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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We make this amount. 1 income. SAHM wife.  We live as if we are making 150K and we live pretty well in UpCounty MoCo.  We have couple friends making this amount with both DH and DW working making the same amount (Managers, Feds,  IT professionals) and they are buying nearly 2 million dollar homes. We are certain that they have very little savings compared to us (300K home).  Do they think they can recoup the cost by selling their house? Is that it? I cannot understand this math. [/quote]

You are not in the same situation as your friends, there are a significant number of costs they have that you don’t. But $2M home is a stretch for 350k HHI unless you have significant money to increase the down payment. Perhaps from sale of a previous home or other windfall. But I’m sure if your friends are contributing to their retirement accounts and 529s they will be just fine too.[/quote]

What I want to know is why someone would spend $2 million on an upcounty home- yikes! Not likely to be a good return on that investment.  Do they all have godawful 6000 sqft McMansions? You really have to try hard to spend that much out there.[/quote]

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