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As I expected, a third of Americans making 250K a year, living pay check to pay check.
invite response
2022 Jun 1, 6:01pm 343 views 7 comments
Comments 1 - 7 of 7 Search these comments
2
B.A.C.A.H.
2022 Jun 1, 6:45pm
B.A.C.A.H.
2022 Jun 1, 6:45pm
250K a year is Chump Change in Silicon Valley and much of the rest of the Bay Area for anyone who must pay today's market prices for housing. Even without the status symbol cars and whatnot. I added to a different thread about what type of living arrangement someone on 260K/year can afford here.
https://www.zillow.com/homedetails/1785-Hopkins-Dr-San-Jose-CA-95122/19727040_zpid/
Party On, Hipsters.
https://www.zillow.com/homedetails/1785-Hopkins-Dr-San-Jose-CA-95122/19727040_zpid/
Party On, Hipsters.
3
Ceffer
2022 Jun 1, 6:49pm
Ceffer
2022 Jun 1, 6:49pm
Yeah, the 'after tax, after mortgage' doesn't wind up being so great. When I had the business, I figured I was paying more tax than socialist countries without the socialist benefits.
4
clambo
2022 Jun 1, 7:12pm
It’s also typical behavior to spend like a drunken sailor.
A guy may have a good job and also: 1. Kids in private school 2. Two car payments 3. Eats out often 4. Cable 5. Gym memberships 6. Netflix, Hulu, etc. 7. Ski trips 8. Disney trips 9. 4 cell phone plans including iPhones 10. Possible sugar baby
Add it all up plus the 11. Mortgage 12. Property tax and it’s huge.
I forgot the kids spending money and clothes, braces, lessons, hobbies, camp.
A guy may have a good job and also: 1. Kids in private school 2. Two car payments 3. Eats out often 4. Cable 5. Gym memberships 6. Netflix, Hulu, etc. 7. Ski trips 8. Disney trips 9. 4 cell phone plans including iPhones 10. Possible sugar baby
Add it all up plus the 11. Mortgage 12. Property tax and it’s huge.
I forgot the kids spending money and clothes, braces, lessons, hobbies, camp.
5
BayArea
2022 Jun 1, 8:02pm
BayArea
2022 Jun 1, 8:02pm
I always tell people… if you aren’t grandfathered into Bay Area real estate (or haven’t bought before things got insane) and starting fresh today, you better have north of $400k household income or you have absolutely no business here in the Bay Area. That would mean you can start to just barely attain an average US lifestyle.
Five years ago I couldn’t say that I knew anyone that left due to our cost of living. Today I know several that went on to Texas, Arizona, Mississippi, Florida. All are very happy with their decision and report a higher standard of living and overall more happiness.
Five years ago I couldn’t say that I knew anyone that left due to our cost of living. Today I know several that went on to Texas, Arizona, Mississippi, Florida. All are very happy with their decision and report a higher standard of living and overall more happiness.
6
B.A.C.A.H.
2022 Jun 1, 8:43pm
B.A.C.A.H.
2022 Jun 1, 8:43pm
BayArea says
I would add, RELIABLY 400k, without RSUs, in a solid employment situation.
That would rule out a large chunk of Hipster Techie gigs at the unprofitable social media type outfits around here, that can be relocated to cheaper and more sane places anyway.
Unemployment in California is $450 per week. Better have a massive emergency fund in addition to that 400K, even a small disruption in employment could make one's personal financial house of cards collapse.
(addendum) Pasting here Ceffer's comment from a different thread, that he added the day after my this-here comment:
Ceffer says
Party On, Hipsters.
you better have north of $400k household income
I would add, RELIABLY 400k, without RSUs, in a solid employment situation.
That would rule out a large chunk of Hipster Techie gigs at the unprofitable social media type outfits around here, that can be relocated to cheaper and more sane places anyway.
Unemployment in California is $450 per week. Better have a massive emergency fund in addition to that 400K, even a small disruption in employment could make one's personal financial house of cards collapse.
(addendum) Pasting here Ceffer's comment from a different thread, that he added the day after my this-here comment:
Ceffer says
I think we have seen one of the first casualties in Tri Valley hood. Asian couple one court over bought close to peak. You could tell they were stretched and were working long hours, always looked frazzled. House had rudimentary furniture when they left the window so you could see, and they didn't really groom the place. Most Asian couples, if they have the dinero, will fix the place up nicely. Maybe one of the couple lost a job or something, they put in some cosmetic gardening and the for sale sign went up today.
Party On, Hipsters.
7
WookieMan
2022 Jun 1, 9:22pm
WookieMan
2022 Jun 1, 9:22pm
BayArea says
Been saying it here. I think MS is going to be a new hipster type spot now that values have peaked in places like TX, ID, MT and TN, etc. It's hot and muggy, but it's generally warm year round. 4 hours or so to the Gulf if that far North. A decent airport if you need to get back to family. Good lakes for boating. Dirt cheap land and housing. Just don't expect to get an abortion.
Mississippi
Been saying it here. I think MS is going to be a new hipster type spot now that values have peaked in places like TX, ID, MT and TN, etc. It's hot and muggy, but it's generally warm year round. 4 hours or so to the Gulf if that far North. A decent airport if you need to get back to family. Good lakes for boating. Dirt cheap land and housing. Just don't expect to get an abortion.
But you'll need all of it, just to cover mortgage, HOA fees, Insurance and Taxes, add the latest luxury cars in the drive way, and the insurance that goes with that.
People used to live quite comfortably on $100K a year and still have money in the bank, and live in a spread as nice as those McMansions. They even still managed to save money.
I often look at all of the Jumbo Mortgage houses and the cars those people drive and wonder, "Where in the hell do these people get that kind of money?". Most of them, not all, are in debt up to their eyeballs, and lose one paycheck and it will rock their world.
https://www.breitbart.com/politics/2022/06/01/poll-one-third-of-americans-making-250k-live-paycheck-to-paycheck/