Posted on 07/04/2005 9:04:00 PM PDT by Selkie
Living well in New York City or any City is impossible at any price.
How many folks actually live this kind of lifestyle is a fair question. You hit the top 10% of the income distribution (households) at about $105-110,000 and the top 5% at about $150-160,000. That doesn't get you anywhere close to the lifestyle Forbes is projecting here. I don't know how many families are in the $400-plus range, but however you crunch the numbers, the Forbes story sets a standard of "living well" that excludes well over 95% of American households.
I really do have so much sympathy for any family who has to stay here.
The real estate taxes are just too much to deal with.
Would rather live back in PA., use money I save on taxes to rent a shore place or visit NYC occasionally.
Our home in NC was 65,000. it was a Historic Victorian on an acre.
Our home in NJ is more than 3x that on 100 x 50 postage stamp of property with 12,000 in property taxes. Our children have to go to private school on top of that.
I'm afraid that my husband and I are in the midst of doing exactly what you described for the simple reason that now we can afford to spend our money on ourselves, rather than tuition and other kid things. Also we found the perfect piece of property which demands a large home to make the most of the property. It's just a good long term investment. Maybe we're nuts, but I can't wait until the house is finished. It's on fifteen acres at the end of a private road with 700' of lake front (a small bass fishing lake).
I guess it depends on what you consider "well". Everything seemed over the top to me.
And no, buying some generic supermarket brand, doesn't usually fit in with an "old money" chic. Unless,of course, it's the shabby chicness of of old money with only memories of the good life, from many decades past. The old guard, as well as the newer ones, of old money ranks, do it the old fashioned way...they use things until they fall apart.LOL
Those from old money,usually inherit the family summer house/s; they don't buy them.
But the articles aren't talking about old new money...it's about their perceived view of what constitutes an upper middle class lifestyle.
We own used cars. No car loans ^-^ !!!
Living well doesn't mean throwing your money down one......:o)
Stay safe !
Actually, no. The lower reaches, in the Northeast and in Chicago, of upper middle classdom, is around $300,000 - $400,000 for a family of 3 or 4.
Let me know how it goes! I like talking about building homes. I'm a big Bob Vila/This Old House/Hometime fan.
Correct!
LOL !
Are you trying to be rude or just cheeky ?
Everyone from a lowly prole to an upper upper knows the expression "old money"
I was putting a cutesy spin on as not to sound noxious.
LOL
Most of our 'disposable' income has been for the kids' schooling for the last twenty years. We got them through high school, and after that, we co-signed loans, but they're paying them back. We told them that we wanted SOME money on which to retire, and we paid the bills up to college, so after that they're paying for it themselves!
Sir SuziQ makes a good income, but we're not rich my any stretch of the imagination, except of course if it belongs to a liberal Democrat, then we're positively ROLLING in the dough. ;o)
We were in PA this weekend. VERY nice! Reminded me of what Central Jersey use to look like.
We can't move anywhere at the moment. Have extended family firmly planted here that we need and want to be around.
Hmm... I was under the impression that a garden variety VP on 200-250K before taxes (+ whatever investment income) clearly qualified for upper-middle status.
When I hear the term "old money," I think of those flimsy, faded, wrinkly one dollar bills, that I cannot push into the bill slot of a drink machine. It would be easier to try and push pizza dough into the machine.
It's an upper middle class life style and they didn't even talk about boarding school. :-)
;-)
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