It's been a long time since $100k was a lot of money
That's still higher than 70% of American households https://www.statista.com/statistics/203183/percentage-distri...
Wage stagnation is a serious problem.
$100k/year still might not be enough to buy a home
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Re: $100k/year still might not be enough to buy a home
#22live somewhere else.
Re: $100k/year still might not be enough to buy a home
#23There's very few places where there is an overlap of "jobs that pay $100k" and "homes that can be afforded at $100k salary".
If you find one, please share :)
Less sarcastically: is there an index for this kind of thing? E.g. cost of living for an equivalent neighborhood plotted against median salaries for tech jobs?
Re: $100k/year still might not be enough to buy a home
#24This is mostly a west coast problem, where housing is hugely inflated in every west coast state and city. And NYC too of course, but that's less surprising given its NYC.
Sometimes I think these articles are written as clickbait for people in the midwest, southeast, northeast, where housing is still very cheap and jobs pay well.
Re: $100k/year still might not be enough to buy a home
#25Earlier quoted context omitted.
100k is not enough for your typical American dream, which a _lot_ of people feel entitled to
What is the typical american dream and why is there a typical version and an atypical version?
home ownership, two kids, college education, and regular travel, all while being financially comfortable and saving for retirement are what the hallmarks of the american middle class dream used to be.
A 100k household income doesn't afford you that anymore.
Re: $100k/year still might not be enough to buy a home
#26Earlier quoted context omitted.
Median household income in USA is $59,039. That's both the mother AND father working to bring home $59,039 on the average (before taxes and other costs). Its clear you live in a rich area where $100k isn't much. But that's also why a large chunk of Americans think that "city-folk" are disconnected from reality. $100k is a lot for many people. My sister lives in an area (in USA) where a 2-bedroom apartment is just $50…
Rural folk don't understand that even if you're making 100k in the big city, a lot of that is eaten up by housing costs. The fantasy of what people who don't earn 100k think 100k buys you is very different from the reality of what lifestyle 100k affords.
Median household income in NYC is $57,782. (Individual is $50,825.)
And yeah, NYC is a huge, diverse city but even Manhattan's median income is $79,781 in 2017. (Corrected figure)
Re: $100k/year still might not be enough to buy a home
#27I know millennials with combined household incomes in excess of $200k who can't afford to buy, because huge student loans are required to get that kind of income if mommy and daddy aren't rich in the first place.
Re: $100k/year still might not be enough to buy a home
#28I'm behind a paywall, so I'm sure they pick up on this, but the biggest problem I ran into when I thought I could afford a house was the down payment. You can make $100k (or less!) and quite easily afford a monthly mortgage payment, but that doesn't necessarily mean you have enough saved up for a down payment.
Since we have such low interest rates, asset prices have ballooned (money is cheap).
Re: $100k/year still might not be enough to buy a home
#29It's been a long time since $100k was a lot of money
A friend just started a new job at a non-FAANG company and got a $100k signing bonus
Re: $100k/year still might not be enough to buy a home
#30There's very few places where there is an overlap of "jobs that pay $100k" and "homes that can be afforded at $100k salary".
Remote work is becoming more "real" by the day, so it's certainly possible in the age of the internet to work remotely in a low cost location while making a salary competitive with a higher cost of living city like SF/NY/LA.