what-it-takes-to-be-a-1-percenter-in-the-washington-area/2012/02/01/gIQA571JiQ_story.html
[/quote]

It's pretty sad that someone with your level of reading comprehension qualifies as upper middle class or rich.

The MIDDLE class is the 25th to 75th percentile, e.g. the middle 50% of the economic scale.  Roughly 25th-40th percentile is lower middle class.  Roughly 40th-60th percentile is middle class and roughly 60th-75th percentile is upper middle class.  Your are talking about the 99th percentile.  So, what does the annual incomes of the 99th percentile have to do with the middle class?!?

If instead of some random media article with no statistics, no numbers and no facts, you resort to looking at say, census data ([url]http://quickfacts.census.gov/qfd/states/11000.html[/url]), you will see that it says that median income for all households is $58,526 in the District of Columbia and $51,914 nationwide.  That is the 50th percentile.  And if you calculate per capita (that means dividing by the number of people in the household), the median income per capita in DC is $42,078 and nationwide is $27,334.  So in DC, average household size is 1.4 people and nationwide the average household size is 1.9.

Maryland state median income ([url]http://quickfacts.census.gov/qfd/states/24000.html[/url]) is $70,647 with average household size 2.02 and Virginia state median income is $61,406 with an average household size of 1.9 persons.

Those are the 50th percentile mark.  So, while DC is high, it is not as relatively high as Maryland or Virginia.  What is deceptive is that you probably do have more 1% in DC, but you also have more below the poverty level which is why the median value is lower than Maryland or Virginia.

However, it still means that middle class is somewhere in the $40-90K range for the DMV region.

Those who feel they are "barely scraping by" on $200-300K in this area have their heads in the clouds.  Middle class is not a perception, but an economic state.  Yes, middle class can afford more in areas around the country outside of the major metropolitan areas, but that doesn't mean that when you can't afford what middle class allows in other regions that you are middle class.  It means you live in an exceptionally high COL region and that you need more to make ends meet.  Sad the people that don't understand this.[/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