Posted on 09/11/2019 4:02:49 PM PDT by 2ndDivisionVet
Here’s a sad reality: In order to raise a family in an expensive coastal city like San Francisco or New York, you’ve now got to make $350,000 or more a year.
You can certainly live on less, but it won’t be easy if your goal is to raise a family, save for your children’s education, save for your own home and save for retirement (so you can actually retire by a reasonable age).
A middle-class lifestyle is a reasonable ask. But thanks to inflation, it has gotten a lot more expensive if you want to have children. The median wealth of middle-income Americans has stayed flat for years, at about $87,140, according to the Federal Reserve’s latest Survey of Consumer Finances. Yet, prices for things such as housing and college tuition have risen tremendously.
In some major cities like San Francisco, the public school system starting in kindergarten is based on a lottery system, so even if you pay tens of thousands of dollars per year in property tax, your child is not guaranteed a spot in your neighborhood schools.
Coastal counties in the U.S. are home to almost half of the nation’s total population; therefore, this article is directly targeted at folks who need to live in these areas because of their jobs, schools or families.
(Excerpt) Read more at cnbc.com ...
“Here’s a sad reality: In order to raise a family in an expensive coastal city like San Francisco or New York, you’ve now got to make $350,000 or more a year.”
Did they picked the two most expensive cities in the US for this? Probably the only folks making that much are government employees.
A janitor for Bay Area Transit makes $234k a year?
That is wrong on so many levels.
Yeah, that’s how it is in the big city these days!
That is wrong on so many levels.
It gets worse.
That janitor for Bay Area Transit makes $234K a year, for 30 years, then gets to retire on 80% pay.
Now said janitor retires on $187K per year, moves out of Kalifornia to someplace much more affordable like Texas, lives like a King, and pollutes the local voter pool with Liberal leanings.
Just think what his retirement will be like!
A 3bed/2bath moderately priced track home in Palo Alto is well over $1 million.
That’s about $5000 per month after $100k down inclusive of taxes.
And somebody making $30k per month is bringing home about $18k. Add the Beemer and the Jetta at a combined $2k per month inclusive of insurance and maintenance and that’s $7k/month in hard expenses.
What on earth are they doing with the other $11k per month?
That’s a LOT of spending money. At least for a simple man like me.
$400,000 will buy you a lot of house in Dallas/Fort Worth, much less a million. Very nice houses can be bought for much less than that. Utilities are pretty reasonable. Every kind of restaurant, shopping and entertainment that you could imagine.
Only thing is the Property Taxes can be a bear.
There are a lot of young adults in California coastal areas like San Diego making over $100,000 per year and they do not have two coins to rub together. High taxes. Outrageously expensive car expenses, etc. In order to come up with the $3,000 per month for rent you have to earn more than $4,000 pre-tax income. There is hardly any money left over for lattes and cappuchinos.
We paid $46,000 for a brand new 3/2 at 1,745 square feet here in DFW.
you can live in Oceanside Cal for much less per year and have marine climate (double meaning).
Yet the same young adults could live like kings here.
In 1990?
Every rose has it’s thorns. Being a disabled veteran, I don’t pay property taxes at all.
Which is as it should be.
Printed, fiat money, at zero interest rates.
The winners will always be those who get their hands on it first.
2016, actually. It’s a manufactured home, but so what? Just as comfortable as houses costing 10X as much. And it has appreciated in price, according to Zillow.
Agree, but everything is relative. If Nancy Pelosi gets paid more than $10,000/year, then the local Domino's pizza delivery person should make at least $40,000.
In the world of “Starship Troopers” only veterans were full citizens, able to vote and hold office.
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