The Struggles Of The Well-To-Do In The US

[ZiprHead]

This budget shows how a $350,000 salary barely qualifies as middle class

Most Americans would probably have a hard time wrapping their heads around a $350,000 salary. In fact, government data cited by Sam Dogen of the Financial Samurai blog shows that some 95% of U.S. households don’t pull in that much. The median household income in the U.S. is $57,782, with places like San Francisco and New York City showing medians income for a family at $96,265 and $79,781, respectively, according to the U.S. Census Bureau.

The thing is, that kind of income, while relatively huge, is barely enough, according to Dogen, for a family to lead a comfortable life in coastal counties — where almost half of the nation’s population calls home.

The struggle is real.

 

[Worldtraveller]

There's a lot wrong with that chart. And 3 weeks of vacation a year? LOL at barely surviving.

Was the source of that meant to be a joke, or just came out that way?

 

[ideologyhunter]

I feel for those in gated communities. Do you know how often the passcard readers malfunction? And just try to get a greensman to come over and let you in.

 

[fast]

And they say don’t blame the children.

 

[Loren Pechtel]

You realize a lot of those expenses are pretty much fixed. It costs a lot to live in those areas. The only things in there that seem high are vacation & entertainment.

 

[PyramidHead]

You realize a lot of those expenses are pretty much fixed. It costs a lot to live in those areas. The only things in there that seem high are vacation & entertainment.

1.8 million dollar home and 2k a month for preschool is not high?

 

[thebeave]

They forgot the butler's salary.

 

[RVonse]

You realize a lot of those expenses are pretty much fixed. It costs a lot to live in those areas. The only things in there that seem high are vacation & entertainment.

1.8 million dollar home and 2k a month for preschool is not high?

Its higher than hell but not for a coastal city.

In a better world, people would simply move out of those areas. But for some reason, they dont. Theres just something about the status of knowing you are close to the beach even if it takes half a day of traffic to get there. Its the poluted and overcrowded beach you never have time to visit since you spend all your time working anyway. Worth paying 10 times more for a house that is half as nice.

 

[ZiprHead]

"We love you, Denver! City by the bay!"

 

[TSwizzle]

Interesting tidbit that. Someone made a comment on the article;

I live in the Bay Area. I have an MBA from a top 5 program and I’m an executive at a nonprofit. I’ve worked my ass off my whole life. I have a 5 and a 2 year old. I have no debt. My annual salary is $175k and still life is hard - or I should say plain. We’re solidly middle class. etc

$175k a year is a tidy sum, particularly if working for a "non profit". But I think this persons situation is more common than the main article, maybe not. Living in the Los Angeles area I am baffled as to how people afford their lifestyles. I drive through Beverly Hills and I wonder, what kind of job does the person have to afford this house ? It's crazy expensive for housing in some parts of CA. But even in the Valley housing is very expensive with modest homes starting at $500k.

 

[cycomiko]

I can't imagine the nightmare of having perpetual 2 and 4 year olds, donating $300/month to charity, and never paying off the car.

 

[cycomiko]

You realize a lot of those expenses are pretty much fixed. It costs a lot to live in those areas. The only things in there that seem high are vacation & entertainment.

1.8 million dollar home and 2k a month for preschool is not high?

Its higher than hell but not for a coastal city.

In a better world, people would simply move out of those areas. But for some reason, they dont. Theres just something about the status of knowing you are close to the beach even if it takes half a day of traffic to get there. Its the poluted and overcrowded beach you never have time to visit since you spend all your time working anyway. Worth paying 10 times more for a house that is half as nice.

So in a better world everyone would move to Cedar Rapids or OKC or Wichita? Living on the coast is popular for reasons that often don't involve status.

 

[hurtinbuckaroo]

Its higher than hell but not for a coastal city.

In a better world, people would simply move out of those areas. But for some reason, they dont. Theres just something about the status of knowing you are close to the beach even if it takes half a day of traffic to get there. Its the poluted and overcrowded beach you never have time to visit since you spend all your time working anyway. Worth paying 10 times more for a house that is half as nice.

So in a better world everyone would move to Cedar Rapids or OKC or Wichita? Living on the coast is popular for reasons that often don't involve status.

e.g. that's where a lot of the jobs are.

 

[J842P]

There's a lot wrong with that chart. And 3 weeks of vacation a year? LOL at barely surviving.

Was the source of that meant to be a joke, or just came out that way?

Yes, 3 weeks of vacation would be what a sane society would consider a *bare minimum* for a comfortable middle class life.

The fact that this is so foreign to Americans speaks *volumes*.

 

[SimpleDon]

You realize a lot of those expenses are pretty much fixed. It costs a lot to live in those areas. The only things in there that seem high are vacation & entertainment.

1.8 million dollar home and 2k a month for preschool is not high?

No, they aren't too high. The preschool cost of 2,000 dollars a month per child is what my son and his wife, a doctor and a lawyer, paid in Atlanta. They just recently moved to the suburbs of San Francisco and they are paying a little less for preschool, but they can't buy a house because they need about 400,000 dollars as a down payment for the average 2 million dollar home there. They are renting a house for nearly 8,000 dollars a month.

 

[Toni]

You realize a lot of those expenses are pretty much fixed. It costs a lot to live in those areas. The only things in there that seem high are vacation & entertainment.

1.8 million dollar home and 2k a month for preschool is not high?

The cost of childcare is astronomical. I doubt that what they are calling preschool is what I’d call preschool (2-3 3hr mornings a week, starting at age 3) and probably a lot more like all day ( 8 am to 6 pm) daycare.

 

[TSwizzle]

No, they aren't too high. The preschool cost of 2,000 dollars a month per child is what my son and his wife, a doctor and a lawyer, paid in Atlanta.

$4k per month on pre shcool ? I'm skeptical of that. There are far cheaper preschools so that is their choice.

 

[Metaphor]

No, they aren't too high. The preschool cost of 2,000 dollars a month per child is what my son and his wife, a doctor and a lawyer, paid in Atlanta.

$4k per month on pre shcool ? I'm skeptical of that. There are far cheaper preschools so that is their choice.

I don't find the cost surprising. In Australia, if you had a child in long day care, that could run you up to AUD$180/day per child in a high-demand capital city.

 

[J842P]

No, they aren't too high. The preschool cost of 2,000 dollars a month per child is what my son and his wife, a doctor and a lawyer, paid in Atlanta.

$4k per month on pre shcool ? I'm skeptical of that. There are far cheaper preschools so that is their choice.

I don't find the cost surprising. In Australia, if you had a child in long day care, that could run you up to AUD$180/day per child in a high-demand capital city.

At least, it shouldn't be surprising in the San Francisco Bay Area: https://www.quora.com/How-much-is-annual-preschool-tuition-in-San-Francisco

 

[TSwizzle]

No, they aren't too high. The preschool cost of 2,000 dollars a month per child is what my son and his wife, a doctor and a lawyer, paid in Atlanta.

$4k per month on pre shcool ? I'm skeptical of that. There are far cheaper preschools so that is their choice.

I don't find the cost surprising. In Australia, if you had a child in long day care, that could run you up to AUD$180/day per child in a high-demand capital city.

I just checked the preschool that my kids went to and it is nowhere close $2k per month. Monday through Friday it's around $600(US) per month. And I'm in the Los Angeles area. Plus you can shave a few bucks off the cost if you volunteer doing stuff. I'm not saying it can't/doesn't get expensive but $2k per month is definitely on the high end and is a choice.