How to Gauge Your Middle-Class Status

[LeeNetworX]

http://finance.yahoo.com/banking-bud...d=bb-budgeting

[WARputer]

Yup...that's us....in the middle.

[Cutty72]

Yeah, on the low end here...

[smileyman]

Yup, I am upper lower class. Of course my household I am the sole wage earner, temporarily, till Alex starts school this fall, freeing up the wife's time...

[shmike]

Median income of $81,000 with two cars averaging $45,000 each.

Scary.

[LeeNetworX]

Originally Posted by shmike

Median income of $81,000 with two cars averaging $45,000 each.

Scary.

Absolutely. That's insane. Owning 2 cars where the 'at new' value of them are 111% of your yearly income.

We are at 37% and I consider that higher than I'd like.

[Rider]

Originally Posted by shmike

Median income of $81,000 with two cars averaging $45,000 each.

Scary.

That was my thought too.

[smileyman]

Just imagine where the auto industry would be if they hadn't used the consumers ability and gullibility to finance for 72 mon or pack onto their MTG new car prices? They took advantage.

And thats why my 83 Firebird has commuted for me for almost 19 yrs...

[Homeslice]

Originally Posted by shmike

Median income of $81,000 with two cars averaging $45,000 each.

Scary.

I took that to mean 2 cars worth a TOTAL of $45,000. Especially since they said they're spending $12,400 per year on those cars, which wouldn't be enough to cover a $90,000 loan plus all the insurance and maintenance.

As for this: "About 18 percent of disposable income, on average, goes toward mortgage payments, auto loans, credit cards and other forms of household debt. "...........I am calling on that, it's got to be a lot higher.

[smileyman]

I agree homeslice. As a consumer and mtg loan officer I see debt to income ratios of 36 to 45 pct more often than not.

Another thing I wish the article would have covered is what pct of the population fits into their middle class metrics and how that has trended. That should show you something...