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Top 5% income per state


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2019 Apr 2, 5:15pm   1,961 views  10 comments

by FortWayneAsNancyPelosiHaircut   ➕follow (2)   💰tip   ignore  

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1   Reality   2019 Apr 2, 7:56pm  

The saving grace is that the number is the average ("mean") of the top 5%. The average net-worth of me and Jeff Bezos is over $70 Billion!

The cut-off line is significantly lower.
2   FortWayneAsNancyPelosiHaircut   2019 Apr 2, 8:32pm  

Reality says
The saving grace is that the number is the average ("mean") of the top 5%. The average net-worth of me and Jeff Bezos is over $70 Billion!

The cut-off line is significantly lower.


I'm assuming they basically did not count outliers like Jeff Bezos. If he moved to Kansas he'd really spike that wealth chart there.
3   FortWayneAsNancyPelosiHaircut   2019 Apr 2, 8:45pm  

TrumpingTits says
Yup. And those 5% provide like 70% of total income tax revenues.

That's about 100,000 people total. So if only 10% (10,000) leave, state revenues will take enough of a hit to cause probs in Sacramento.

And thanks to Trump's tax law changes, those 100,000 have a large incentive to leave the state now that they can only deduct up to $10,000 in SALT.

And many of them are doing just that.


I can attest that I did know a man who left recently. He was a financial advisor averaging $420k a year. He's moving to Florida.
4   Patrick   2019 Apr 2, 8:46pm  

Reality says
The saving grace is that the number is the average ("mean") of the top 5%. The average net-worth of me and Jeff Bezos is over $70 Billion!

The cut-off line is significantly lower.


Right, they even give the cutoff in the article:

5. California

How much you need to be in the top 5 percent (lower end): $250,000

Top 5 percent mean annual household income: $447,207


So, if you make exactly $250,000, you just barely made it into the top 5% of Californians.

But the average income of all of the people in that top 5% is $447,207.
5   FortWayneAsNancyPelosiHaircut   2019 Apr 2, 8:52pm  

Patrick says
So, if you make exactly $250,000, you just barely made it into the top 5% of Californians.


Yep, and still can barely afford to live indoors, probably have to rent.
6   Patrick   2019 Apr 2, 8:57pm  

That is actually true for San Francisco, where the median house price is something like $1.5M.

$250K is only 1/6 of the median house price in SF, and traditional rule of thumb is that you can afford a house about three times your income. So $250K can afford a $750K house.

It truly is insane, mostly caused by extreme NIMBYism preventing the building of the necessary housing.
7   FortWayneAsNancyPelosiHaircut   2019 Apr 2, 9:13pm  

Patrick says
That is actually true for San Francisco, where the median house price is something like $1.5M.

$250K is only 1/6 of the median house price in SF, and traditional rule of thumb is that you can afford a house about three times your income. So $250K can afford a $750K house.

It truly is insane, mostly caused by extreme NIMBYism preventing the building of the necessary housing.


It's crazy in LA too, although prices are lower (incomes much lower too). Even in our area houses are hitting 600/700 (and fuck man, people here make 40-60k a year). Some houses do sell to Chinese investors who always pay over asking, so there's a part of the price issue, although probably small part only.

I've always thought, that best way to solve this is to just open all that empty land, and give it away to let people build on it. Housing would become cheaper and available. Not this fucking hell that they built here, overran by illegals, high prices, and shortages of everything.
8   HeadSet   2019 Apr 3, 8:57am  

FortWayneIndiana says

I can attest that I did know a man who left recently. He was a financial advisor averaging $420k a year. He's moving to Florida.

Let's hope that your friend did not take liberal ideas with him and contribute to turning FL into what he escaped from.
9   SunnyvaleCA   2019 Apr 3, 10:59am  

Something is weird about that article. Why are the highest-cost 5 or 6 states all listed at exactly $250k. The lower-cost states have figures reported with 6-digit accuracy. I suspect somehow that the data used to produce that figure is cut off at $250k and the real values is "at least $250k, but unknown."
10   FortWayneAsNancyPelosiHaircut   2019 Apr 3, 11:39am  

Liberals with liberal ideas don’t make that kind of money here.

HeadSet says
FortWayneIndiana says

I can attest that I did know a man who left recently. He was a financial advisor averaging $420k a year. He's moving to Florida.

Let's hope that your friend did not take liberal ideas with him and contribute to turning FL into what he escaped from.

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