So how much does it cost a year to be in the middle class?

MGLICKER

Assuming a self employed man or woman, supporting a spouse and two kids.

Being self employed, make sure to include the cost of healthcare and some type of savings. The self employment taxes are higher as well.

Figure a moderate but decent home in a nice neighborhood. A couple of mid priced autos. Groceries. An occasional dinner out.

A not over the top vacation or two. Braces, college savings, clothing and all the other middle class stuff.

Some recreation stuff, golf clubs or a small fishing boat perhaps.

Add it all up and post it here!

mhammerman

Probably a lot of variation regionally. Here in urban Texas you could probably do all of those things you list for somewhere between 80K and 120K with probably 100K being the number but there are extravagances and efficiencies to be had. That's with a mortgage, public school, eating at home 5 or 6 nights a week, road trip for a vacation, no public assistance, small savings plan, no club memberships, insurance all around with medium co-pays (yeah, let's go ahead and throw in the braces), doing your own taxes and paying them quarterly, and hopefully...hopefully, everything goes as planned. $100,000/yr or mavbe just a little less for a no frills middle class experience in urban Texas.

derryb

Your ticket to just get in the door will run you about 40% of your income. The rest you are free to spend as you see fit.

tneig

All that you have, and ever will have. Including an average of $18,000 personal debt, not counting the mortgage, second mortgage, and cars.

Baley

Depends on the region. Range for the middle 80% is probably about $40k to $150k. (but could be done for somewhat less... or cost far, far more)

got coast?

VanHalen

As defined by the OP a middle class lifestyle would require $250k/year in the San Fran area or around NYC or other very high cost of living locales. In a average midwestern metro area it could probably be done on $150k/year. In some rural areas perhaps as little as $60k.

The thing is, at least these days - supporting 4 people with healthcare, groceries, vacations, dinners out, some savings, paying taxes, a moderate home, couple of mid priced autos, golf clubs or a small fishing boat isn't really middle class anymore. For decades it was, not today unless you mean upper middle class only.

We are rapidly becoming a nation of haves and have nots. The definition of middle class use to encompass 80% of America. Before long we're going to be at 80% have nots and none of them will be considered middle class. Most of America better get accustomed to a lower standard of living.

DrBuster

All over the place in GA. How many car notes - 0-1-2? No CC debt? Mortgage or rent? Figure with all the taxes you're 40-50% down in general right off the bat.

Too many variables really. A teacher family 'should' be the benchmark for the middle class, say 2 teachers with degrees married, but that's not the case anymore unfortunately.

guitarwes

60-80K/year would get you a basic frills middle class experience in rural/sub-urban East Ga. I know people who do it for a lot less and know people who do it for a lot more. 1.5X-2X that amount and you're sitting mighty mighty pretty around here......if you're not spending every dime plus a nickel you make.......

MGLICKER

<< <i>As defined by the OP a middle class lifestyle would require $250k/year in the San Fran area or around NYC or other very high cost of living locales. In a average midwestern metro area it could probably be done on $150k/year. In some rural areas perhaps as little as $60k.

The thing is, at least these days - supporting 4 people with healthcare, groceries, vacations, dinners out, some savings, paying taxes, a moderate home, couple of mid priced autos, golf clubs or a small fishing boat isn't really middle class anymore. For decades it was, not today unless you mean upper middle class only.

We are rapidly becoming a nation of haves and have nots. The definition of middle class use to encompass 80% of America. Before long we're going to be at 80% have nots and none of them will be considered middle class. Most of America better get accustomed to a lower standard of living.

>>



Stated quite well, and supporting this lifestyle can rarely be done with a single income. At least a single middle class income.

dbcoin

Hard to answer this question as most folks don't include things that true Middle Class needs:

- retirement savings. If you aren't saving 10% at least between you and your employer's contribution, sorry, you are not middle class

- college savings. If you aren't saving $200+/month per kid, sorry, you are not middle class. Middle class kids go to college and have some support from parents. There will be a few high school educated hill billies who disagree, but then they are probably not middle class. And to those who said I worked my way through college need to get with the times. It is impossible to do that today.

- credit card debt. If your credit card debt keeps going up every month, sorry, you are not middle class. It is debatable that having any credit card debt should be considered middle class. But things happen, so I would say if credit card debt exceeds 2 months pay, you aren't middle class.

- savings. If you can't save even $20/week after paying all your bills and above stuff, sorry, you are not middle class.

- medical. If you don't see a Dr 1/year for a well visit (men. 2X for women) and a dentist 2/yr for cleanings, and an eye Dr every other year, sorry, you are not middle class.


The absolute numbers really don't matter. Renting vs owning a house is a personal matter. Driving new vs used cars is a personal matter. Types of vacations is a personal matter

Jinx86

Here in ND middle class comes cheaply. Average wages before the oil boom were around the 15-18K/yr area. Many families that I see earn around 40-50K. There are a good number of 6 figure jobs available here in Fargo and other metro areas, but the bulk of the better paying jobs are in the western part of the State. They are very hard jobs for the most part and cost of living is triple mine here in Fargo.

My personal view of middles class might be skewed, growing up just above poverty, 2 working parents, 2 siblings, no college savings, parents had considerable CC debt. Ive done what I can to pull myself up. All started with joining the National Guard at 17. So my view is a bit off, Im very conservative with my "extra" funds. I drive a 10 year Audi, extremely well maintained, my mortgage for a 4 bedroom house nice neighborhood, park across the street, schools 2 blocks away is only $450/m after I refied after 7 years of paying double my payments.

Also we dont have any kids....Once they come along I know I wont be saving quite as much. Turning 29 in Feb so kids should be coming along soon....atleast Im ready still coaxing her into it.

derryb

To be truely in the middle class, one must be paying his credit card balance in full each month. Financing a middle class life is not the same as having a middle class life.

MGLICKER

Was reading that the median pay is $19.50 an hour in the US.

Looks like 3 full time incomes should pretty much do it!

DrBuster

<< <i>Was reading that the median pay is $19.50 an hour in the US.

Looks like 3 full time incomes should pretty much do it! >>



39k x2 or 3, in some places sure, others not so much. I doubt the wife and girlfriend really want to live all polyamourous in 1 household though to redefine the middle class. Ha

gsa1fan

I might missed the boat but 2 people working and 2 children is not my idea of middle class. A single income family is my idea of middle class which I know is lala land these days.

dbcoin

<< <i>To be truely in the middle class, one must be paying his credit card balance in full each month. Financing a middle class life is not the same as having a middle class life. >>



That is profound. I agree!! You should clean that up a little and make it into a bumper sticker.

guitarwes

<< <i>Financing a middle class life is not the same as having a middle class life. >>



It's called Leveraging..........

ebaytrader

<< <i>Was reading that the median pay is $19.50 an hour in the US.

Looks like 3 full time incomes should pretty much do it! >>




2012 median pay was $27519. Average pay was $42498.

That puts the median hourly at $13.23 / hr, and average hourly pay at $20.43.

bidask

Hey don't forget we get to inherit mom and dad's money.

OldEastside

I'm so broke, I can't afford the "CL" in class so I guess that makes me an.......................

Steve

MGLICKER

<< <i>I'm so broke, I can't afford the "CL" in class so I guess that makes me an.......................

Steve >>