The median wage in the US of W2 workers is $42K and $100K+ is in the top 15% of workers

[jaydawg08]

That is crazy to me that people are able to have a family and multiple kids and apparently only make 50k or less a year.

I felt like I needed a budget for just myself when I made that. I can’t imagine adding 2+ people to that

 

[winb83]

nope it was just 2 of us. we lived in the hood, literally the cheapest apartment we could find. i don't even think she worked tbh, i think she got help from someone or a refund check or something.
now why should we be living the same as a 40 year old established couple with new cars and a 2k sq ft house or some ish like that just because i threw a bbq sandwich out of the window at someone who slid through? what's with the entitlement?

When my boomer parents were kids straight out of high school you could walk in GM and get a decent paying job and become a home owner. Was the world wrong then for allowing that?

 

[winb83]

That is crazy to me that people are able to have a family and multiple kids and apparently only make 50k or less a year.

I felt like I needed a budget for just myself when I made that. I can’t imagine adding 2+ people to that

Households have 2 incomes at or around that $40K level. The median household income was around $80K.

I find that surprising because I’m single with no kids and just by myself I apparently make more than the median household income in the country. I couldn’t imagine a household surviving off less than I make in a year because it doesn’t really feel like I make all that much.

I see why so many barely have any retirement savings and are up to their eyeballs in consumer debt.

 

[bourgeoisie tall freak]

When my boomer parents were kids straight out of high school you could walk in GM and get a decent paying job and become a home owner. Was the world wrong then for allowing that?

so i'd imagine that people who were working for 20 years at that time could do even better as far as consumption. was the world wrong for that?
it's called entry level, senior level, etc for a reason.
it's levels!

 

[jaydawg08]

Households have 2 incomes at or around that $40K level. The median household income was around $80K.

I find that surprising because I’m single with no kids and just by myself I apparently make more than the median household income in the country. I couldn’t imagine a household surviving off less than I make in a year because it doesn’t really feel like I make all that much.

I see why so many barely have any retirement savings and are up to their eyeballs in consumer debt.

That last part is really the important aspect of things

No retirement, and essentially zero savings. They’ll be working until they die or have a serious medical condition

 

[winb83]

so i'd imagine that people who were working for 20 years at that time could do even better as far as consumption. was the world wrong for that?
it's called entry level, senior level, etc for a reason.
it's levels!

Sure one could do better but at that base level you could do alright for yourself with little to no education. If the median income is $42K and the median home price is $420K to get a 20% down payment that’s 2x your gross annual income. Realistically it would take over a decade to save just for the down payment not including closing cost and moving cost.

Should only the highly educated be allowed to really participate in the economy? Be things like home owners?

 

[bourgeoisie tall freak]

Sure one could do better but at that base level you could do alright for yourself with little to no education. If the median income is $42K and the median home price is $420K to get a 20% down payment that’s 2x your gross annual income. Realistically it would take over a decade to save just for the down payment not including closing cost and moving cost.

Should only the highly educated be allowed to really participate in the economy? Be things like home owners?

well you already established that median means half. so half of the houses are below that. what i would suggest those people do is try to find something in their price range.

 

[UpAndComing]

Does not tell the whole story to make this a "shocker" moment

Cost of living is a big factor in alot of cities. $42k a year is a decent salary in alot of cities in America that have a very low cost of living. A two household income of $84k (husband and wife) is more than enough to support yourself in alot of cities

Seems like alot of people live in their own bubble. Everyone does not live in NYC, LA, Bay Area, Miami, Atlanta, Houston, etc etc

 

[Belize King]

The real issue is housing. I hate govt but they need to figure out how to incentivize private companies to build,build,build. You should be able to get an efficiency all bills paid for $500 a month. If Atlanta had 100k of these, that would drop the rent prices. Now it’s easy to live off 42k.

Cars are a choice. Student loans suck but to some it’s a necessary evil. Student loans should only be offered to hard sciences and post bachelors degrees. You want a degree, go to a state school that charges $250 a credit hour and grind it out. Every state school should be capped at $250 a credit hour.

If your rent was $500, you have no car payment, and no student loans life is good. Debt is the devil. If you don’t have it, don’t spend it.

We are getting married later in life. Marry somebody who has ambitions and strive for better. That’s it. It’s your fault if you marry or procreate with a bum.

At the end of the day, I used to be a libertarian. Live and let live. Now, I hate billionaires and the “free” market. You can’t trust the rich to do the right thing. The Europeans have it right. Tax the fukk out the rich so the 95% can have an easier life i.e. free health care, housing subsidy, and quality education.

fukk the elites. If they shared, our world would be better.

 

[Mrhateeverything]

When my boomer parents were kids straight out of high school you could walk in GM and get a decent paying job and become a home owner. Was the world wrong then for allowing that?

Not at all. People defend all the bs and how bad things have gotten.

My pops who is a boomer bought a house in la making just a lil over minimum wage .

No dual income.

No chance of doing that today.

 

[winb83]

Does not tell the whole story to make this a "shocker" moment

Cost of living is a big factor in alot of cities. $42k a year is a decent salary in alot of cities in America that have a very low cost of living. A two household income of $84k (husband and wife) is more than enough to support yourself in alot of cities

Seems like alot of people live in their own bubble. Everyone does not live in NYC, LA, Bay Area, Miami, Atlanta, Houston, etc etc

I make more than $84K and live in a fairly low cost of living area and I don’t feel that that’s good enough to support a family on. If you’re frugal as hell you can make it work but it will be a tight budget. Kids are expensive.

 

[Bboystyle]

And 90% of that 15% post on the coli

 

[MikelArteta]

Does not tell the whole story to make this a "shocker" moment

Cost of living is a big factor in alot of cities. $42k a year is a decent salary in alot of cities in America that have a very low cost of living. A two household income of $84k (husband and wife) is more than enough to support yourself in alot of cities

Seems like alot of people live in their own bubble. Everyone does not live in NYC, LA, Bay Area, Miami, Atlanta, Houston, etc etc

Yup for example in a big city

• $90,000 salary with $2,000 rent:
  Monthly income: $90,000 ÷ 12 = $7,500
  Rent-to-income ratio: $2,000 ÷ $7,500 = 26.7%

small city

• $40,000 salary with $800 rent:
  Monthly income: $40,000 ÷ 12 = $3,333
  Rent-to-income ratio: $800 ÷ $3,333 = 24%

The second person is spending a slightly lower percentage of their income on rent (24% vs. 26.7%), so while the amounts are different, the affordability is pretty close.

 

[winb83]

Yup for example in a big city

• $90,000 salary with $2,000 rent:
  Monthly income: $90,000 ÷ 12 = $7,500
  Rent-to-income ratio: $2,000 ÷ $7,500 = 26.7%

small city

• $40,000 salary with $800 rent:
  Monthly income: $40,000 ÷ 12 = $3,333
  Rent-to-income ratio: $800 ÷ $3,333 = 24%

The second person is spending a slightly lower percentage of their income on rent (24% vs. 26.7%), so while the amounts are different, the affordability is pretty close.

You aren't renting anything for a family for $800. Shit I pay almost $700 a month for a 1BR 650ish square foot apartment and I have the benefit of lower rent because I've lived in the same apartment for 14 years. On the open market this same apartment is going for $800+ easy.

 

[s@n]

Median is the middle value in a number set, NOT the mean, which is the AVERAGE