I agree. And this article says 2.9% of US families earn $250K/year or more and notes that those in metro areas are not rich, just upper-middle-class.

http://www.cnbc.com/id/

 

What's a 3/2? Three bedroom two car garage?

Without a doubt one's home can boost up one's net worth, (if you have enough equity) depending, of course, on where you live. I've seen some of the homes in California on the HGTV's shows. I'm at the houses that sell for 500K or a million +. Our small ranch house (no garage) is much better than many I've seen on TV in the 500K range, but we'd be lucky to get 250K for it; if it were in other areas, we'd get even less.

Of course, some folks are willing to be "house poor" too, just for the sake of having a better/nicer/bigger home. That was not for us at all.

Slightly off topic and probably repeating myself, but I remember when my brother in law got a promotion and he, my sister and their children were moving to PA. When they lived in NH previously, they had a house similar to ours, a three bedroom ranch. When they looked at similar houses, they were in neighborhoods, and I quote my brother in law "Where the secretaries live." I have never let him live down that snobby comment. They opted for the bigger mortgage and bigger house, and were a bit overextended in my opinion, just to have more square footage and for what I thought was the sake of appearance. Not that my opinion matters. I bet some folks thought they were rich, or at least upper middle class!

 

Hi, Lainey...Three bedroom, two bath. "Two garage"? If that was a joke it was funny. If not, it is just a sign that you own a car like the S2000 and have your priorities straight.

I agree that for most people, their home is a major asset. But I was thinking more in terms of how the incomes differ so widely between someplace like California and someplace like Mississippi for pretty much the same life style. Many in Mississippi would consider anyone with an annual take-home of over $100,000 "rich", or at least "comfortable". But that paycheck might not even pay the mortgage in California.

 

I think this classifying of wealth is mostly based on perspective. There is a guy in a hut somewhere next to an overpass who is hated by the vagabonds ... for his auspicious hut. Based on their social category he's wealthy. The folks in the census of typically wealthy Americans usually won't accept a 'wealthy' label as this would cause them to be less driven for more wealth. The winner, in their eyes, isn't always the fatest lion, but the one who can easily capture his prey and then never has to fight to get his fill (i.e. power vs. food.)


I'm a little 'old-fashioned' when it comes to applying the labels. If you're not 'unhappy' being out on the streets and living on the $30 a day you get for portraying a homeless veteran ... then you may just be 'filthy rich' after all.

 

LOL, no joke....didn't even think about bathrooms. We have to tough it out with only one. Rick (the car guy) would still probably prefer a two car garage or even a one car garage over a second bathroom. Me? I'd like a second bathroom, but I'm generally not the one clearing snow off of two vehicles............

 

A lot of those 250k a year folk have tons of loans..... and are just getting by!

The younger generation believes in going into debt big time..... not worrying about retirement.....

The older generation saved for retirement..... and only bought S2000's when they were able to!