“...defines the upper middle class as any household earning $100,000 to $350,000 for a family of three...”
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They say that they adjust this for inflation, but I don’t think they are comparing actual costs versus standard of living. There is no way a family of three is going to have an upper-middle class house and lifestyle without going deeply into debt for 100k/year
I think the cost of housing has increased more than the general rate of inflation since 1979.
So that would definitely impact a middle-class lifestyle, as it relates to home ownership or the type of home that people live in.
“They say that they adjust this for inflation, but I don’t think they are comparing actual costs versus standard of living. There is no way a family of three is going to have an upper-middle class house and lifestyle without going deeply into debt for 100k/year”
That’s true if you live in San Francisco or similar places but most people live where the cost of living is much less.
Some folks are just so determined that everything be bad that’s all they can see. If things are so bad how did we go from 25% of all homes being free and clear of debt to 37%? That’s an amazing number Also, most homeowners that have mortgages are sitting on super-low rates right now.
And a lot depends on where you live. 100K for a family in some areas would be poverty, other areas they could live alright.
Thsts because they are using “class” as interchangeable in meaning with income level. In fact the two terms are connected but not the same. Social class is a matter of tastes, values, goals, educational level, communication style, experiences, etc. I know people who are unquestionably upper class who have become poor, and still live with dignity, as they learned to do in childhood. And we all know people who are quite rich but are truly lower class in their tastes and behavior. If you live in the hood and you win the lottery you do not suddenly become upper class, just upper. Income.