Reply to Where do you draw the line between upper middle class and upper class?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I once read an article referencing the “working wealthy,” which is basically the next income bracket after upper middle class. I would place the limit of UMC at a HHI of around $350k in this area. Thats the amount made by 2 higher level GS employees. Basically two solid professional incomes, or one high income + a SAH or part time working partner.

After that, you’d get into higher income levels, but a lot of those people still consider themselves upper middle because their livelihoods are still based on income. Whereas the really wealthy may or may not be high earners, but they have inherited wealth that means that they can take lower paying jobs at non-profits and such and live off of trust funds and live in a house that’s been in the family for generations. [/quote]

I know two families with incomes of $350+ who ended up buying in PG and Charles because they were priced out of their most desired counties. I feel like you have to not only make an income but have a survivable savings to cross from middle to upper middle to working wealthy to upper class[/quote]

That’s going to be a continuing problem for higher earning Millennials and eventually Gen Z. Most people’s primary contributor to their net worth is their home. It was far easier for Boomers/Gen X/oldest Millennials, who got in after the housing crash of the recession but before prices went super crazy during Covid, to trade up in the housing market and get on the property ladder. Even with a ~$300k HHI, it’s very difficult to save enough for a DP on say a $1.5 million home, or even an $800k home, without equity from a previous home. [/quote]

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