Depends where you live, 6 figures is the minimum in some places for single income earners let alone households. For example im working for a company that has a lot going on in Boston, the only way the math maths for me to live there, within 30 minutes commute is about 200k a year, budgeting about $600 a month for a car payment. And about 5-6k in mortgage. Plus utilities are insane so there goes another 500-600 a month. (Probably depends a bit on neighborhood, but thats what some of my coworkers were complaiming about) and food is about 50-60% more expensive my spouse covers that so not sure the cost, id guess for the 3 of us round about another 600-700 in groceries plus say another 200 or so for eating out, so yeah… 6 figures doesnt mean much in terms of real purchasing power the rest going into repairs for cars, home stuff thats inevitably broken in those 70+ yr old houses selling for over a mil. Thats the napkin math, exact math, and budgeting for things like PCs, savings, etc… not included.
But point being 6 figures doesnt mean well off depending on where that 6 figures is being made. Sure id live like a walking middle age crisis on 100K in the middle of nowhere, but middle of nowhere isnt going to be offering 100k
Depends where you live, 6 figures is the minimum in some places for single income earners let alone households. For example im working for a company that has a lot going on in Boston, the only way the math maths for me to live there, within 30 minutes commute is about 200k a year, budgeting about $600 a month for a car payment. And about 5-6k in mortgage. Plus utilities are insane so there goes another 500-600 a month. (Probably depends a bit on neighborhood, but thats what some of my coworkers were complaiming about) and food is about 50-60% more expensive my spouse covers that so not sure the cost, id guess for the 3 of us round about another 600-700 in groceries plus say another 200 or so for eating out, so yeah… 6 figures doesnt mean much in terms of real purchasing power the rest going into repairs for cars, home stuff thats inevitably broken in those 70+ yr old houses selling for over a mil. Thats the napkin math, exact math, and budgeting for things like PCs, savings, etc… not included.
But point being 6 figures doesnt mean well off depending on where that 6 figures is being made. Sure id live like a walking middle age crisis on 100K in the middle of nowhere, but middle of nowhere isnt going to be offering 100k