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Reply to "31% of millionaires think they're middle class"
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[quote=Anonymous]It depends on the COL of your area. A good rule-of-thumb is that you need to earn twice the area median income to feel UMC. Same for housing. So, if median HHI in Fairfax County is $125k, you need $250k to feel UMC. If the median single family home is $700k, you need a $1.4 million home to feel UMC. Now, compare those numbers to rural America where the median HHI is $50k and the median home is $150k. In absolute terms, the NOVA family looks rich, but in relative terms they’re not. Same goes for retirement savings and everything else. [/quote]
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