What's the new "$100K" mark?

[Accipiter22]

Originally posted by: PlatinumGold
in NJ/NE Philly area, it's hard to buy a new home, have a couple of car payments, pay insurance etc on less than 100k / year

seriously, homes are seriously expensive these days. you can't get anything decent for less than 500k and that's just decent. if you want a nice home, if you want a new home, you are looking at over 700k just for the house.

then you add payments for 2 new cars. insurance for cars, home etc. and you are looking at 5k to 6k in payments alone.

word. Real estate is JACKED up in the northeast...we bought our home in 1994 for 110,000, put a 2nd floor on in 97 bringing the value to 137...sold it for a quarter million in early 05.

 

[DivideBYZero]

The new $100K is $200K.

 

[LuckyTaxi]

Originally posted by: PlatinumGold
in NJ/NE Philly area, it's hard to buy a new home, have a couple of car payments, pay insurance etc on less than 100k / year

seriously, homes are seriously expensive these days. you can't get anything decent for less than 500k and that's just decent. if you want a nice home, if you want a new home, you are looking at over 700k just for the house.

then you add payments for 2 new cars. insurance for cars, home etc. and you are looking at 5k to 6k in payments alone.

Where in Philly are you looking?! There are still some good houses for between $100-$250k and if you're making $80k you would still be able to afford a house and 2 cars. Now in jersey, that's another story.

 

[spidey07]

Originally posted by: DivideBYZero
The new $100K is $200K.

agreed.

100k just isn't that much anymore. Its enough for a middle class family.

 

[Budmantom]

Making $100k is still good.

Living in Cali is considered bad.

 

[pulse8]

I wish I was making $100k.

 

[Descartes]

Originally posted by: spidey07

Originally posted by: DivideBYZero
The new $100K is $200K.

agreed.

100k just isn't that much anymore. Its enough for a middle class family.

Isn't that much compared to when, 1940? All it takes is a casual glance at the various census charts to see that $100k is still well above average even for entire families.

The great majority of the people on this forum will never see $100k/yr. Saying ridiculous things like "the new $100k is $200k" is ill-informed, imo.

 

[spidey07]

Originally posted by: Descartes
Isn't that much compared to when, 1940? All it takes is a casual glance at the various census charts to see that $100k is still well above average even for entire families.

The great majority of the people on this forum will never see $100k/yr. Saying ridiculous things like "the new $100k is $200k" is ill-informed, imo.

Well then we'll just have to disagree.

100K isn't even considered a highly compensated employee by the IRS anymore I believe. I think the mark ticked up to 90 in 2004 and has gone even higher.

 

[Descartes]

Originally posted by: spidey07

Originally posted by: Descartes
Isn't that much compared to when, 1940? All it takes is a casual glance at the various census charts to see that $100k is still well above average even for entire families.

The great majority of the people on this forum will never see $100k/yr. Saying ridiculous things like "the new $100k is $200k" is ill-informed, imo.

Well then we'll just have to disagree.

100K isn't even considered a highly compensated employee by the IRS anymore I believe. I think the mark ticked up to 90 in 2004 and has gone even higher.

And how are you defining that? The AGI as defined by the IRS for IRA contribution limits starts at $95k and reduces to zero at $110k? What other measure do you have?

 

[archiloco]

100k here and you can own your own island.

 

[b0mbrman]

Originally posted by: PHiuR
makes me want to work in the US for ten years then move to a foreign country to live for the rest of my life.

Why not stay in the US, but lower your standards/expectations to those of other countries i.e. drive a compact diesel-powered hatchback and live in a studio apartment.

Originally posted by: Demon-Xanth

Originally posted by: NanoStuff
I live in a closet for $400/month. If prices keep going up like this I'm gonna have to move into a shoe box.

I live in a 1 bed apartment for $710/mo. (Sacramento)
My cousin lives in a studio for $1050/mo. (SF)

$400/mo? I'll take it!

No offense, but is the city of Sacramento really worth that much? If you're paying rent that high anyway, might as well live in a city like San Jose or San Francisco...

 

[b0mbrman]

Originally posted by: archiloco
100k here and you can own your own island.

Here, I could probably buy several towns with $100k a year...and that's including all the people and livestock in those towns

 

[MikeMike]

Originally posted by: FoBoT
2 new cars? only rich people have 2 new cars

i haven't had a new car payment since 1995

then i guess my family is rich even though combined income of both my parents is <150k?