Reply to Study shows that 350k/year is barely scrapping by as middle class

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future.  Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class.  But later on they won’t. [/quote]

I don’t know, I think it’s also a case of lifestyle creep.  There’s no reason you can’t save AND live decently in the present on that income.  [/quote]

Lifestyle creep my foot. This is what $300K gets you in San Francisco.

[url]https://www.msn.com/en-us/money/realestate/photos-show-the-dramatic-difference-between-an-dollar800k-home-in-texas-and-san-francisco/ar-BBV9RGN?ocid=spartanntp#image=BBV9RGN_1|1[/url]
[/quote]

San Fran is nuts. We have friends who moved from there to escape the prices. One sold her Oakland condo and was able to buy her DC condo outright.  Another family bought in Arlington and said they never could have afforded anything comparable in San Fran.[/quote]

That's where the majority of these $300K "rich" families live. And they are slapped with high state and local taxes, few deductions and the streets are littered with the homeless and needles. Seattle was the worst, there were like tent cities.[/quote]

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