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

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[quote=Anonymous]2010 Household and Family Income Distribution

Income	           Household	 Family
Under $25,000	           8.4%	 5.7%
$25,000 to $49,999	 11.8%	 10.9%
$50,000 to $74,999	 14.4%	 12.1%
$75,000 to $99,999	 12.8%	 11.2%
$100,000 to $149,999	 20.9%	 20.7%
$150,000 or More	 31.7%	 39.5%
Median Income	      $103,010	 $122,189
Source: U.S. Census Bureau, 2010 American Community Survey

This is directly from the Fairfax County website.  You likely can take the information off the other counties websites.  I want to see an even bigger breakdown once it gets past $150K, but I would assume I'd have to contact the Census people to see that.

Based on this chart, the median income for families (NOT average, there is a difference) is $122,189.  That means half of family households are above and half of family households are below.  The number for ALL households in lower at $103,010.  Looking at the percentile breakdowns by income bracket, the average is probably slightly higher (skewed by people with insane income levels since average is a sum then divided by total households so outliers skews it), but still below $150K.  Now, if you do the math, the 25th percentile starts somewhere in the $50-75K bracket.  A good 40% of families in Fairfax are in the $150K+ income bracket, so I'm going to guesstimate that the 75th percentile falls somewhere around $200K, give or take.

So, by MY estimation (based on these actual numbers readily available on the internet), the middle class in Fairfax County defined as between the 25th and 75th percentile of households, is between probably $60ishK to $200K.

The previous poster was on the right track using the median numbers by state, but that still didn't answer the question of THIS area, since MD and VA have some REALLY poor areas that are grouped in with our high cost area when calculating those numbers.

$200K is on the high end of middle class in Fairfax County.  And $200K is unlikely to get you approved for a home loan in the $1M+ range unless you have considerable assets going into the purchase.

My own household is making somewhere between the median and average HHI in this area.  We bought a home in Chantilly for around $450K, and it was on the high side of most bankers affordability scales and we have only one car loan in addition to the home loan.

OK, who wants to do this analysis for Loudoun, PWC, Mongomery, PG and Howard for us?[/quote]

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