Households need to earn $300,000 a year to live a middle-class lifestyle — and here's the budget breakdown of why (via financialsamura)
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Although $300,000 is a lot compared to the median household income in the United States of ~$62,000, it's not an outrageous sum of money once you look at the realistic income statement I've put together for this article. All expenses in my example use current prices. I've also cross checked the expenses with my family's monthly expenses now that we have a son to make sure they are within reason.
Finally, this post should also provide insights to non-coastal city residents on how good you've got it if you enjoy living where you are. For you, $100,000 - $150,000 is a rough non-coastal city household income equivalent.Before we look at the income statement, I'd like to go through a list of various workers who will eventually make ~$300,000 on their own or in household income if they find someone who also works.
The average specialist doctor finishing his or her fellowship at 32 makes $300,000. The average salary for a primary care physician is $200,000 With the passage of the Tax Cuts And Jobs Act, they've lost their ability to deduct more than $10,000 worth of state income, sales, and property taxes. As a result, I've used the new $24,000 standard deduction for married couples to keep things simple.
In San Francisco, there's a lottery system for the sake of social engineering. In other words, even if you buy a $1.5M median home and pay $20,000 a year in property tax, you are not guaranteed to have your kid get into the public school down the street. Further, this couple is lucky because they bought their home several years ago for $1.2M. Now imagine renting a house for $6,000 a month and trying to save up $300,000 for a down payment on a median priced home. Difficult to do with less than a $300,000 household income. Probably impossible without living in a one bedroom for"only" $3,200 a month or getting help from their parents.
No longer do you feel comfortable driving a compact city car while transporting your family. Instead, you want a larger vehicle that has the highest safety rating.You can spend as little or as much as you want on your baby. But this family buys disposable diapers, not washable diapers, tons of baby proofing material, lots of toys, the best car seat, and two strollers. It's funny, but one of the best toys for our son is a tissue box.
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