How to Gauge Your Middle-Class Status - Page 4

Homeslice · 03-26-2010, 04:15 PM

If I was buying a truck I'd go used, because I don't see the point of paying big money for something that isn't very fun to drive. And even if a used truck breaks down, it's not like a German car that costs an arm and a leg to repair.

Cutty72 · 03-26-2010, 05:58 PM

I want to make $81K...
Hell, I'd be happy with 45K!

Homeslice · 03-26-2010, 06:46 PM

Quote:

Originally Posted by Cutty72

I want to make $81K...
Hell, I'd be happy with 45K!

Remember, they said $81K was with 2 incomes

Cutty72 · 03-27-2010, 10:56 AM

Quote:

Originally Posted by Homeslice

Remember, they said $81K was with 2 incomes

ok... in that case i would be happy with $55k

smileyman · 03-27-2010, 12:13 PM

i came across the figure somewhere saying Arkansas median household income was around 38 thou. So probably 2 incomes of minimum wage. No where close to middle class tho...

tommymac · 03-27-2010, 12:16 PM

witht the cars i wonder how often there replaced or upgraded. Are they like me or dave who kinda drivem till they die or are replacing them every 3 yrs. I paid around 26k I think for my accord 10 yrs ago so I def got my moneys worth out of it, as opposed to buying/financing a new vehicle every 4 or 5 yrs.

Captain Morgan · 03-27-2010, 12:24 PM

Hmm, difficult to really tell where I rank, as that is mainly talking about families. I'm way above the "single-parent, 2 kids" mark of 25k, but only have 1 kid. But I don't have a new car (mine's 13 years old with 218k miles), my house is only 1100 sq. foot upstairs, with 800 sq. foot of unfinished basement, I put 11% of my gross income into retirement savings, and 19% of my gross income goes to debt, including mortgage (should be 15%, but I'm paying extra on my mortgage each month). I'd really like to get the debt payment and retirement payment ratios swapped.

unknownroad · 03-30-2010, 12:23 PM

Quote:

Originally Posted by Homeslice

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.

It's a pretty shitty article all around in terms of defining these numbers. It doesn't actually specify whether the $12k does or does not include insurance, fuel, repairs, etc. If it's all-inclusive, then the $45k would have to be combined vehicle value. If it's $12k on the cars themselves, then that would be pretty close financing a pair of $45k vehicles.

And the 18% is just bizarre, since their average $17,600 mortgage payment alone comes out to almost 22% of their median income figure.

Granted, i guess the 18% figure includes people with no mortgage or car payment, and ignores home rental and possibly car leasing costs, but still...

Homeslice · 03-30-2010, 12:34 PM

$90K divided by a 5 year loan is $18K/year, and that's not including interest. Even if they were 6-year loans, it's still $15K/year.

lauralynne · 03-31-2010, 05:33 PM

Most of that doesn't apply to me. But I consider myself upper middle. Very low debt to income ration, no consumer debt, putting away over 20% of our earnings towards retirement. Value of our cars doesn't count - we have several classics worth upwards of $100k each, our "daily drivers" aren't worth $20k total. We're frugal to the last penny.

03-27-2010, 12:13 PM	#35
smileyman White Trash Hero Join Date: Mar 2008 Location: NW Arkansas Moto: Buell 1125R Porco Rosso Edition Posts: 4,895	i came across the figure somewhere saying Arkansas median household income was around 38 thou. So probably 2 incomes of minimum wage. No where close to middle class tho... __________________ Arkriders.com To be the best you must first be willing to risk the worst!

03-31-2010, 05:33 PM	#40
lauralynne 667:Neighbor of the Beast Join Date: Mar 2008 Location: Everett WA Moto: VTR1000, SV650, FZR400, CRF150 Posts: 1,403	Most of that doesn't apply to me. But I consider myself upper middle. Very low debt to income ration, no consumer debt, putting away over 20% of our earnings towards retirement. Value of our cars doesn't count - we have several classics worth upwards of $100k each, our "daily drivers" aren't worth $20k total. We're frugal to the last penny. __________________ WMRRA's slowest Expert! triathalete, mom, racer, rider, friend, sister, wife - all in one tidy package! Married my best friend 8/30/09

03-26-2010, 04:15 PM	#31
Homeslice Elitist Join Date: Nov 2008 Location: SF Bay Area Moto: Gix 750 Posts: 11,351	If I was buying a truck I'd go used, because I don't see the point of paying big money for something that isn't very fun to drive. And even if a used truck breaks down, it's not like a German car that costs an arm and a leg to repair.

03-27-2010, 12:16 PM	#36
tommymac Moto GP Star Join Date: Nov 2008 Posts: 11,022	witht the cars i wonder how often there replaced or upgraded. Are they like me or dave who kinda drivem till they die or are replacing them every 3 yrs. I paid around 26k I think for my accord 10 yrs ago so I def got my moneys worth out of it, as opposed to buying/financing a new vehicle every 4 or 5 yrs.

03-27-2010, 12:24 PM	#37
Captain Morgan Let's do another U-turn Join Date: Feb 2008 Location: Indiana Moto: 2009 V-Strom Posts: 3,816	Hmm, difficult to really tell where I rank, as that is mainly talking about families. I'm way above the "single-parent, 2 kids" mark of 25k, but only have 1 kid. But I don't have a new car (mine's 13 years old with 218k miles), my house is only 1100 sq. foot upstairs, with 800 sq. foot of unfinished basement, I put 11% of my gross income into retirement savings, and 19% of my gross income goes to debt, including mortgage (should be 15%, but I'm paying extra on my mortgage each month). I'd really like to get the debt payment and retirement payment ratios swapped.

03-30-2010, 12:34 PM	#39
Homeslice Elitist Join Date: Nov 2008 Location: SF Bay Area Moto: Gix 750 Posts: 11,351	$90K divided by a 5 year loan is $18K/year, and that's not including interest. Even if they were 6-year loans, it's still $15K/year.